Base TVL surges to $8B just days after overtaking OP Mainnet

Whole worth locked on the Ethereum layer-2 community Base has surpassed $8 billion — solely days after overtaking Optimism’s OP Mainnet.

L2Beat data exhibits its TVL as of June 10 is now at $8.05 billion, together with $2.14 billion of canonically bridged worth — belongings locked on Ethereum to be represented on Base — and $5.92 billion in natively minted belongings.

Base’s change in TVL since June 16, 2023. Supply: L2BEAT

The Coinbase-supported chain surpassed OP Mainnet as the most important chain inside the Superchain ecosystem final week and is now the second-largest Ethereum scaler in TVL, trailing Arbitrum One’s $18.27 billion.

Base notched the $1 billion mark in TVL on Feb. 27, about seven months after it launched final August. Nevertheless it’s been on a tear since then — rising eight-fold during the last 104 days.

It additionally leads all Ethereum layer 2s by transactions per second during the last month at 30.36 — beating out Arbitrum One at 23.52, according to L2BEAT. Base processed 64.86 million transactions during the last 30 days.

Base is raking within the earnings

Base has cashed in essentially the most on-chain earnings during the last three months, together with a document $16.9 million for the chain in March, according to a Dune Analytics dashboard by “niftytable.”

Its on-chain earnings fell 58.6% to $6.98 million in Could however nonetheless leads the following most worthwhile Ethereum layer 2, OP Mainnet, which recorded $1.57 million in earnings final month.

Earnings from Ethereum layer 2 scaling options since January 2023. Supply: Dune Analytics

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A lot of those earnings have been captured from the recent memecoin mania within the first few months of 2024.

Nevertheless, Base’s reputation with memecoins additionally attracted scammers, and because of this, the community noticed an 18-fold increase in funds stolen from phishing scams from January to March.

Ethereum layer-2 scaling networks are anticipated to notch a combined $1 trillion market cap by 2023, in accordance with analysts at asset supervisor VanEck.

Journal: Meme coins: Betrayal of crypto’s ideals… or its true purpose?