Ethereum

Based

Momentum

Base

Base Network, a project incubated by&nbsp;<a class="editor-rtfLink" href="https://coingape.com/coinbase-legal-chief-talks-about-a-possible-base-token-sec-is-watching/" target="_blank" rel="noopener noreferrer nofollow">Coinbase</a>, is demonstrating steady growth, but its pace has moderated since the initial launch surge. Based on <a class="buttonLinkEditor" href="https://l2beat.com/scaling/projects/base" target="_blank" rel="noopener noreferrer nofollow">data</a> by L2Beat at the time of publication, Base’s Total Value Locked (TVL) stands close to $735 million after recording a 4% increase in the last seven days.
Since its official launch in August 2023, Base Network’s TVL—a metric reflecting the total dollars held within the network—has surged from $592 million recorded at the end of November.
Also Read:&nbsp;<a class="editor-rtfLink" href="https://coingape.com/coinbase-base-platform-sees-25-jump-in-tvl-last-week/" target="_blank" rel="noopener noreferrer nofollow">Coinbase Base Platform TVL Shoots Past $500 Million, Details</a>
<h2 id="span-data-preserver-spaces-true-tvl-records-a-4-increase-in-7-days-span">TVL records a 4% increase in 7 days</h2>
Base Network operates on the Optimistic Rollup framework to cater to a broad range of decentralized applications. At the time of writing, the network’s daily transaction speed (TPS) stands at 3.45, with over 6.97 million transactions executed in the last 30 days.
<img decoding="async" class="aligncenter size-full wp-image-170995" src="https://coingape.com/wp-content/uploads/2023/12/tvl-base.png" alt="" width="892" height="322" srcset="https://coingape.com/wp-content/uploads/2023/12/tvl-base.png 892w, https://coingape.com/wp-content/uploads/2023/12/tvl-base-300x108.png 300w, https://coingape.com/wp-content/uploads/2023/12/tvl-base-768x277.png 768w, https://coingape.com/wp-content/uploads/2023/12/tvl-base-150x54.png 150w" sizes="(max-width: 892px) 100vw, 892px">
Base’s total value bridged has also surpassed $600 million, a figure that represents the value of assets that have been transferred across different networks or blockchains using its bridging services.
User engagement on Base has also steadily increased, according to <a class="buttonLinkEditor" href="https://dune.com/tk-research/base" target="_blank" rel="noopener noreferrer nofollow">DUNE</a> analytics, climbing to over 2.5 million cumulative users by November 1 and surpassing 3 million by December 22.
<h2 id="span-data-preserver-spaces-true-base-s-daily-eth-volume-users-span">Base’s daily ETH volume, users</h2>
Daily active users reflect a growing community, with a significant jump from launch to 70,000+ users in most of November and December.
The daily trading volume of Ethereum on the network has shown a significant increase, rising from a modest 1 ETH to 36,942 ETH in November and then nearly doubling to 79,354 ETH by December.
<img decoding="async" class="aligncenter size-full wp-image-170994" src="https://coingape.com/wp-content/uploads/2023/12/Screenshot-2023-12-23-233724.png" alt="" width="978" height="97" srcset="https://coingape.com/wp-content/uploads/2023/12/Screenshot-2023-12-23-233724.png 978w, https://coingape.com/wp-content/uploads/2023/12/Screenshot-2023-12-23-233724-300x30.png 300w, https://coingape.com/wp-content/uploads/2023/12/Screenshot-2023-12-23-233724-768x76.png 768w, https://coingape.com/wp-content/uploads/2023/12/Screenshot-2023-12-23-233724-150x15.png 150w" sizes="(max-width: 978px) 100vw, 978px">
&nbsp;
Base Network has also faced some major hurdles during this period. It ranged from scam tokens to a major outage. On September 5, Base experienced its first outage that lasted 43 minutes, almost a month after its launch.
Meanwhile, when compared to its peers, Base’s growth is notable. It’s competing against giants like Arbitrum One, with a TVL of $8.70 billion, and OP Mainnet, with a TVL of $5.73 billion.
The network’s growth is stabilizing, yet the volatility observed in its Total Value Locked (TVL) may stem from its newness, the limited range of DeFi protocols available on it, and initial challenges with scam tokens and rug pulls.
However, its rapid expansion in users and transactions, coupled with daily volume, points to a steady interest and potential for Base.
Also Read:&nbsp;<a class="editor-rtfLink" href="https://coingape.com/coinbase-ceo-brian-armstrong-refutes-the-idea-of-base-token-in-future/" target="_blank" rel="noopener noreferrer nofollow">Base Token: Coinbase CEO Brian Armstrong Refutes the Idea of Base Token In the Future</a>
The post <a href="https://coingape.com/base-network-sees-consistent-tvl-growth-despite-slowing-momentum/" rel="noopener noreferrer nofollow">Base Network Sees Consistent TVL Growth Despite Slowing Momentum</a> appeared first on <a href="https://coingape.com" rel="noopener noreferrer nofollow">CoinGape</a>.

Base Network Sees Consistent TVL Growth Despite Slowing Momentum

Table of Contents

Coingape News Media

Other articles published on Dec 23, 2023

Elon Musk’s X Faces Legal Storm As US Judge Rules Against Unpaid Bonuses

How to Buy Okcash Using Coinbase Wallet: A Step-by-Step Guide

Bitcoin is More Secure Than Ever!

XRP’s Whale Moves Spark Optimism Amidst Price Shifts

Ripple’s Bold Move – Exploring AI Integration, XRP Price Holds Steady

Ripple Has Claim on FTX Assets, Documents Say

Join our free newsletter for daily crypto updates!