Ethereum Layer 2 Network “Base” Surpasses Cardano in TVL
The newly launched Ethereum Layer 2 network called “Base” has quickly surpassed Cardano in terms of Total Value Locked (TVL), despite Cardano having a multi-year head start. This has led to criticism from users and even Ethereum advocate Evan Van Ness who called Cardano a “Zombie chain” for falling behind Base in TVL.
Main Breakdowns:
- Base surpassed Cardano’s TVL in just two weeks after its launch
- Base has higher trading volume and TVL than Cardano
- Base is now the fifth largest layer-2 network
- Base has completed more transactions in its first week than Cardano in a month
- Base’s average transactions per second is 15.88, surpassing other layer 2 blockchains
Despite having lower TPS than other layer 2 networks, Base is expected to experience more adoption as its ecosystem grows. It has already recorded over 11 million transactions since its launch and has gained interest from protocols like Synthenix and on-chain analytics firm Arkham Intelligence.
Hot Take:
Base’s rapid growth and surpassing of Cardano in TVL shows the potential for layer 2 networks in the crypto space. It also highlights the importance of continuous development and innovation in the industry.
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