Base monthly txs reached $4B TVL, surpassing Ethereum and Arbitrum

Crypto exchange Coinbase's Ethereum Layer-2 blockchain base has surged more than 13.2 percent in total value locked (TVL) over the past week, beating Ethereum and arch-rival Arbitrum's 30-day trading mark of $4 billion for the first time.

L2BEAT data updated on April 7 shows Base's total TVL at $4.15 billion, with $1.45 billion in canonical bridge value — assets locked on Ethereum to represent Base — and $2.7 billion in native assets.

Base is the third-largest Ethereum layer 2 in TVL, beating out rival Blast for fourth place at around $1.4 billion and $3.5 billion behind second-place Optimism and $14.6 billion behind leader Arbitrum.

Base is the only layer in the top 5 on TVL to post a gain last week. Starknet saw the biggest TVL losses at 10.2%, Optimism was down 9.1%, Arbittrum was down 5.5% and Blast was down 2.4%.

Ethereum balancer TVL's 30-day transaction count reached 50.34 million, ahead of Arbitrum's 40.1 million and Ethereum's 37.9 million, amid a surge in activity.

Base's average daily transactions per second (TPS) jumped 29.7% for the week and averaged 35.19 TPS over the previous day — compared to 16.61 and 13.91 for rival TPS' layer 2 rivals Arbitrum and Ethereum.

Meanwhile, Baez has been one of the main beneficiaries of the recent memecoin movement. The meme token's market capitalization has reached more than $1.6 billion, a jump of more than 13 percent in the previous day, according to CoinGecko.

Related: Coinbase Partners with Lightspark for Bitcoin Lightning Payments.

But Baez's popularity has attracted fraudsters, as the network saw an 18-fold increase in successful phishing scams between January and March — $3.35 million was stolen last month.

Ethereum has focused its development efforts on improving the blockchain's layer-2 ability to process transaction data, and for example, the March 13 Denkun update lowered layer-2 transaction fees.

Meanwhile, Layer 2 may gain more from Ethereum's weaknesses as a base, with VanEck analysts predicting the network's scalable ecosystem to hit a market capitalization of $1 trillion by 2030.

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