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- Base reinforced its lead as the top Ethereum layer 2 with new TVL ATH.
- Daily transaction count soars to new highs as utility continues to fuel growth.
The Base network’s relentless push to become the top Ethereum [ETH] layer 2 this year has paid off.
Despite this win, it continues to achieve new milestones to secure its leading position, and perhaps even extend its dominance. Here’s a look at the Base network’s latest milestones.
Base is currently the top Ethereum layer 2 by Total Value Locked (TVL). It recently extended this lead by pushing into a new high.
The network’s TVL peaked at $3.55 billion on the 25th of November, adding over $1 billion just this month alone.
Source: DeFiLlama
For context, Base had a $1.3 billion TVL lead against Arbitrum [ARB] One at press time, its next closest competitor, according to CoinGecko.
The state of the Base network
The Base TVL’s surge is a reflection of its budding ecosystem. The level of network utility has also been on the rise and recently soared to the highest levels in its history, almost clocking the 10 million transactions mark.
The network’s transaction peaked at 9.32 million transactions on the 26th of November, marking a new ATH.
Source: DeFiLlama
The surge in transaction was also accompanied by robust volumes. On-chain volume on Base peaked at $1.85 billion in the last 24 hours.
This was confirmation that the network was still experiencing robust on-chain activity.
The network’s highest single day on-chain volume was on the 13th of November, when it soared to $2.16 billion.
These are impressive figures considering that the layer 2 network’s daily volume averaged less than $100 million in the first two months of 2024.
Despite this impressive performance, there is one metric that has been lagging compared to its performance earlier in the year. Base daily revenue has been growing, and it just soared to a new 5-month high of $610,940.
Source: DeFiLlama
The network’s latest revenue figures were nothing close to its historic highs for 2024. To put things into perspective, Base registered its highest revenue daily revenue of this year at $3.34 million on the 26th of March.
There is one potential explanation for the revenue peak difference. ETH traded significantly higher back then, with price briefly soaring above $4,000 in March 2024.
Can Base maintain its lead? Well, judging by its recent performance, it is clear that the network has been experiencing its highest level of usage/adoption in November 2024.
It has achieved its goal of jumping to the top, but the future is unwritten, and new competition may pose a challenge in the future.
