Ethereum

<ul><li>Base outperformed other layer-2 networks by generating $6.1 million in on-chain profits in May.</li><li>Over the past 90 days, Base&#39;s TVL surged by 465%, from $1.3 billion to $7.41 billion.</li></ul>In May, Base, an Ethereum layer-2 <a href="https://newzchain.com/tag/Blockchain/" rel="noopener noreferrer nofollow">blockchain</a> or scaling network launched by Coinbase, emerged as the most profitable layer-2 network with over $6 million in on-chain profits. This achievement places Base ahead of other networks like Blast and Optimism.According to a <a href="https://decrypt.co/233887/ethereum-layer-2-networks-raking-millions-base-leading" rel="noopener noreferrer nofollow">report</a>, Base recorded $6.1 million in on-chain profits, significantly more than Blast’s $1.5 million and Optimism’s $1.4 million during the same period.Additionally, over the last 90 days, Base has seen exceptional growth, with its <a href="https://l2beat.com/scaling/projects/base" rel="noopener noreferrer nofollow">Total Value Locked (TVL)</a> soaring by 465%, from $1.3 billion to $7.41 billion. In comparison, Arbitrum’s TVL rose by a modest 13%, while Optimism experienced a 12% decline in TVL.<img src="https://academy-public.coinmarketcap.com/srd-optimized-uploads/726dd4872fb74a26a00bedbd5b9511ca.PNG" />The implementation of EIP-4844 in March, which introduced proto-danksharding and lowered gas costs on layer-2 networks like Base, led to a significant increase in activity and Total Value Locked (TVL) on the chain.In addition, Coinbase recently unveiled its new Smart Wallet, aimed at enhancing the accessibility of on-chain transactions for new users. This browser-based on-chain wallet is designed to provide a smooth transition for users moving from their centralized exchange accounts to on-chain decentralized applications (dApps). It eliminates friction points through account abstraction, making the process more user-friendly.This news was originally published on <a href="https://newzchain.com/ethereum-layer2-base-profits-soar-may/" rel="noopener noreferrer nofollow">Newzchain</a>.

Coinbase's Base Leads Layer-2 Networks with $6.1M in May Profits

Newzchain

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