Ethereum

Arbitrum

Bitcoin

Base

The total value locked (TVL) on the Ethereum layer-2 network Base has surpassed $8 billion days after overtaking Optimism’s OP Mainnet. 
L2Beat <a href="https://l2beat.com/scaling/projects/base" target="_blank" rel="noopener nofollow">data</a> shows that its TVL as of June 10 is $8.05 billion, including $2.14 billion of canonically<a href="https://cointelegraph.com/explained/blockchain-bridges-explained"> bridged</a> value — assets locked on Ethereum to be represented on Base — and $5.92 billion in natively minted assets.
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-06/60947d20-babb-4bf6-aacc-f0eab2086fa7.png" alt="" title="">
 <figcaption style="text-align: center;">
 Base’s change in TVL since June 16, 2023. Source: L2BEAT
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The <a href="https://cointelegraph.com/learn/what-is-base-coinbase-l2-network">Coinbase-supported chain</a> surpassed OP Mainnet as the largest chain within the Superchain ecosystem last week and is now the second-largest Ethereum scaler in TVL, trailing Arbitrum One’s $18.27 billion. 
Base <a href="https://cointelegraph.com/news/coinbase-network-base-tvl-doubles-month-memecoins-drive-adoption">notched the $1 billion TVL mark</a>&nbsp;on Feb. 27, about <a href="https://cointelegraph.com/news/coinbase-base-network-officially-launched-heres-how-it-can-be-used">seven months after it launched</a> in August 2023. But it’s been on a tear since then, increasing eig over the last 104 days.
It also leads all Ethereum layer 2s by transactions per second over the last month at 30.36 — beating out Arbitrum One at 23.52, <a href="https://l2beat.com/scaling/activity" target="_blank" rel="noopener nofollow">according</a> to L2BEAT. Base processed 64.86 million transactions over the last 30 days. 
<h3 data-ct-non-breakable="true" id="base-is-raking-in-the-profits">Base is raking in the profits</h3>
Base has cashed in the most on-chain profits over the last three months, including a record $16.9 million for the chain in March, <a href="https://dune.com/niftytable/rollup-economics" target="_blank" rel="noopener nofollow">according</a> to a Dune Analytics dashboard by “niftytable.”
Base’s on-chain profits fell 58.6% to $6.98 million in May but still leads the next most profitable Ethereum layer 2, OP Mainnet, which recorded $1.57 million in profits last month.
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-06/98bcdb13-e634-452b-8779-ba040a49bc35.png" alt="" title="">
 <figcaption style="text-align: center;">
 Profits from Ethereum layer-2 scaling solutions since January 2023. Source: Dune Analytics
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</figure>
Related:&nbsp;<a href="https://cointelegraph.com/news/coinbase-partners-lightspark-bitcoin-lightning-payments">Coinbase partners with Lightspark for Bitcoin Lightning payments</a>
Much of these profits were captured from the <a href="https://cointelegraph.com/news/memecoins-making-millionaires-good-for-crypto">recent memecoin mania</a> in the first few months of 2024.
However, Base’s popularity with memecoins also attracted scammers, and as a result, the network saw <a href="https://cointelegraph.com/news/phishing-scams-layer-2-base-up-1900-percent-since-january">an 18-fold increase</a> in funds stolen from phishing scams from January to March.
Ethereum layer-2 scaling networks are expected to notch a <a href="https://cointelegraph.com/news/ethereum-layer-2-one-trillion-market-cap-2030-van-eck">combined $1 trillion market cap</a> by 2023, according to analysts at asset manager VanEck.
Magazine: <a href="https://cointelegraph.com/magazine/meme-coins-betrayal-crypto-ideals-or-true-purpose/">Memecoins: Betrayal of crypto’s ideals… or its true purpose?</a>

Base TVL surges to $8B just days after overtaking OP Mainnet

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