The post Will Base flip Arbitrum to emerge Ethereum’s largest L2 network? appeared on BitcoinEthereumNews.com.

Base network’s DeFi TVL is currently at an all-time high.  A competitive shift has seen Arbitrum continue to lose its market share to Base. Base, an Ethereum [ETH]-based layer 2 network, has emerged as a formidable rival to Arbitrum [ARB] amid significant growth in its decentralized finance (DeFi) Total Value Locked (TVL).  Base network’s TVL stood at an all-time high of $1.96 billion, at press time per DeFiLlama. This metric has surged by around 37% in the last two weeks.  In comparison, Arbitrum’s TVL has not registered any significant gains within the same period. Source: DeFiLlama As seen on DeFiLlama, Arbitrum remains the largest Ethereum layer 2 in the DeFi space with a TVL of $2.54 billion. However, Base network’s rapid growth suggests that it could soon flip Arbitrum.  Base network sees massive growth   Data from Artemis shows that in the last three months, the daily active addresses on Base have surged from around 507,000 to more than 1.2 million. At the same time, the daily active addresses on Arbitrum have dropped from 789,000 to around 466,000.  Base is also dominating in the daily transaction count as the daily transactions on the network are currently two times more than the transactions on Arbitrum. Source: Artemis The rise in daily transactions and addresses on Base amid a drop in the same metrics on Arbitrum suggests a competitive shift where Base is gaining traction whereas Arbitrum is losing ground.  Increased activity on Base is further seen in a rise in stablecoin supply. According to Token Terminal, USD Coin (USDC) supply on Base has increased by $300 million since the start of the month. Source: TokenTerminal On a year-to-date basis, USDC supply on Base has increased by nearly 70 times from below $50 million on 1st January to $3.35 billion. These metrics point…

---

Filed under: News - @ September 26, 2024 12:21 am