Base, a Layer 2 Ethereum network incubated by Coinbase, has officially crossed the $2 billion mark in total value locked (TVL) for the first time. This achievement positions Base as the second-largest optimistic rollup by deposits, following Arbitrum.
According to data from DeFiLlama, Base's TVL currently stands at $2.08 billion, a significant increase from approximately $430 million at the start of the year. This represents an impressive growth rate of 370% year-to-date.
Base operates as an optimistic rollup, which allows it to process transactions off the main Ethereum blockchain and periodically post transaction data on-chain. This approach effectively reduces the load on the Ethereum network, enhancing its throughput. The mainnet launch of Base occurred in August 2023.
Decentralized exchange Aerodrome has been the primary contributor to Base's increase in TVL over the past year, boasting over $1 billion in deposits as of now. Following Aerodrome, Uniswap holds an impressive $220 million in deposits.
While Arbitrum currently leads in total value locked, user activity on Base, including active addresses and daily transactions, remains unmatched among all optimistic rollups, according to The Block's data dashboard.
Disclaimer: The Block is an independent media outlet delivering news, research, and data. As of November 2023, Foresight Ventures is a majority investor in The Block, which continues to operate independently.
