🚀 Base, the layer-2 blockchain network backed by Coinbase, has seen rapid growth, even surpassing the Ethereum mainnet in a short time. Based on Optimistic Rollup and developed on the Ethereum network, Base uses OP Stack technology, attracting interest thanks to the demand and popularity of alternative solutions in the ecosystem.
However, its TVL has declined over the past week.
📉 According to data from L2Beat, the total value locked in Base Network has decreased by more than 18.28% to $437 million in the past 7 days. The significant decrease in Base's TVL is mainly due to the massive burn of Base USDC on September 29. Data from Dune Analytics shows that this number dropped from a high of 160 million to 29.84 million in one day .
This drop comes after fintech company and stablecoin issuer Circle announced the launch of USDC early last month.
As a result, Matter Labs' zero-knowledge (zk) rollup technology-based scaling solution - zkSync Era - with a TVL of $476 million overtook Base, now in fourth place.
In the top 5 rollups, only Base was the project that decreased, while Arbitrum One and OP Mainnet increased by 10.12% and 8.29%, respectively, with TVLs of $6.17 billion and $2.80 billion.
Furthermore, zkSync Era's TVL also increased by more than 15% during the same period.
Despite the decline in TVL, Base is still a strong contender in this space. Since its inception, the network has connected more than $459 million.
However, its TVL has declined over the past week.
📉 According to data from L2Beat, the total value locked in Base Network has decreased by more than 18.28% to $437 million in the past 7 days. The significant decrease in Base's TVL is mainly due to the massive burn of Base USDC on September 29. Data from Dune Analytics shows that this number dropped from a high of 160 million to 29.84 million in one day .
This drop comes after fintech company and stablecoin issuer Circle announced the launch of USDC early last month.
As a result, Matter Labs' zero-knowledge (zk) rollup technology-based scaling solution - zkSync Era - with a TVL of $476 million overtook Base, now in fourth place.
In the top 5 rollups, only Base was the project that decreased, while Arbitrum One and OP Mainnet increased by 10.12% and 8.29%, respectively, with TVLs of $6.17 billion and $2.80 billion.
Furthermore, zkSync Era's TVL also increased by more than 15% during the same period.
Despite the decline in TVL, Base is still a strong contender in this space. Since its inception, the network has connected more than $459 million.