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Base leads other L2 platforms in profits, but there’s a caveat

New L2 sensation Base surges in profitability, but can it vault past rivals in these other key metrics? 

Published

1 year ago

on

  • Base recorded over $2 million profits in August.
  • Base’s TVL continued to surge, but it was yet to dominate.

A recent post by Kofi highlighted that L2 platform Base stood out as the most profitable platform among other L2s in August. A deeper dive into transaction fees earned using Dune Analytics revealed that Base outperformed competitors such as Arbitrum [ARB], OP Mainnet, and zkSync Era.

According to the Dune Analytics chart, it secured a remarkable profit exceeding $2.7 million. zkSync Era claimed the second-highest profit with roughly $2.3 million, followed by Arbitrum at around $1.1 million, and OP Mainnet with approximately $972,000.

Analyzing Base’s volume and TVL

Based on data from DefiLlama, Base

has exhibited a relatively steady volume and revenue trend over the past 30 days. However, during most of August, the volume remained below $100 million, except for two instances when it briefly exceeded this threshold before decreasing again.

As of this writing, the volume was approximately $14 million.

Regarding revenue, it followed a generally positive trajectory but experienced a decline towards the end of August. At press time, the revenue was around $75,000.

Source: DefiLlama

In contrast, the Total Value Locked (TVL) demonstrated significant growth and an upward trend. As of this writing, the TVL was approximately $198 million. This level was substantially increased from the approximately $14 million TVL observed at the beginning of August.

Good start, but a long way to go

Despite its positive trend in TVL and profitability relative to other L2 solutions, Base still had ground to cover regarding market share. According to L2 Beat, Arbitrum, OP Mainnet, and zkSync Era remained the dominant players.

As of this writing, Arbitrum and OP Mainnet commanded approximately 55% and 25% of the L2 market share, respectively. zkSync Era held nearly 4%, while Base accounted for around 3.7% of the market share.

It remains to be seen whether Base will catapult past its competitors in the months to come.

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