Base Network Sees Steady Growth in TVL
Base Network, a project incubated by Coinbase, has been experiencing steady growth in its Total Value Locked (TVL). According to data from L2Beat, the TVL currently stands at around $735 million, with a 4% increase in the last seven days. Since its launch in August 2023, the TVL has surged from $592 million.
Base Network’s Operations and User Engagement
Base Network operates on the Optimistic Rollup framework and has a daily transaction speed of 3.45 TPS. It has executed over 6.97 million transactions in the last 30 days. Additionally, Base has bridged over $600 million worth of assets across different networks. User engagement on Base has also increased, surpassing 3 million cumulative users by December 22.
Base Network’s Daily ETH Volume and Users
The daily active users on Base have seen significant growth, reaching over 70,000+ users in November and December. The daily trading volume of Ethereum on the network has also shown substantial increases, rising from 1 ETH to 36,942 ETH in November and nearly doubling to 79,354 ETH by December.
Challenges and Competition for Base Network
Base Network has faced challenges such as scam tokens and a major outage lasting 43 minutes. However, compared to its peers like Arbitrum One and OP Mainnet, Base’s growth is notable. The volatility observed in its TVL may be attributed to its newness and limited range of DeFi protocols available. Despite these challenges, Base’s expansion in users, transactions, and daily volume indicates steady interest and potential.
Hot Take: Base Network Demonstrates Promising Growth Potential
Base Network, incubated by Coinbase, has shown steady growth in its Total Value Locked (TVL) since its launch. With a 4% increase in the last seven days and significant user engagement and daily ETH volume, Base Network demonstrates promising growth potential. Despite facing challenges like scam tokens and an outage, Base’s expansion in users and transactions indicates steady interest. While it competes against giants like Arbitrum One and OP Mainnet, Base’s notable growth sets it apart in the market. As the network stabilizes and expands its range of protocols, it has the potential to become a significant player in the crypto industry.
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