In a Crypto Market Shaken by Geopolitical Turmoil and Regulatory Volatility, Some Protocols Continue to Chart Their Path Confidently

In a crypto market shaken by geopolitical turmoil and regulatory volatility, some protocols continue to chart their path confidently

In a crypto market battered by geopolitical unrest and regulatory turbulence, some protocols continue to navigate the shifting landscape with quiet confidence. Enter Base, the layer two solution launched by Coinbase, which week after week is proving to be the most dynamic Ethereum L2 network in terms of volume, TVL, fees generated, and stablecoin growth.

At a time when the competition between Optimism and Arbitrum is heating up, Base is playing a different tune—one of consistent build and a quiet rise to power.

Since the late 2024 rally, Base has consolidated its leading position among the L2 networks of the Ethereum ecosystem. Even after months of less favorable market conditions, the protocol remains number one on key metrics.

According to Coingecko data, Base recorded $755 million in volume over 24 hours, which is $108 million more than Arbitrum, its closest competitor. In terms of TVL, the gap is even more significant: $2.71 billion of total value locked for Base compared to about $2.1 billion for Arbitrum One.

However, while the TVL in dollar value has been decreasing since December, the amount of ETH locked is increasing, reaching 1.9 million ETH.

In terms of revenue, the trend is equally remarkable. Between April 6 and 7, according to Dune Analytics, Base generated $570 million in transaction fees, outperforming Arbitrum ($500 million) and other competitors by a large margin.

« Base and Arbitrum saw a surge in revenue last weekend, » notes Dune.

Base has hit $570 million in fees, the highest figure in the segment.

The analysis also highlights the strong presence of Base in DEX activity, with a 60% market share, confirming its driving role in Ethereum DeFi. Certainly, we observe a cooling of DEX volume since January, reaching a low around March 22. But since then, trading has resumed an upward trajectory, returning to the levels of November-December, a period of intense activity in the crypto markets.

The strength of Base cannot be measured solely by volume or TVL. The network’s utility indicators tell another story, equally crucial.

The number of daily transactions, after peaking at 13 million in early January, has stabilized around 7 million in early April. A decline, to be sure, but a level still significantly higher than before November 2024, demonstrating that the network has acquired a user base.

In terms of stablecoins, the trend is equally clear. In April 2023, the stablecoin capitalization on Base was $1.79 billion. A year later, it stands at $4.25 billion, an increase of 137%. This level of stable liquidity is a powerful indicator of confidence in the Base infrastructure for hosting fast and secure exchanges.

« The growth of liquidity showcases a network’s efficiency in circulating value, » the Dune analysts add.

Finally, the increasing adoption of Base by developers is a key factor in its dominance. Each week, new protocols are joining the network, drawn by the low fees and superior execution speed—attributes that, in a context of congestion on Ethereum and rising costs on other L2s, make Base an increasingly attractive alternative.

The upshot? Base does not rely on the hype of announcements or short-term speculation. Its strategy is founded on strength, organic growth, and alignment with the real needs of users. In a market where positions shift rapidly, Base emerges as the discreet yet essential rock of Ethereum Layer 2 solutions.