Base Network’s TVL Reaches $8 Billion Following Overtaking of OP Mainnet
The total value locked (TVL) on the Ethereum layer-2 network Base has topped $8 billion days after surpassing Optimism’s OP Mainnet. According to L2Beat data, its TVL as of June 10 was $8.05 billion, which included $2.14 billion in canonically bridged value assets locked on Ethereum and represented on Base, as well as $5.92 billion in natively created assets.
The Coinbase-supported chain surpassed OP Mainnet as the largest chain within the Superchain ecosystem last week and is now the second-largest Ethereum scaler in TVL, trailing Arbitrum One’s $18.27 billion. Base reached the $1 billion TVL threshold on February 27, roughly seven months after its inception in August 2023.
Base has earned the largest on-chain earnings in the last three months, including a record $16.9 million in March, according to a Dune Analytics dashboard by niftytable. According to researchers at asset manager VanEck, the combined market capitalization of Ethereum layer-2 scaling networks is likely to reach $1 trillion by 2023.