Base: The Rising Ethereum Layer-2 Project
Base, the Ethereum layer-2 (L2) project launched by Coinbase, has surged past $4 billion in total value locked (TVL) according to data from L2Beat, hitting $4.15 billion. This achievement has propelled Base ahead of older L2 chains like Arbitrum.
Base’s Growth Surpasses Arbitrum and Optimism
Recent data from L2Beat as of April 8, 2024, shows Base’s TVL at $2.69 billion in natively minted value, $3.69 million in externally bridged value, and $1.45 billion in canonically bridged value. In just seven days, Base’s TVL has grown by nearly 14%, outstripping Arbitrum and Optimism’s growth rates.
- Arbitrum and Optimism TVL growth rates were only 4.91% and 8.28%, respectively, in the same period.
- Base now makes up approximately 10% of the $41.03 billion TVL of all scaling projects combined.
Base’s Diverse Appeal
Despite not having a native token, Base has attracted attention for different reasons:
- Base has become a hub for meme coin activities, resembling the past fervor seen in the Solana ecosystem.
- Crypto analysts have identified several promising “Base meme coins,” including Normie (NORMIE), Briun Armstrung (BRIUN), bloo (BLOO), BaseProShops (BPS), and Brett (BRETT).
- Projects like Iskra, a Web3 gaming platform associated with Tencent and Netmarble, have moved to Base, citing its integration with Coinbase products and established industry trust.
Challenges and Growth for Base
While Base’s growth has been impressive, it has not been without its obstacles:
- Base has had to address challenges like scam tokens proliferating on its platform, with over 500 scam tokens emerging post-mainnet launch, resulting in $3.7 million in trading volume.
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