Coinbase’s Base Network Thrives with $734 Million TVL

• Base’s TVL was close to $734 million, up 4.63% from the previous week.
• Major challenges have also been encountered by Base Network throughout this time.

Although the rate of growth has slowed after the initial launch rush, Coinbase’s incubated initiative Base Network is still showing consistent progress. At the time of publishing, L2Beat statistics showed that Base’s Total Value Locked (TVL) was close to $734 million, up 4.63% from the previous week.

From $592 million reported at the end of November, Base Network’s TVL—a measure representing the total amounts held inside the network—has grown since its formal debut in August 2023.

Significant Growth

A variety of decentralized applications may be accommodated by Base Network, which runs on the Optimistic Rollup architecture. With more than 6.97 million transactions completed in the last 30 days, the network’s daily transaction speed (TPS) is now 4.04, up 74.39%.

The aggregate worth of assets bridged by Base, which it provides for the purpose of transferring them across other networks or blockchains, has already topped $600 million. With 2.5 million total users by November 1 and nearly 3 million by December 22, user engagement on Base has also been gradually increasing, according to Dune analytics.

With a meteoric rise from inception to over 70,000 members throughout most of November and December, the number of daily active users reflects a rapidly expanding community. From a low of 1 ETH to 36,942 ETH in November, and almost doubling to 79,354 ETH in the following month, the daily trading volume of Ethereum on the network has seen a notable growth.

Major challenges have also been encountered by Base Network throughout this time. Scam tokens and a big outage were among them. The first outage that Base encountered, which lasted 43 minutes and occurred roughly one month after debut, was on September 5.

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