🚀 Base, the layer-2 blockchain incubated by Coinbase, once shone brighter than Ethereum mainnet. Based on Optimistic Rollup and developed on the Ethereum network, Base uses OP Stack technology which adds to its appeal as the demand and popularity of the alternative increases in the ecosystem.
However, its TVL has decreased in the last week.
Data from L2Beat shows the total value locked in Base Network fell by more than 18.28% to $437 million in the last seven days.
The significant drop in Base Total Value Locked (TVL) was primarily caused by the massive USDC Base burn on September 29.
Data from Dune Analytics shows this figure dropped from 160 million to only 29.84 million in one day.
This comes after fintech company and stablecoin issuer Circle announced the launch of USDC last month.
As a result, Matter Labs' rollup zero-knowledge (zk) technology-enabled scaling solution - zkSync Era - with a TVL of $476 million beat out Base, which is now in fourth place.
Of the top five rollups, Base was the only project in the red, while Arbitrum One and OP Mainnet rose 10.12% and 8.29%, with TVLs of $6.17 billion and $2.80 billion, respectively.
Additionally, zkSync Era's TVL also rose more than 15% during the same period.
Despite its TVL decline, Base remains a strong competitor in this space.
Since its founding, the network has bridged more than $459 million.
Come on, share your opinion about Base Network in the comments column! 😄
However, its TVL has decreased in the last week.
Data from L2Beat shows the total value locked in Base Network fell by more than 18.28% to $437 million in the last seven days.
The significant drop in Base Total Value Locked (TVL) was primarily caused by the massive USDC Base burn on September 29.
Data from Dune Analytics shows this figure dropped from 160 million to only 29.84 million in one day.
This comes after fintech company and stablecoin issuer Circle announced the launch of USDC last month.
As a result, Matter Labs' rollup zero-knowledge (zk) technology-enabled scaling solution - zkSync Era - with a TVL of $476 million beat out Base, which is now in fourth place.
Of the top five rollups, Base was the only project in the red, while Arbitrum One and OP Mainnet rose 10.12% and 8.29%, with TVLs of $6.17 billion and $2.80 billion, respectively.
Additionally, zkSync Era's TVL also rose more than 15% during the same period.
Despite its TVL decline, Base remains a strong competitor in this space.
Since its founding, the network has bridged more than $459 million.
Come on, share your opinion about Base Network in the comments column! 😄