Base, a Layer 2 Ethereum network incubated by Coinbase, has seen its total value locked cross the $2 billion mark for the first time, positioning it as the second-largest optimistic rollup by deposits after Arbitrum.

According to DeFiLlama data, Base’s TVL stands at $2.08 billion, up from about $430 million at the start of the year, marking a 370% growth year-to-date

Base is an optimistic rollup that processes transactions off the main Ethereum blockchain and only periodically posts transaction data on-chain. This method significantly lessens the burden on the Ethereum blockchain, thereby increasing its throughput. Its mainnet launch occurred in August 2023. 

Decentralized exchange Aerodrome has been the biggest contributor to Base’s increase in TVL over the past year, with over $1 billion in deposits at the time of writing, followed by Uniswap which holds $220 million.

While Arbitrum leads in TVL, user activity on Base, including active addresses and daily transactions, remains at the top among all optimistic rollups, according to The Block's data dashboard.

Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.

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