Base Surges to Second Place Among Layer 2 Networks, Reaching $7.6 Billion in TVL
CryptoNewsTerminal Staff04 Jun, 2024
Base Surges to Second Place Among Layer 2 Networks, Reaching $7.6 Billion in TVL
According to L2Beat data, Coinbase's Layer 2 network, Base, has achieved a significant milestone by surpassing $7.6 billion in total value locked (TVL). This surge represents a 9.3% increase over the past week. In the current ranking of prominent Layer 2 networks, Arbitrum One remains the leader with an impressive $18.87 billion TVL. Base has secured the second spot, while Optimism (OP) mainnet follows closely behind with $7.6 billion TVL. This remarkable growth highlights the increasing adoption and utilization of Base as a Layer 2 scaling solution. Its ability to facilitate transactions quickly and efficiently at a lower cost is attracting developers and users alike. The growth of Base is particularly noteworthy given the recent downturn in the broader cryptocurrency market. This resilience suggests that Layer 2 solutions are gaining traction and offering valuable benefits to the blockchain ecosystem.
