Base Blockchain From Coinbase Overtook Cardano and Arbitrum to Become the Biggest L2 Platform in the Industry

Base, the layer-2 network launched by Coinbase in 2023, is firing on all cylinders as its ecosystem growth gains steam. It has overtaken other

Launched by Coinbase in 2023, Base is a layer-2 network that has quickly become a major force in the cryptocurrency industry. It has overtaken other popular L2 networks like Polygon, Arbitrum, and Optimism to become the biggest platform in the industry. Base has also overtaken most layer-1 networks like Cardano, Avalanche, Tezos, Cronos, and Near Protocol.

For instance, Base has a total locked value of over $3.6 billion and a stablecoin market value of $3.6 billion. In comparison, Arbitrum, which was established in 2021, has a TVL of $3 billion and a stablecoin market value of $6 billion.

The most direct competitor to Base is Cardano, which has a market cap of over $30 billion today. Base has 416 DeFi dApps, while Cardano has just 40 dApps and a TVL of $460 million.

The same performance is seen in the Decentralized Exchange (DEX) industry, where Base has become a major player. Data shows that it has handled over $180 billion in cryptocurrency volume since its inception.

Several decentralized applications (dApps) are driving Base Blockchain's growth. Aerodrome has become one of the biggest DEX networks in the crypto industry, handling over $107 billion in transactions cumulatively and $31 billion in the last 30 days.

Uniswap, PancakeSwap, Swaap, and Sushi also operate on the Base blockchain. They have handled over $4 billion in volume since expanding to the network in 2024.

Base Blockchain is also seeing strong growth in other areas of the DeFi industry. For example, Morpho Blue has attracted a TVL of over $367 million in its network, a figure that is continuing to increase rapidly.

Moonwell, another lending protocol that moved to Base from Polkadot, has also seen strong growth, with its TVL surging to over $158 million. The other top protocols in the Base Blockchain network include Extra Finance, Overnight Finance, and Beefy.

These numbers indicate that the Base Blockchain would attract a substantially high valuation if it were to have an airdrop. A Polymarket poll puts the odds of an airdrop in the first quarter at just 10%.

The best way to estimate the potential market cap of Base is to compare it with other layer-2 networks. Arbitrum, which is smaller than Base, has a market cap of $3.13 billion and a fully diluted valuation of $7.4 billion. Optimism has a market cap of $2.47 billion and an FDV of over $7.8 billion.

Therefore, there is a possibility that Base could receive an FDV of at least $10 billion if it were to launch an airdrop. This would be a significant gain for Coinbase, which has a market cap of over $62 billion.