Base Network, a project fostered by Coinbase, has demonstrated impressive and steady growth in the decentralized finance (DeFi) sector. Recent data from L2Beat reveals that Base Network's Total Value Locked (TVL) has nearly reached $735 million, marking a notable 4% increase over the past week. Since its official launch in August 2023, Base Network's TVL has shown a steady upward trajectory, growing from $592 million at the end of November to over $600 million.
User engagement on Base Network has also seen a consistent rise, reaching over 2.5 million cumulative users by November 1 and surpassing 3 million by December 22. This growth in the user base is mirrored by a significant increase in daily active users, with the count exceeding 70,000 for most of November and December. Moreover, the daily trading volume of Ethereum on the network has surged remarkably, indicating a strong community and growing interest in the platform.
Base Network operates using the optimistic rollup framework and caters to a variety of decentralized applications. It currently boasts a daily transaction speed (TPS) of 3.45, with over 6.97 million transactions completed in the last 30 days. Despite facing challenges such as scam tokens and a major outage in September, Base Network's performance remains robust compared to its counterparts, like Arbitrum One and OP mainnet, which have higher TVLs.
The network’s steady expansion and substantial user and transaction growth signal strong interest and potential for Base Network in the evolving DeFi landscape.
Disclaimer: Please note that the information provided in this article is based on the referenced research articles. It is essential to conduct further research and analysis before making any investment decisions. The cryptocurrency market is highly volatile, and investors should exercise caution and consult with financial professionals before engaging in cryptocurrency trading or investment activities.
