Base, a layer-2 blockchain incubated by Coinbase, experienced a dramatic rise, even briefly outshining the Ethereum mainnet. Developed on the Ethereum network and based on Optimistic Rollup, Base utilizes OP Stack tech, which has increased its appeal due to the growing demand for alternatives in the ecosystem.

However, its Total Value Locked (TVL) has taken a hit in the past week, with data from L2Beat showing an 18.28% decrease to $437 million. This significant drop can be attributed to the extensive burning of Base USDC on September 29, which saw the figure plummet from 160 million to just 29.84 million in a single day.

Despite the drawdown in TVL, Base remains a strong contender in the space, having bridged over $459 million since its inception. Meanwhile, other rollups such as Arbitrum One and OP Mainnet have seen their TVLs increase by 10.12% and 8.29%, respectively, while Matter Labs' zkSync Era surpassed Base with a TVL of $476 million.