Base TVL Raises to $8B Days After Winning OP Mainnet
The total value locked on the Ethereum layer-2 network has surpassed $8 billion – just days after Optimus OP defeated Minenet.
L2Beat data shows that as of June 10, TVSL is now worth $8.05 billion, with $2.14 billion in canonical bridge value — assets locked in Ethereum to represent Base — and $5.92 billion in domestically produced assets.
The Coinbase-backed chain surpassed OP Mainnet as the largest chain in the SuperChain ecosystem last week and is now the second largest Ethereum scale in TVL, trailing Arbitrum 1 at $18.27 billion.
Beth hit the $1 billion mark on TVL on February 27, seven months after its launch last August. But it's been on a tear ever since – increasing eightfold in the past 104 days.
Last month, it led all Ethereum Layer 2 transactions with 30.36 per second – beating Arbitrum One with 23.52, according to L2BEAT. Base has done 64.86 million transactions in the last 30 days.
The foundation is declining in profits.
Beth's posted the highest profits for a chain in the past three months, including $16.9 million for the chain in March, according to Dune Analytics' dashboard, “Niftytable.”
On-chain profits fell 58.6% to $6.98 million in May, but it leads the next-generation Ethereum Layer 2 OP Mainnet, which posted a $1.57 million profit last month.
Related: Coinbase Partners with Lightspark for Bitcoin Lightning Payments.
Most of these gains were captured in the first few months of 2024 from the recent memecoin mania.
However, Baez's popularity with memecoins has attracted fraudsters, and as a result, the network saw an 18-fold increase in money stolen from phishing scams between January and March.
Ethereum's layer-2 scaling networks are expected to generate a combined market value of $1 trillion by 2023, according to analysts at asset manager VanEek.
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