Base, the Ethereum layer-2 (L2) project launched by the US-based crypto giant Coinbase, has vaulted past the $4 billion mark in total value locked (TVL). Data from L2Beat reveals that the project reached a TVL of $4.15 billion.
This impressive figure has allowed Base to surpass the growth of older L2 chains, including the popular Arbitrum (ARB).
Base Overtakes Arbitrum and Optimism in TVL Growth
Drawing on the latest data from L2Beat as of April 8, 2024, at 2:00 AM UTC, Base’s TVL consists of $2.69 billion in natively minted value, $3.69 million in externally bridged value, and $1.45 billion in canonically bridged value. Furthermore, this represents a nearly 14% growth in TVL over the past seven days alone.
While Arbitrum and Optimism (OP) remain the leading L2s in overall TVL, Base is making rapid gains. In the same seven-day period, Arbitrum and Optimism TVL only grew 4.91% and 8.28%, respectively — less significant growth than Base’s surge.
Base’s latest achievement also accounts for approximately 10% of the $41.03 billion combined TVL of all scaling projects.
Read more: What is Base Chain? Everything You Need to Know
This growth is particularly noteworthy considering that, unlike some of its competitors, Base does not have a native token.
In recent developments, Base has become a hotbed for meme coin activities, contributing to a surge in interest similar to that previously seen in the Solana ecosystem. Crypto analysts have identified several “Base meme coins” with promising market caps and potential for significant growth, including Normie (NORMIE), Briun Armstrung (BRIUN), bloo (BLOO), BaseProShops (BPS), and Brett (BRETT).
Furthermore, Base’s appeal extends beyond meme coin enthusiasts to serious project developers. Recently, Iskra, a Web3 gaming platform with roots in industry giants like Tencent and Netmarble, announced its migration to Base.
“Base is our best option … because of Coinbase product integration that makes it very easy for users to get on-chain, and Base’s established and trusted position in the industry,” the Iskra team wrote in their official statement.
Read more: 7 Best Base Chain Meme Coins to Watch in 2024
Despite its stellar growth, Base has had to navigate challenges, including the proliferation of scam tokens. Solidus Labs reported that over 500 scam tokens emerged on Base shortly after its mainnet launch, generating roughly $3.7 million in trading volume.
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