Coinspeaker
Coinbase’s Base Protocol Surpasses $4B in TVL

Coinbase’s Base protocol has achieved a significant milestone by surpassing $4 billion in total value locked (TVL) and outperforming Ethereum and Arbitrum in monthly transactions. The layer-2 scaling solution, built on the Ethereum ecosystem, reached this milestone for the first time since its inception in August 2023.

The network, backed by Coinbase, a leading global crypto exchange based in the United States, has shown impressive growth in recent weeks. On March 21, 2024, it recorded a TVL of $770.65 million and a 24-hour trading volume of $356 million.

Activities on the protocol continued to spike, and as of April 7, 2024, it surged by 13.2% over the last seven days, propelling it past the $4 billion mark in TVL, according to data from L2BEAT.

The breakdown of Base’s TVL includes $1.45 billion of canonically bridged value, which represents digital assets locked on Ethereum and transferred to the Base network. Additionally, the network boasts $2.7 billion in assets natively minted on the chain.

With this impressive milestone achievement, Base has become the third ...