According to Cointelegraph, the total value locked (TVL) of Ethereum’s second-layer blockchain Base, created by cryptocurrency exchange Coinbase, surged by more than 13.2% in the past week, surpassing $4 billion for the first time. Meanwhile, Base’s 30-day transaction count surpassed that of the Ethereum mainnet and its main competitor, Arbitrum.

Base’s total TVL has reached $4.17 billion, including $1.46 billion in standard bridge value (CBV) and $2.7 billion in native minted assets, according to L2BEAT. In terms of TVL, Base is currently the third-largest Ethereum second-tier network, about $1.4 billion higher than the fourth-ranked competitor Blast, and about $3.5 billion behind the second-ranked Optimism and the first-ranked Arbitrum. Approximately $14.6 billion.

Base’s TVL growth (Source: L2BEAT)

Among the top five TVL Layer 2 networks, Base was the only network to see growth over the past week. Starknet's TVL dropped the most, about 9%, while Optimism, Arbitrum, and Blast fell by 8.28%, 4.91%, and 1.8% respectively.

Top 10 TVL L2 networks (Source: L2BEAT) Surge in transaction activity

Base’s TVL growth comes against the backdrop of a significant increase in transaction activity, with its 30-day transaction count reaching 50.5 million, surpassing Arbitrum’s 40.17 million and Ethereum’s 37.87 million. Base’s daily average transactions per second (TPS) jumped 29.7% this week, reaching an average of 36 TPS over the past day.

For more than two weeks, Base’s TPS (red part) has continued to be higher than Ethereum (blue part) (Source: L2BEAT)

At the same time, Base is also one of the main beneficiaries of the recent memecoin activity. According to data from CoinGecko, the total market capitalization of meme coins on Base has exceeded $1.6 billion. However, Base's popularity has also attracted fraudsters, with funds stolen in phishing scams on the network increasing 18-fold from January to March this year, with $3.35 million stolen last month.

This article Base’s monthly transaction count exceeds Ethereum and Arbitrum, and TVL exceeds $4 billion. This article first appeared on Zombit.