Coinbase-Incubated Ethereum Layer 2 Base Leapfrogs Arbitrum to Clinch Top Spot by TVL

Base has enjoyed a rapid rise since bursting into the scene in August 2023 and shows no signs of slowing down. Amid this meteoric run, the network has now clinched the top spot among Layer 2 chains by TVL.

Coinbase-incubated Ethereum Layer 2 Base has enjoyed a rapid rise since bursting into the scene in August 2023 and shows no signs of slowing down.

After leading other Ethereum Layer 2 chains in transaction count and active users over the past few months, Base has now completed its sweep of Ethereum Layer 2 space by leaping Arbitrum in TVL.

According to Defi Llama data at the time of writing, Base is now the largest Ethereum Layer 2 chain and the fifth largest chain overall by TVL, with $2.49 billion. In comparison, Arbitrum has now been relegated to second place among Ethereum Layer 2 chains and sixth overall with a TVL of $2.41 billion.

. @base is now the largest Ethereum L2 by TVL pic.twitter.com/LrmankSqiD

Several factors have led to Base’s meteoric run. For one, Base’s ties to Coinbase have earned it the tag of being the home of retail, with the exchange serving as an onramp to the network. This, combined with high-yield opportunities on DeFi protocols like Aerodome, has led to an influx of crypto investors seeking new opportunities.

Base’s growth has been further bolstered in the past month by Coinbase’s launch of its wrapped Bitcoin product, cbBTC, which is currently only supported on Base and Ethereum. Within one month, the token has gained a market cap of nearly $400 million, the bulk of which is domiciled Base.

Despite the network’s recent feat, developers are still exploring ways to bolster its reach.

Base Announces Regional Buildathons

On September 23, Base unveiled “Base Around the World,” a series of regional “buildathons” to connect with builders worldwide. The events kicked off on September 27 and will run until October 13.

Beyond the buildathons, Base lead developer Jesse Pollak is set to hold in-person meet-ups with developers across the globe, beginning with Nairobi, Kenya, on November 4.

On the Flipside

Why This Matters

Base’s feats turn the heat up in the highly competitive Ethereum Layer 2 space, putting other projects on notice.

Read this for more on Coinbase’s Base:

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