The post Coinbase’s Base Set To Overtake Arbitrum To Become The Biggest Ethereum L2 Network appeared on BitcoinEthereumNews.com.

Base, the Ethereum layer-2 scaling solution from crypto exchange Coinbase, has witnessed a surge in activity in the past two months and is now gunning for the top spot in the Ethereum ecosystem. In an interesting development revealed by data from IntoTheBlock, the transaction volume on Base has increased massively within this timeframe, with it capturing about 40% to 60% of all volume to outpace Optimism and Arbitrum. Now, recent data in the past 24 hours show Base now seems to have made the leap to solidify its leading position in terms of total value locked (TVL). Base Surges To Become Ethereum’s Biggest L2 Network Base operates as a layer 2 network on Ethereum launched by Coinbase to offer a safe, low-cost, developer-friendly way to build on-chain. Since its inception, Base has quickly established itself within the crypto market, carving out a strong market fit. Although it has been live for just about a year, Base’s appeal has become increasingly evident, particularly over the past two months. Data from IntoTheBlock reveals that Base’s total value locked (TVL) has experienced consistent growth since September 7, when the TVL on the network was recorded at $1.41 billion. Since then, Base’s TVL has surged by an impressive 68%. According to IntoTheBlock, this dramatic rise in TVL has positioned Base as a formidable competitor to Arbitrum, previously the largest Ethereum layer-2 network in terms of TVL. In a notable shift, while Arbitrum’s TVL decreased by 0.33% in the past 24 hours, Base saw a 1.3% increase during the same period. As a result, Base’s TVL reached a new all-time high of $2.37 billion within the past 24 hours, narrowly surpassing Arbitrum’s TVL of $2.35 billion. In addition to TVL growth, Base’s ascent has been accompanied by an expansion of its stablecoin market cap. As…

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Filed under: News - @ October 13, 2024 7:15 pm