Coinbase’s Base has emerged as the leading Ethereum layer-2 network, boasting the highest transaction count and profitability for three consecutive months.
According to L2Beat, as of June 10, Base’s Total Value Locked (TVL) stands at $8.05 billion. This includes $2.14 billion of assets bridged from Ethereum and $5.92 billion in natively minted assets.
Base overtook Optimism’s OP Mainnet last week to become the largest chain in the Superchain ecosystem. It is now the second-largest Ethereum scaler in terms of TVL, behind Arbitrum One, which holds $18.27 billion.
Base reached the $1 billion TVL milestone on February 27, just seven months after its launch in August 2023. Since then, it has grown rapidly, increasing eightfold in the last 104 days.
In terms of transaction speed, Base leads all Ethereum layer-2 networks with an average of 30.36 transactions per second over the past month, outpacing Arbitrum One’s 23.52, according to L2beat. Over the last 30 days, Base processed 64.86 million transactions.
Financially, Base has been the most profitable Ethereum layer-2 network over the past three months. In March 2024, it set a record with $16.9 million in on-chain profits. Although profits dropped 58.6% to $6.98 million in May, Base still outperformed OP Mainnet, which reported $1.57 million in profits for the same period, according to Dune Analytics.
Base’s successes position Coinbase at a vantage point amidst the competitive and shifting cryptocurrency market. HTX, formerly Huobi, recently surpassed Coinbase in spot trading volumes. Tron founder Justin Sun, an adviser to HTX, announced this milestone on May 27, citing data from CoinGecko.
Currently, HTX manages approximately $2.4 billion in daily spot trading volumes, ranking it as the fourth-largest crypto exchange globally, behind Binance, Bybit, OKX, and Gate.io. Coinbase, facing multiple legal challenges in the U.S., now trails HTX and Bitrue with around $2 billion in spot trading volumes.
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