Total value locked based on Ethereum Layer 2 network has exceeded 8

The total value locked on Ethereum’s Layer 2 network base has surpassed $8 billion – just days after surpassing Optimism’s OP mainnet.

Data from L2Beat shows its TVL value as of June 10 now stands at $8.05 billion, including $2.14 billion in fiat bridge value – assets locked to Ethereum for representation on base – and $5.92 billion in locally issued assets.

Fundamental change in TVL since June 16, 2023. Source: L2BEAT

The Coinbase-backed chain overtook OP Mainnet as the largest chain in the Superchain ecosystem last week and is now the second biggest Ethereum climber at TVL, behind Arbitrum One’s $18.27 billion.

Base hit the $1 billion mark at TVL on February 27, about seven months after its launch last August. But since then it has remained in good shape, increasing eightfold in the last 104 days.

It also leads all Ethereum second tiers in transactions per second over the past month at 30.36 – beating Arbitrum One at 23.52, according to L2BEAT. 64.86 million transactions were processed in the last 30 days.

The rule is to take profits

Base has generated the most profit on the series over the past three months, including a series record $16.9 million in March, according to niftytable’s Dune Analytics dashboard.

Its on-chain profits fell 58.6% to $6.98 million in May, but it still leads the second most profitable Ethereum layer, OP Mainnet, which recorded $1.57 million in profits last month.

Gains from Ethereum Layer 2 scaling solutions since January 2023. Source: Dune Analytics

about: Coinbase partners with Lightspark for Bitcoin Lightning payments

Much of this profit comes from the recent memcoin craze during the first months of 2024.

However, Base’s popularity with meme coins also attracted scammers and as a result the network saw funds stolen in phishing scams increase 18-fold between January and March.

Ethereum’s Layer 2 scaling networks are expected to reach a combined market value of $1 trillion by 2023, according to analysts at asset management firm VanEck.

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