Nurtured through guidance from Coinbase, Base Network has achieved the milestone of exceeding $735 million in Total Value Locked (TVL), a remarkable achievement. Despite a slight slowdown in growth following the initial surge, the project has seen a 4% increase in TVL over the past week. Data shows that since its official launch in August 2023, Base Network’s TVL has surpassed the $600 million barrier, up significantly from $592 million at the end of November. Base Network, which implements an optimistic rollup framework, provides a variety of decentralized applications and maintains a daily transaction rate (TPS) of 3.45, with over 6.97 million transactions executed in the last 30 days.
According to DUNE analysis, Base Network continued to see increased user engagement, with cumulative users exceeding 2.5 million by November 1 and over 3 million by December 22. The project’s community saw significant expansion, with daily active users exceeding 70,000 for much of November and December, further highlighting its appeal.
Notable surge in daily Ethereum trading volume and activity
The project has seen a notable surge in Ethereum’s daily trading volume, increasing from 1 ETH in November to an impressive 36,942 ETH, and nearly doubling to 79,354 ETH in December. This surge in activity signals growing user interest and engagement within the Base Network ecosystem.
Overcoming challenges and project potential
Although Base Network has faced challenges including instances of fraudulent tokens and a significant 43-minute outage in early September, its steady growth, expanding user base, and increased trading volume demonstrate its resilience and potential within the decentralized finance (DeFi) landscape.