The Base network, a leading Ethereum Layer 2 solution, has experienced a surge in momentum amid heightened activity across the crypto market. Data from L2Beat revealed a significant rise in Base’s total value locked (TVL), surpassing $10 billion for the first time, marking a 67% increase since its September low.
Key Milestones for Base
Base’s TVL growth has positioned it as the second Ethereum Layer 2 network to exceed $10 billion, following Arbitrum. Aerodome Finance, with its dominance in meme coin trading, played a critical role in driving this growth.
In addition to the TVL milestone, Base set a record transaction speed on November 24, achieving 106.26 transactions per second (TPS). This reflects the network’s scalability and efficiency as adoption continues to rise.
On-Chain Activity and User Engagement
Base also crossed the 9 million mark in total on-chain transactions this week. Weekly active addresses neared 6.6 million, highlighting growing user engagement and broader adoption of the network.
Stablecoin Volume and Market Trends
Historically, periods of increased blockchain activity often correlate with growth in stablecoin market caps. In late October, Base briefly became the leading blockchain for stablecoin volume, capturing over 30% of the market and outpacing networks like Solana, Ethereum, and Tron.
However, as of November 23, stablecoin supply within Base’s ecosystem has declined, with Artemis Terminal data ranking it as the third-largest blockchain for stablecoin volume, trailing Solana and Ethereum. This trend comes amid shifts in the broader market, including a post-election growth in stablecoin volume on Arbitrum (+19%), while Base and Optimism recorded declines of 6.6% and 1%, respectively.
Growing Competition Among Layer 2 Networks
The competition among Ethereum Layer 2 solutions remains fierce, with Base, Arbitrum, and Optimism continuing to innovate and attract users. As Base strengthens its position with milestones like surpassing $10 billion TVL and record TPS speeds, its ability to sustain growth will depend on further adoption and the expansion of its ecosystem.