Coinbase’s Base Surpasses $8 Billion in TVL
Coinbase's layer-2 (L2) solution, Base, has rapidly surpassed $8 billion in total value locked (TVL), outpacing competitors like Optimism and positioning itself as a significant player in the Ethereum-based L2 ecosystem.
According to data from L2Beat, as of June 10, Base’s TVL includes $2.14 billion in bridged value and $5.92 billion in native tokens, placing it just behind Arbitrum One’s $18.17 billion.
Since its launch in August last year, Base has seen remarkable growth, reaching $1 billion in TVL by February 27 and increasing eightfold in just 104 days.
Base leads in transactions and profitability among Ethereum L2 solutions, averaging 30.36 transactions per second and processing 64.86 million transactions in the past 30 days.
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Despite a drop in profits from $16.9 million in March to $6.98 million in May, Base remains ahead of Optimism, which generated $1.57 million over the same period.
However, Base faces challenges, such as a rise in phishing scams during the meme coin boom in early 2024. Ryan Lee, Chief Analyst at Bitget, warns that as smart contracts become more complex to meet user demand, vulnerability risks increase.
He also notes the evolving regulatory landscape due to Ethereum’s continuous technological advancements and the adoption of L2 solutions.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
