Coinbase's Layer 2 (L2) base has reached a new milestone. In just a few days, the platform's total deposited volume (TVL) grew to over $8 billion, surpassing one of its main competitors, Optimism.
These achievements demonstrate that the base is rapidly rising in the competition between Ethereum-based L2 solutions. It has also solidified its position as a key player in the blockchain ecosystem.
Base, the leader in transactions and profits among Ethereum L2 solutions
Base achieved a TVL of $8 billion as of June 10, according to L2Beat data. This includes $2.14 billion in bridge value and $5.92 billion in native tokens issued on the blockchain. This achievement puts Base just behind Arbitrum One, which has a TVL of $18.27 billion.
Read more: A Beginner's Guide to Layer 2 Scaling Solutions
Since its launch in August of last year , Base has seen incredible growth . By February 27, the platform had achieved $1 billion in TVL, an eight-fold increase over the past 104 days.
The average number of transactions per second last month was 30.36, leading among all Ethereum L2 solutions. For comparison, Arbitrum One averaged 23.52 tps. Base has processed a total of 64.86 million transactions in the last 30 days.
Base also leads the way in revenue. Over the past three months, the platform has generated the highest on-chain revenue, with $16.9 million in March, according to Dune Analytics. Although revenue fell 58.6% to $6.98 million in May, Base far outpaced Optimism, which only brought in $1.57 million during the same period.
However, the rapid growth and popularity of the base also brings challenges . During the meme coin boom in the first months of 2024, funds stolen through phishing scams increased 18-fold. This challenge is in line with recent remarks by Bitget senior analyst Ryan Lee on the security and vulnerabilities of smart contacts.
“As the crypto space evolves, more complex smart contracts will be developed to meet increasing user requests. The risk of vulnerabilities associated with highly complex code is also increasing, which can lead to loss of funds,” Lee told BeInCrypto.
Read more: Layer 1 and Layer 2: What's the Difference ?
Additionally, Lee believes that regulatory issues are constantly evolving due to Ethereum's continued technological advancements and widespread adoption of layer 2 solutions.
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