Base TVL Hits $4B As Transactions Surpass Ethereum And Arbitrum As Meme Coin Activity Explodes

Updated: 08 April 2024

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Coinbase’s Ethereum layer-two scaling network, Base, hit a total value locked (TVL) of more than $4 billion amid an explosion of meme coin activity as it overtook Ethereum and Arbitrum by transaction volume.

Data from L2Beat shows Base’s TVL has increased by 22% to over $4.33 billion. Its 30-day transaction count was 50.34 million, enabling it to surpass Arbitrum’s 40 million, Ethereum’s 37.9 million, and Optimism’s 18 million.

#Base hits $4B TVL, Outshines Arbitrum & Ethereum in 30-day Transactions
Base, a layer-2 network by #Coinbase, has achieved a remarkable milestone by reaching a total value locked (TVL) of $4 billion, surpassing both #Ethereum and #Arbitrum in monthly transactions.

This surge…

— Crypto Love (@smallcappick) April 8, 2024

Base now ranks as the third-largest Ethereum L2 after Arbitrum and Optimism. Arbitrum has a TVL of $19 billion while Optimism’s TVL stands at $7.96 billion.

But Base is the only network among the top three to post TVL gains in the past week. Its TVL soared 13.2% in the past week alone.

Meme Coin Activity Drives Gains for Base

Base’s surge in TVL comes as meme coin activity on the network explodes. Data from CoinGecko shows that in the last 24 hours, the market capitalization for meme coins on the Base network has increased by 25% to $1.8 billion.

The growing popularity of the network has also attracted scammers, with over $3 million stolen from it in March, according to Dune.

According to VanEck, Ethereum layer-two networks will benefit from Ethereum’s slow speed and network congestion. The report estimates the market capitalization of layer-twos will reach $1 trillion by 2030.