Base Network, a project backed by Coinbase, has been making waves in the decentralized finance (DeFi) space, steadily growing and surpassing a Total Value Locked (TVL) milestone of $735 million. Despite facing challenges, the network’s recent achievements and developments are noteworthy. In this blog post, we will delve into the key metrics and trends that define Base Network’s journey, shedding light on its growth, user engagement, and the challenges it has overcome.
Steady Growth and TVL Surge
Base Network’s journey began in August 2023, and it has exhibited consistent growth since then. According to L2Beat data, the network’s TVL has surged by 4% in the past week, reaching an impressive $735 million. From its November TVL of $592 million, Base has seen a steady increase, underlining its robust performance in the DeFi landscape.
User Engagement and Daily Activity
User engagement is a crucial metric for any blockchain project, and Base Network has been excelling in this aspect. The cumulative users on the platform surpassed 2.5 million by November 1, and by December 22, this number exceeded 3 million, as reported by Dune Analytics. Daily active users have also witnessed significant growth, reaching over 70,000 in November and December combined. Moreover, the daily trading volume of Ether on the network has experienced a remarkable surge from 1 ETH to 79,354 ETH by December.
Optimistic Rollup Framework and Transaction Speed
Base Network utilizes the optimistic rollup framework, enabling various decentralized applications (DApps) to thrive. One of the key performance indicators is the daily transaction speed (TPS), which currently stands at an impressive 3.45. Over the last 30 days, the network has successfully processed over 6.97 million transactions, showcasing its efficiency and scalability.
Challenges and Comparisons
Despite its successes, Base Network has faced challenges, including scam tokens and a major outage lasting 43 minutes on September 5. However, the network’s ability to overcome these hurdles demonstrates resilience. In comparison to industry leaders like Arbitrum One and Optimism mainnet, with TVLs of $8.7 billion and $5.73 billion, respectively, Base’s growth is substantial, marking it as a noteworthy player in the DeFi space.
Conclusion
Base Network‘s journey in the DeFi landscape has been marked by steady growth, user engagement, and overcoming challenges. Its TVL surpassing $735 million, combined with increasing user numbers and transaction volumes, positions it as a promising player in the decentralized finance ecosystem. As Base continues to evolve and address challenges, its potential for sustained growth remains evident, making it a project worth watching in the ever-expanding world of blockchain and decentralized finance.
FAQs
What is Base Network’s Total Value Locked (TVL) and how has it grown recently?
Base Network’s TVL has surpassed $735 million, marking a 4% increase in the past week. The network has shown consistent growth since its launch in August 2023.
How has user engagement on Base Network evolved over time?
Cumulative users on Base surpassed 2.5 million by November 1 and exceeded 3 million by December 22. Daily active users have also seen substantial growth, reaching over 70,000 in November and December combined.
What challenges has Base Network faced, and how has it compared to industry leaders in the DeFi space?
Base Network faced challenges such as scam tokens and a major outage, but its resilience has been evident. In comparison to industry leaders like Arbitrum One and Optimism mainnet, Base’s growth is significant, positioning it as a noteworthy player in the DeFi landscape.
