- Crypto liquidity on the L2 surged by more than 25% over the past week to $553 million.
- The primary factor fueling Base’s TVL growth was the re-minting of native USDC stablecoin.
The crowded Ethereum [ETH] layer-2 landscape continued to witness healthy rivalry between the several networks that have sprung across in recent memory. Blockchains vying for the numero uno spot in Ethereum scaling sent out encouraging signals about the ecosystem’s long-term prospects.
Base beats zkSync Era
According to L2 Beat, Base network once again eclipsed the senior member of the family zkSync Era in total value locked (TVL), after falling behind the zk-rollup in the last week of September.
Source: L2Beat
Data showed crypto liquidity on the L2 surged by more than 25% over the past week to $553 million. In comparison, the TVL on zkSync Era plunged 14.6% to $408 million.
According to popular crypto journalist Colin Wu, the primary factor fueling Base’s TVL growth was the re-minting of native USD Coin [USDC] stablecoin. The re-minting process picked up pace from 4 October on which the total number of USDC more than tripled.
At the time of writing, native USDC supply on Base was worth $159 million, representing a 472% increase in the last seven days. Recall that USDC was launched on Base last month as part of a strategic move by the issuing company Circle to expand the scope of the second-largest stablecoin. Before the launch, Base utilized a bridged version of USDC.
Base’s network throughput drops
While Base evidently trumped zkSync Era in on-chain liquidity, the optimistic rollup was left behind in terms of transaction throughput. From an average count of 16.63 a week ago, the transaction per second (TPS) on the network fell to 5.87 in the last 24 hours.
On the contrary, zkSync Era recorded a noticeable increase in TPS over the last week.
Source: L2Beat
Having said that, Base Network continued to put up a decent show in terms of on-chain activity, ranking third in terms of transactions. According to Artemis, the recently launched blockchain trumped major optimistic rollups like Optimism [OP] and Arbitrum [ARB] in transaction activity.
Source: Artemis
Base, launched by crypto behemoth Coinbase, has proved to be a revelation since it burst onto the scene. On occasions, it outperformed even the base layer Ethereum in daily transactions.
