Source: Cheeezzyyyy X Account
Author: Cheeezzyyyy
Compiled by: TechFlow
If you think the @base Memecoin summer is the peak of its on-chain activity, you're wrong.
Things are just getting started.
Significant changes have occurred in the L2 space, with Base briefly becoming the largest L2, surpassing @arbitrum for the first time.
Here are the key insights from @artemis__xyz:
First, a major turning point - @base ($2.5B TVL) has surpassed @arbitrum ($2.4B TVL) in TVL (Total Value Locked) for the first time.
So far this year, only three L2s have seen significant TVL growth:
@0xMantle network: from $121M to $424M (+350%)
Base L2: from $445M to $2.5B (+562%)
@LineaBuild L2: from $53M to $460M (+868%)
@base has achieved the largest growth in average daily transactions this year, reaching a historic high of 6.1M.
This growth surpasses the lead of @0xPolygon PoS and is three times that of @arbitrum.
Undoubtedly, the growth in transaction volume is consistent with the average historical DEX trading volume mentioned below.
Specifically, since the beginning of 2024, the trading volume on the decentralized exchanges (DEXs) on @base has grown by over 15 times.
This is the largest growth indicator so far, mainly driven by the impressive trading volume growth of @AerodromeFi.
For other L2s, the average trading volume seems to have remained relatively stable.
As expected, @AerodromeFi is experiencing:
Weekly trading volume reaching a new all-time high (around $3.5B)
Total Value Locked (TVL) breaking the $1B mark (around $1.4B)
The concentrated liquidity mechanism introduced by Slipstream has further improved capital efficiency and trading user experience. For more information, please visit here.
Even in terms of Daily Active Addresses (DAA), @base has performed exceptionally well.
DAA reflects the breadth of the user base, and it has grown 13 times since the beginning of the year, validating all the trends mentioned earlier.
It's worth noting that since the third quarter of 2024, the DAA of @0xPolygon L2 has declined significantly, while Arbitrum has remained stable.
Finally, the most striking metric is L2 revenue.
@base has been known for its high-yielding sequencers, and it has already generated $51.4M in revenue so far this year.
Looking at the data, this is:
Twice the $24.7M of @LineaBuild
2.88 times the $17.8M of @arbitrum
It is expected to reach around $60M by the end of the year.
This is not only a huge win for @coinbase, but also for @Optimism.
Because @base is an Optimium (L2) built on the OP Stack, and there is a profit-sharing protocol.
This not only promotes the growth of the Superchain ecosystem, but also expands more revenue streams.
