Layer-2 blockchain protocol Base has hit a new milestone as it pushes on to enforce its dominance among the L2 chains on the Ethereum blockchain. According to data from L2Beat, the Base network's total value locked (TVL) is now pegged at $550 million, up by more than 26% in the week-to-date (WTD) period.
Notably, the jump in Base TVL was catalyzed by the reminting of native USDC on the network on Oct. 4, with the stablecoin increasing by 470.55% to 159 million. With enough USDC, it implies that there is adequate liquidity to power the key operations available on the Base protocol.
Base has been hitting a number of impressive strides in recent times following the success of its SocialFi protocol, Friend Tech. With the remarkable growth in address count that accompanied Friend Tech, the Base network has reaped the biggest benefits overall. As it stands, Base has moved up in the rankings by a considerable mile, and in terms of TVL, it is now surpassed by only Arbitrum and Optimism, respectively.
Base has outranked zkSync and Polygon zkEVM, two other high-performing networks, with relatively older ages when compared to the former L2 chain.
Base and momentous milestones
Since Base was launched by Coinbase Global Inc, it has received enormous backing from the industry. Despite the fact that it was created using the Optimism tech stack, it has notably charted a new path for itself as it concerns individual dApp growth and inherent collaborations.
The Base protocol crossed the $500 million TVL benchmark back in September, amounting to just six weeks since it was launched on the mainnet. While this growth is impressive, Base has equally been seeing steady growth in its transaction per second (TPS) metric as it seeks to double down on every factor that defines L2 growth.