Base experiences surge in TVL and other key metrics…Decoding details
- Base TVL surged by over 80% in the last 24 hours
- Active addresses also surged to the highest level since inception.
Since its launch in July, Base has consistently experienced a respectable level of user engagement. Nevertheless, it recently encountered a significant increase in active users and Total Value Locked (TVL). How does this newfound growth compare to other Layer 2 solutions?
Base user activity spikes
Based on information from Dune Analytics, Base, a Layer 2 solution, recently experienced a notable upsurge in its daily active user count. Specifically, on 10 August, the number of active users exceeded 136,000—an all-time peak since its inception.
As noted by WuBlockchain, this sudden rise in the metric could be attributed to the widespread popularity of a social network constructed upon the Base platform.
On August 10, the number of daily active users of the L2 network Base launched by Coinbase exceeded 100,000 for the first time, reaching 136,000, including nearly 42,000 new users. It may be related to the popularity of friend tech, a social network built on the Base network.…
— Wu Blockchain (@WuBlockchain) August 11, 2023
As of this writing, the number of active addresses on the network surpassed 75,000.
Base bridged value, daily volume, and transactions see uptrends
Before the surge in active user numbers, Base had consistently witnessed a steady rise in the value being bridged across its platform. According to data from Dune Analytics, the aggregated value bridged reached approximately $180 million as of this writing.
Additionally, the volume of daily transactions saw a sharp escalation, reaching its second-highest point since inception. On 10 August, it had about 580,000 transactions and was around 300,000 as of this writing.
Furthermore, the platform has consistently attracted numerous new users daily. On 10 August, the count was roughly 42,000, with over 27,000 new users observed as of this writing. As these metrics continue their upward trend, they’ve also positively impacted the platform’s TVL.
How its TVL stacks with other L2s
As reported by L2 Beats, Base’s TVL experienced a remarkable surge of more than 80% within the last 24 hours. As of this writing, the TVL was approximately $171 million. The TVL constituted about 1.63% of the overall TVL across Layer 2 solutions.
Notably, this placed Base as the holder of the fifth-largest TVL position within this context. Arbitrum still held over 50% of the L2 market share with around $6 billion in TVL.