Base Network, a project nurtured by Coinbase, shows consistent growth, although the rate has slowed since its initial surge. As of the latest data from L2Beat, Base’s total value locked (TVL) is nearly $735 million, marking a 4% increase in the past week.
According to the data, since its official launch in August 2023, the TVL of Base Network, representing the total dollars within the network, has increased from $592 million at the end of November and exceeded $600 million.
Meanwhile, user engagement on Base has consistently risen, reaching over 2.5 million cumulative users by Nov. 1 and exceeding 3 million by Dec. 22, as per DUNE analytics.
The daily active users demonstrate a growing community, experiencing a substantial increase from launch to over 70,000 users in most of November and December. The daily trading volume of Ethereum on the network has notably surged from 1 ETH to 36,942 ETH in November and nearly doubled to 79,354 ETH by December.
Base Network, using the optimistic rollup framework, serves various decentralized applications. Currently, the network achieves a daily transaction speed (TPS) of 3.45, with over 6.97 million transactions completed in the last 30 days.
Base Network has also faced some significant hurdles during this period. It ranged from scam tokens to a major outage. On September 5, Base experienced its first outage that lasted 43 minutes, almost a month after its launch.
In comparison to its counterparts, Base’s growth is significant. It competes with industry leaders such as Arbitrum One, which has a TVL of $8.70 billion, and OP mainnet, which boasts a TVL of $5.73 billion.
The network’s expansion is steadying, but its total value locked fluctuations could be attributed to its recent launch, a restricted selection of available DeFi protocols, and initial issues with fraudulent tokens and rug pulls.
However, its rapid expansion in users and transactions and daily volume indicate a steady interest and potential for Base.