Base Network, a project incubated by Coinbase, has shown consistent growth, albeit at a moderated pace following its initial surge. According to the latest data from L2Beat, the platform currently boasts nearly $735 million in total value locked (TVL), marking a 4% increase from the previous week.
Since its official launch in August 2023, Base Network's TVL—representing the total US dollars within the network—has steadily risen from US$592 million at the end of November to surpassing US$600 million.
Additionally, user engagement on Base has been on an upward trajectory, as highlighted by DUNE analysis. The cumulative number of users surpassed 2.5 million by November 1 and grew to over 3 million by December 22. Notably, daily active users have shown considerable growth, consistently exceeding 70,000 since the launch and sustaining an upward trend throughout November and December. Daily transaction volume on the Ethereum network surged from 1 ETH in November to 36,942 ETH, almost doubling to 79,354 ETH in December.
Base Network operates on the Optimistic Rollup framework, supporting various decentralized applications. Presently, the network demonstrates a daily transaction speed (TPS) of 3.45, with over 6.97 million transactions completed in the last 30 days. However, Base Network has encountered substantial challenges during its growth phase, including instances of fraudulent coins and significant outages. Its initial outage, lasting 43 minutes, occurred on September 5, almost a month post its launch.
Despite facing hurdles, Base's growth stands out in comparison to its counterparts. It competes with established industry leaders such as Arbitrum One, boasting a TVL of $8.7 billion, and OP mainnet with a TVL of $5.73 billion.
The platform's expansion appears to be stabilizing, although its TVL's volatility could be attributed to its recent inception, the limited array of available DeFi protocols, and initial issues related to fraudulent tokens and setbacks. However, the consistent increase in users, transaction volume, and daily trading volume on Base Network underscores sustained interest and potential within the platform.
