Base, the Ethereum Layer 2 (L2) scaling solution launched by crypto asset exchange Coinbase, has seen a surge in activity over the past two months and is now vying for the top spot in the Ethereum ecosystem.
Data from Into TheBlock shows that Base's trading volume has increased significantly in the past two months, accounting for 40% to 60% of all trading volume, surpassing Optimism and Arbitrum.
Recent data from the past 24 hours shows that Base appears to have made a leap forward, successfully consolidating its lead in total value locked (TVL).
Base is a second-layer network launched by Coinbase on Ethereum, which aims to provide a secure, low-cost, and developer-friendly way to build on-chain. Since its inception, Base has quickly gained a foothold in the Crypto asset market and formed a strong market fit.
Although Base has only been online for about a year, its appeal has become increasingly apparent, especially in the past two months.
Data from Into TheBlock shows that Base’s TVL has continued to grow since September 7, when the total value locked (TVL) on the network recorded $1.41 billion.
Since then, Base’s TVL has surged an impressive 68%.
As reported by Into TheBlock, the substantial growth in TVL has positioned Base as a strong competitor to Arbitrum, which was previously the network with the largest TVL in Ethereum L2.
One notable change is that Arbitrum’s TVL has dropped by 0.33% over the past 24 hours, while Base has increased by 1.3% over the same period.
As a result, Base’s TVL reached a new all-time high of $2.37 billion in the past 24 hours, narrowly surpassing Arbitrum’s TVL of $2.35 billion.
In addition to the growth in TVL, Base’s rise was also accompanied by an expansion in the market capitalization of its stablecoin.
As of now, Base’s stablecoin market capitalization has risen to $3.758 billion, with USDC accounting for a dominant position of 92.82%.
However, Base still lags behind Arbitrum in terms of stablecoins, which has a stablecoin market capitalization of $4.428 billion.
Base’s TVL growth is driven by steady growth in active addresses and adoption.
From the Into TheBlock (ITB) chart below, we can see the difference in Base’s activity compared to Arbitrum and Optimism.
It is worth noting that ITB data shows that the average daily number of active addresses in the past seven days is 2,188,900.
This figure comes against the backdrop of a surge in transaction volume since July 2024. From January to August 2024, the Base network's daily transaction volume remained below 1 million, highlighting a sharp drop in user engagement.
In comparison, Arbitrum has an average of 512,900 active addresses, while Optimism has an average of 405,600 active addresses over the past seven days.
At this rate, Base TVL will continue to grow as activity increases. This continued growth could allow Base to surpass Arbitrum in terms of stablecoin market cap.
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