Base Layer 2 Network Hits $10B TVL and 106.26 TPS

Base Network Surpasses $10 Billion TVL, Sets New Milestones

Amid a surge in activity across the cryptocurrency market, the Base network has experienced significant momentum. According to data from L2Beat, the network’s Total Value Locked (TVL) has surged by more than 5% in the past week, surpassing the $10 billion mark for the first time.

Key Drivers of Growth

The surge in TVL was largely driven by Aerodome Finance, which has been a major player in the growing dominance of meme coin trading. Since September’s brief decline below $6 billion, Base’s TVL has rebounded, growing by over 67%.

Base Network’s Achievements

• TVL Milestone: Base becomes the second Ethereum Layer 2 network to surpass $10 billion in TVL, following Arbitrum.
• Transaction Speed Record: On November 24, Base achieved a new transaction speed milestone, reaching 106.26 transactions per second (TPS).
• Transaction Volume: The total number of on-chain transactions on Base has crossed the 9 million mark, reflecting growing adoption.
• Active Addresses: Weekly active addresses on Base are approaching 6.6 million, signaling increased user engagement.

Stablecoin Market Performance

During periods of heightened network activity, blockchain networks often experience growth in stablecoin market caps. On October 26, Base briefly emerged as the leading blockchain for stablecoin volume, capturing more than 30% of the market share, outpacing major networks like Solana, Ethereum, and Tron.

However, by November 23, Artemis Terminal data indicated a reversal, with Base dropping to third place in stablecoin volume, behind Solana and Ethereum. The stablecoin supply within Base’s ecosystem also showed a notable decline.

Recent Trends in Stablecoin Volume

• Base’s Position: As of November 23, Base ranks as the third-largest blockchain for stablecoin volume.
• Post-Election Reversal: Anagram partner David Alexander II highlighted that the post-election period has seen changes in stablecoin volumes, with Arbitrum recording a 19% growth in stablecoin usage, while Base and Optimism saw reductions of 6.6% and 1%, respectively.

Conclusion

Despite a slight decline in stablecoin volume, Base continues to show impressive growth in terms of TVL, transaction speed, and user engagement. The network’s increasing adoption signals a strong future for Base within the Ethereum Layer 2 ecosystem.