Base Network Navigates Moderate Growth Surpassing $700M TVL

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Base Network Navigates Moderate Growth Surpassing $700M TVL – Crypto News

Published

1 year ago

December 24, 2023

Dripp

Base Network, a project incubated by Coinbase, is demonstrating steady growth, but its pace has moderated since the initial launch surge. Based on data by L2Beat at the time of publication, Base’s Total Value Locked (TVL) stands close to $735 million after recording a 4% increase in the last seven days.

Since its official launch in August 2023, Base Network’s TVL—a metric reflecting the total dollars held within the network—has surged from $592 million recorded at the end of November.

Also Read: Coinbase Base Platform TVL Shoots Past $500 Million, Details

TVL records a 4% increase in 7 days

Base Network operates on the Optimistic Rollup framework to cater to a broad range of decentralized applications. At the time of writing, the network’s daily transaction speed (TPS) stands at 3.45, with over 6.97 million transactions executed in the last 30 days.

Base’s total value bridged has also surpassed $600 million, a figure that represents the value of assets that have been transferred across different networks or blockchains using its bridging services.

User engagement on Base has also steadily increased, according to DUNE analytics, climbing to over 2.5 million cumulative users by November 1 and surpassing 3 million by December 22.

Base’s daily ETH volume, users

Daily active users reflect a growing community, with a significant jump from launch to 70,000+ users in most of November and December.

The daily trading volume of Ethereum on the network has shown a significant increase, rising from a modest 1 ETH to 36,942 ETH in November and then nearly doubling to 79,354 ETH by December.

Base Network has also faced some major hurdles during this period. It ranged from scam tokens to a major outage. On September 5, Base experienced its first outage that lasted 43 minutes, almost a month after its launch.

Meanwhile, when compared to its peers, Base’s growth is notable. It’s competing against giants like Arbitrum One, with a TVL of $8.70 billion, and OP Mainnet, with a TVL of $5.73 billion.

The network’s growth is stabilizing, yet the volatility observed in its Total Value Locked (TVL) may stem from its newness, the limited range of DeFi protocols available on it, and initial challenges with scam tokens and rug pulls.

However, its rapid expansion in users and transactions, coupled with daily volume, points to a steady interest and potential for Base.

Also Read: Base Token: Coinbase CEO Brian Armstrong Refutes the Idea of Base Token In the Future