Base Network Achieves $2 Billion TVL

Base, a Layer 2 Ethereum network incubated by Coinbase, has seen its total value locked (TVL) cross the $2 billion mark for the first time, positioning it as the second-largest optimistic rollup by deposits after Arbitrum.

According to DeFiLlama data, Base’s TVL stands at $2.08 billion, up from about $430 million at the start of the year, marking a 370% growth year-to-date.

Base is an optimistic rollup that processes transactions off the main Ethereum blockchain and only periodically posts transaction data on-chain. This method significantly lessens the burden on the Ethereum blockchain, thereby increasing its throughput. Its mainnet launch occurred in August 2023.

Decentralized exchange Aerodrome has been the most significant contributor to Base’s increase in TVL over the past year, with over $1 billion in deposits at the time of writing, followed by Uniswap, which holds $220 million.

While Arbitrum leads in TVL among optimistic rollups, user activity on Base, including active addresses and daily transactions, remains at the top in the niche, according to The Block’s data dashboard.