Leading the Layer 2 Race: Key Milestones Reached by Base

Key Points

• Base has solidified its position as the leading Ethereum layer 2 by reaching new Total Value Locked (TVL) all-time high.
• The network’s daily transaction count has also hit record numbers, underlining its growing utility.

Base network has successfully established itself as the top Ethereum layer 2 this year.

The network continues to reach new milestones to strengthen its leading position.

Base’s Recent Milestones

Base is currently the leading Ethereum layer 2 by TVL and has further extended this lead by reaching a new high.

The network’s TVL peaked at $3.55 billion on November 25th, with an increase of over $1 billion in this month alone.

At the time of reporting, Base had a $1.3 billion TVL lead against its closest competitor, Arbitrum One.

State of the Base Network

The surge in Base’s TVL is a testament to its growing ecosystem. The network’s utility has also been increasing and recently reached its highest level, nearing the 10 million transactions mark.

The network’s transactions peaked at 9.32 million on November 26th, setting a new record.

The increase in transactions was accompanied by strong volumes. On-chain volume on Base reached $1.85 billion in the last 24 hours, indicating sustained on-chain activity.

The network’s highest single-day on-chain volume was on November 13th, hitting $2.16 billion.

These figures are remarkable given that the layer 2 network’s daily volume averaged less than $100 million in the first two months of 2024.

One metric that has been lagging is Base’s daily revenue, despite growing to a new 5-month high of $610,940.

The network’s latest revenue figures are far from its 2024 highs. For context, Base recorded its highest daily revenue of $3.34 million on March 26th.

The revenue peak difference could be attributed to the higher trading price of ETH in March 2024, when it briefly exceeded $4,000.

Can Base maintain its lead? Recent performance suggests that the network has seen its highest level of usage/adoption in November 2024.

It has achieved its goal of becoming the top layer 2, but the future is uncertain and new competitors may pose challenges.