Base’s Key Milestones: Leading the Layer 2 Race

Base Network Solidifies Its Position as Ethereum’s Leading Layer 2

Base has officially cemented its status as the leading Ethereum Layer 2 network, with impressive milestones underscoring its rapid growth. The network has reached new all-time highs in Total Value Locked (TVL) and daily transaction volume, further solidifying its top spot in the Layer 2 ecosystem. In this article, we dive into Base’s recent achievements and the growing utility of its network.

Key Highlights

• Base has reached a new all-time high in Total Value Locked (TVL).
• The network’s daily transaction count has reached record levels.
• Base continues to expand its ecosystem and utility, reinforcing its leadership in the Layer 2 space.
• Despite its growth, Base’s daily revenue remains lower than its 2024 highs.

Base’s Recent Milestones

Base has proven its dominance in the Ethereum Layer 2 space with an impressive new TVL record. As of November 25th, the network’s TVL surged to $3.55 billion, marking a significant increase of over $1 billion in just one month. This solid growth has placed Base far ahead of its closest competitor, Arbitrum One, with a TVL lead of $1.3 billion.

State of the Base Network

The surge in TVL reflects Base’s expanding ecosystem and growing utility. The network has seen a substantial increase in transaction activity, setting a new record of 9.32 million transactions on November 26th. This record-breaking activity highlights the growing adoption and usage of Base’s Layer 2 network.

In addition to transaction volume, Base has seen significant on-chain activity. In the past 24 hours, the network reached $1.85 billion in on-chain volume, further solidifying its position in the market. Notably, the network’s highest single-day on-chain volume occurred on November 13th, when it hit $2.16 billion.

These figures are all the more impressive when compared to earlier in 2024, when Base’s daily on-chain volume averaged under $100 million in the first two months of the year.

Revenue Performance and Challenges

Although Base has achieved impressive milestones in TVL and transaction volume, its daily revenue has lagged behind. The network recently recorded its highest revenue in five months, reaching $610,940. However, this figure is still a far cry from the network’s peak revenue of $3.34 million on March 26th, 2024, during a period when the price of ETH briefly surpassed $4,000.

Can Base Maintain Its Lead?

Base’s recent performance shows the highest levels of usage and adoption to date, with November 2024 marking a key turning point for the network. However, the future remains uncertain as new competitors may arise to challenge its dominance in the Layer 2 space. While Base has successfully achieved its goal of becoming the top Ethereum Layer 2 network, maintaining this position will depend on continued innovation and user engagement.