Base Liquidity Surges While TVL Outpaces Ethereum Mainnet
Base has been striving to secure the leading position as the top layer 2 network on Ethereum (ETH).
The network has shown remarkable growth throughout the year, and recent data suggests that it is strengthening its position as a frontrunner.
Base’s Total Value Locked (TVL) demonstrates the significant growth the network has experienced, showing an upward trend over the past year and continuing to rise.
This week, Base’s TVL reached $2.30 billion, marking a new record high since its inception.
Alongside the impressive TVL performance, the stablecoin market cap also hit an all-time high of $3.72 billion.
The substantial increase in TVL indicates a significant influx of liquidity into the layer 2 network’s ecosystem.
Recent data from Dune revealed that the liquidity flowing into Base has surpassed that of the Ethereum mainnet.
Between June and October, approximately $32.1 million worth of liquidity entered Base’s ecosystem, while only $6.35 million flowed into Ethereum during the same period.
Increasing Transaction Activity as the Driving Force
These findings highlight the extensive usage of the layer 2 network.
DeFiLlama data shows a consistent growth in daily transactions on the Base network throughout the year, reaching a new all-time high this week.
The network recorded 5.73 million daily transactions on October 8th, the highest in its history.
For comparison, daily transactions on the Base network were below 1 million between January and mid-March.
Overall, these insights underscore Base’s remarkable ascent as one of the leading Ethereum networks, ranking second in TVL among layer 2 networks, just behind Arbitrum (ARB).
Arbitrum held a market cap of $2.32 billion at the time of reporting, positioning it to potentially claim the top spot if it sustains its TVL growth.
In summary, Base emerges as one of the top-performing crypto networks this year, benefiting from strong address growth, a robust stablecoin presence, and an attractive liquidity environment.