Crypto exchange Coinbase has announced that its Ethereum layer-2 network, Base, has reached a TVL of $4 billion for the first time, recording a surplus of 13.2% over the previous week.
TVL of $4.15 billion
L2BEAT's analysis revealed that Base's TVL reached $4.15 billion, including $1.45 billion in canonically-locked value (assets locked on Ethereum to be represented on Base) and $2.7 billion in natively-created value.
Monthly transactions higher than Ethereum and Arbitrum
Base transactions over the last 30 days beat Ethereum and Arbitrum, with a total of 50.34 million transactions, compared with 40.1 million for Arbitrum and 37.9 million for Ethereum. This shows that transactions on Coinbase Base continue to grow significantly, even surpassing Ethereum and Arbitrum's figures over the last month.
Base popularity, scamming and Ethereum development
Base's popularity has also attracted scammers, with an 18-fold increase in successful scams between January and March, which generated $3.35 million in losses in March. Ethereum has also focused on improving its ability to process layer-2 transaction data, as evidenced by its March 13 Dencun update, which reduced layer-2 transaction fees.
Conclusion – Coinbase Base reaches 4 billion TVL
Coinbase Base reached a TVL of $4 billion and recorded higher monthly transactions than Ethereum and Arbitrum. Base's popularity also attracted scammers, but Ethereum continued to focus on improving its layer-2 transaction data processing.
