Base Network, a project backed by Coinbase, continues its upward trajectory, surpassing a Total Value Locked (TVL) of $735 million, as reported by the latest data from L2Beat. Despite a somewhat decelerated growth rate compared to its initial surge, the project exhibits resilience.
Since its official launch in August 2023, Base Network has witnessed a noteworthy increase in TVL, rising from $592 million at the end of November to its current impressive figure, reflecting a 4% surge in the past week alone.
User engagement on Base has been a standout feature, with cumulative users surpassing 2.5 million by November 1 and exceeding 3 million by December 22, according to DUNE analytics. Daily active users have consistently risen, experiencing substantial growth from the launch to over 70,000 users in most of November and December.
The daily trading volume of Ethereum on the Base Network has witnessed a remarkable surge, escalating from 1 ETH to 36,942 ETH in November and nearly doubling to 79,354 ETH by December. Utilizing the optimistic rollup framework, the network achieves a daily transaction speed (TPS) of 3.45, with over 6.97 million transactions completed in the last 30 days.
Despite its notable growth, Base Network has encountered challenges, including scam tokens and a major outage lasting 43 minutes on September 5, almost a month after its launch.
In comparison to industry leaders like Arbitrum One with a TVL of $8.70 billion and OP mainnet boasting a TVL of $5.73 billion, Base’s growth stands out. The fluctuations in its Total Value Locked could be attributed to its recent launch, a limited selection of available DeFi protocols, and initial issues with fraudulent tokens and rug pulls.
However, the rapid expansion in users, transactions, and daily volume suggests a sustained interest and potential for Base Network in the evolving decentralized finance landscape.