In a recent development, Base Network, an initiative fostered under the wing of Coinbase, is showcasing consistent progress, albeit at a moderated pace following its initial surge at launch. As of the latest data provided by L2Beat, Base’s Total Value Locked (TVL) currently hovers around $735 million, marking a 4% upturn in the past week.
Since its official launch in August 2023, the Total Value Locked (TVL) within Base Network, a pivotal metric reflecting the aggregate value held within the network, has witnessed a remarkable surge. This surge propelled the TVL significantly from the reported $592 million close to November.
Operating on the Optimistic Rollup framework to accommodate an extensive array of decentralized applications, the network boasts a daily transaction speed (TPS) of 3.45, facilitating over 6.97 million transactions executed over the preceding 30 days.
Base Network’s Bridging Milestone
Furthermore, Base has achieved a milestone by facilitating the bridging of a total value that surpasses $600 million. This figure underscores the substantial value of assets transitioned across diverse networks or blockchains through its bridging services.
Per DUNE analytics, user involvement on Base has exhibited consistent growth, escalating beyond 2.5 million cumulative users by November 1 and surpassing the 3 million mark by December 22. Daily active users have shown substantial growth, from the launch phase to over 70,000 users for most of November and December.
Despite its upward trajectory, Base Network encountered significant challenges, ranging from instances of scam tokens to a substantial outage. Notably, on September 5, Base experienced a 43-minute outage, approximately a month post-launch.
Comparatively, against its industry peers, Base growth remains noteworthy. Competing against industry giants like Arbitrum One, boasting a TVL of $8.70 billion, and OP Mainnet, with a TVL of $5.73 billion, Base exhibits commendable progress.
While the network’s growth trajectory appears to stabilize, fluctuations in its Total Value Locked might be attributed to its novelty, the limited array of available DeFi protocols, and initial hurdles with scam tokens and fraudulent activities.
However, the rapid surge in the number of users, transaction volumes, and daily engagement is a robust indicator of sustained interest and promising growth potential for Base Network within the expansive realm of decentralized finance (DeFi).