Source: bitcoinist
Compiled by: Blockchain Knight
Base is an Ethereum Layer 2 (L2) scaling solution launched by the Crypto asset exchange Coinbase. Over the past two months, its activity has surged, and it is now vying for the top spot in the Ethereum ecosystem.
Data from Into TheBlock shows that over the past two months, Base's trading volume has increased significantly, accounting for 40% to 60% of all trading volume, surpassing Optimism and Arbitrum.
The latest data from the past 24 hours indicates that Base seems to have taken a leap, successfully consolidating its lead in terms of Total Value Locked (TVL).
Base is Coinbase's second-layer network launched on Ethereum, aimed at providing a secure, low-cost, and developer-friendly on-chain building experience. Since its inception, Base has quickly established a strong foothold in the Crypto asset market, forming a robust market fit.
Although Base has been live for only about a year, its appeal has become increasingly evident, particularly over the past two months.
According to Into TheBlock data, Base's TVL has been steadily growing since recording $1.41 billion in TVL on September 7th.
Since then, Base's TVL has surged by 68%, which is impressive.
According to Into TheBlock, the significant growth in TVL has positioned Base as a formidable competitor to Arbitrum, which was previously the largest L2 network on Ethereum in terms of TVL.
One notable change is that Arbitrum's TVL has decreased by 0.33% in the past 24 hours, while Base's has increased by 1.3%.
As a result, Base's TVL has reached a new all-time high of $2.37 billion in the past 24 hours, narrowly surpassing Arbitrum's $2.35 billion TVL.
In addition to the growth in TVL, Base's rise has also been accompanied by an expansion of its stablecoin market capitalization.
As of now, Base's stablecoin market capitalization has risen to $3.758 billion, with USDC dominating 92.82% of the market.
However, Base still lags behind Arbitrum in terms of stablecoin market capitalization, which stands at $4.428 billion.
Base's TVL growth has been driven by a steady increase in active addresses and adoption.
From the Into TheBlock (ITB) chart below, we can see the difference in activity between Base and Arbitrum and Optimism.
Notably, ITB data shows that the average daily active addresses over the past seven days was 2,188,900.
This figure comes against the backdrop of a surge in trading volume since July 2024. From January to August 2024, the Base network's daily trading volume has consistently been below 1 million, highlighting a sharp drop in user engagement.
In comparison, Arbitrum's average active addresses were 512,900, while Optimism's average active addresses over the past seven days were 405,600.
At this pace, as activity increases, Base's TVL is likely to continue growing. This sustained growth may enable Base to surpass Arbitrum in terms of stablecoin market capitalization.
