For most transactions, base TVL is at the top of the Ethereum Layer 2 lists, and for consecutive months, it has been the most profitable Ethereum booster.
Almost $8 billion money has been stored in the Ethereum layer 2 network Base and that happens right after the popularity of Base’s OP Mainnet.
Based on data from L2Beat, $8.05 billion resides in Base, $2.14 billion is from Ethereum, and $5.92 billion originates within Base.
Source: L2BEAT
After the support of Coinbase, the chain became bigger than OP Mainnet last week in the Superchain system. Only after Arbitrum One is it currently the second biggest Ethereum booster, with $18.27 billion locked.
It began in August and on February 27th, seven months later, Base’s total locked value hit $1 billion. But it has been growing fast ever since, with its value rising eight times in the last 104 days.
In-term of transactions per second, at a rate of 30.36 per second of all the Ethereum layer 2 networks, Base has shown to be the quickest. According to L2BEAT, Arbirum One had 23.52 transactions per second during the same period, but Base beat it. In the previous days, we observed 64.86 million transactions processed by Base.
The base is reaping remarkable profits
In the past three months, Base has made the most money from on-chin profits. As reported by a Dune Analytics dashboard created by “niftyable,” it set a record by earning $16.9 million in March.
It is still profitable compared to OP Mainnet, even if its on-chain earnings fell by 58.6% to $6.98 million in May. OP Mainnet is the second most lucrative Ethereum layer 2, which turned a profit of $1.57 million in the same month.
Source: Dune Analytics
Meme coin mania provided a big part of these profits in the early months of 2024.
Because of the popularity of Base with meme coin, it got the attention of scammers. From Juanary a network experienced a huge 18-fold increase in money stolen from phishing.
According to analysts at asset manager VanEck, layer 2 scaling networks from Ethereum will reach a value of $1 trillion on the market by 2023.
