Base Network sees steady growth, exceeding $735M TVL

Base Network, a project maintained by Coinbase, shows consistent growth, although the pace has slowed since the initial spike. According to L2Beat's latest data, the base's total value locked (TVL) is nearly $735 million, up 4% from last week.

According to the data, since its official launch in August 2023, the TVL of Base Network, which represents the total dollars in the network, increased from $592 million at the end of November and exceeded $600 million.

Meanwhile, user engagement on the base has steadily increased, reaching over 2.5 million users on November 1 and over 3 million on December 22, according to DUNE's analysis.

Daily active users show a growing community, with significant growth to 70,000 users since its launch in most of November and December. Ethereum daily trading volume on the network rose from 1 ETH to 36,942 ETH in November and doubled to 79,354 ETH in December.

BaseNetwork, using an optimistic wrapper framework, serves a variety of decentralized applications. Currently, the network achieves a Daily Transaction Rate (TPS) of 3.45, with over 6.97 million transactions completed in the last 30 days.

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Base Network has faced some significant setbacks during this period. It ranges from fraud to major disruptions. On September 5, nearly a month after its launch, the base experienced its first outage, lasting 43 minutes.

Base growth is higher compared to its peers. It competes with industry leaders such as Arbitrum, which has a TVL of $8.70 billion and OP mainnet, which has a TVL of $5.73 billion.

The network continues to expand, but the volatility of its overall value may be due to its recent launch, limited selection of DeFi protocols available, and initial issues with counterfeit tokens and carpetbaggers.

But the rapid expansion in users and transactions and the daily volume indicate the demand and potential for Base.

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