Coinbase’s Base Network Thrives with $734 Million TVL. Coinbase’s incubated venture, Base Network, is still exhibiting constant success even though the growth rate is slowing down following the first rush of launch activity. At the time of publication, the information provided by L2Beat indicated that Base’s Total Value Locked (TVL) was close to $734 million, representing a 4.63% increase from the previous week’s total.
Base Network’s TVL, which is a measurement that represents the total amounts stored within the network, has increased since its official debut in August 2023, according to the amount of $592 million that was recorded at the end of November.
Based on the Optimistic Rollup architecture, the base network can support a wide variety of decentralized applications. The network’s daily transaction speed (TPS) has increased by 74.39%, reaching 4.04, as a result of the completion of more than 6.97 million transactions over the past 30 days.
Currently, the total value of assets that Base Bridges offers to facilitate the transfer of investments across different networks or blockchains has already surpassed $600 million. The number of people actively engaged on Base has been steadily growing, as indicated by Dune Analytics, which reports that there were 2.5 million overall users on Base as of November 1 and nearly 3 million users by December 22.
The daily trading volume of Ethereum on the network has experienced significant growth, going from a low of 1 ETH to 36,942 ETH in November and almost doubling to 79,354 ETH in the following month. This growth has occurred throughout the year.
There were also scam tokens and a significant outage among them. On September 5, the Base encountered its first outage, which lasted for forty-three minutes and took place around one month after the service’s launch.