According to a report by Cointelegraph, the Ethereum Layer 2 blockchain Base created by the cryptocurrency exchange Coinbase has seen a total value locked (TVL) surge by over 13.2% in the past week, surpassing $4 billion for the first time. At the same time, Base’s 30-day transaction volume has exceeded that of Ethereum’s mainnet and its major competitor Arbitrum.
Data from L2BEAT shows that Base’s total TVL has reached $41.7 billion, including $14.6 billion in standard bridging value (CBV) and $27 billion in native minted assets. Based on TVL, Base currently ranks as the third-largest Ethereum Layer 2 network, leading competitor Blast by approximately $14 billion, trailing behind Optimism by around $35 billion, and Arbitrum by approximately $146 billion.
In the top five Layer 2 networks by TVL, Base is the only network that has seen growth in the past week. Starknet saw the largest decline in TVL, approximately 9%, while Optimism, Arbitrum, and Blast declined by 8.28%, 4.91%, and 1.8% respectively.
The growth in Base’s TVL has been achieved against the backdrop of a significant increase in transaction activity, with its 30-day transaction volume reaching 50.5 million, surpassing Arbitrum’s 40.17 million and Ethereum’s 37.87 million transactions. Base’s average daily transactions per second (TPS) jumped by 29.7% this week, averaging 36 TPS over the past day.
Furthermore, Base has also been one of the primary beneficiaries of recent meme coin activity. According to CoinGecko data, the total market value of meme coins on Base has exceeded $1.6 billion. However, the popularity of Base has also attracted scammers, with funds stolen due to phishing scams on the network increasing by 18 times from January to March this year, with $3.35 million stolen last month.