Coinbase Exchange’s Layer 2 scaling solution, Base, has outperformed many of its peers in sustained growth since the beginning of this year. According According to data from DeFiLlama, the base total value locked (TVL) has now jumped to its all-time high (ATH) value of $1.784 billion. Base surpassed the $1 billion mark in early March.
Coinbase Exchange’s Layer 2 scaling solution, Base, has outperformed many of its peers in sustained growth since the beginning of this year. According According to data from DeFiLlama, the base total value locked (TVL) has now jumped to its all-time high (ATH) value of $1.784 billion. Base surpassed the $1 billion mark in early March.
Change in basic optimism
Relative to their relative ages, Base is a relatively newer protocol compared to Optimism. However, the emergence of Base came with a very defined embrace that has helped it maintain the pace of growth figures.
Alex DovbnyaWhile currently boasting a TVL ATH of $1.78 billion, Optimism has only managed to raise $878.62 million. Although Base was designed using the OP Stack, both Layer 2 protocols currently operate at a very different pace of adoption.
On Base, the largest application is Aerodrome with a TVL of over $712 million. However, this protocol is also implemented on Optimism, with a locked value of $147.01 million. The other app that crosses into the top five for both Optimism and Base is Uniswap. Again, Uniswap on Base’s TVL is $314 million, while Optimism’s is $73.97 million.
The OP Stack ecosystem itself is larger than the Base and Optimism duo, with other DeFi, gaming, and media protocols designed using this technology. Popular examples on this front include opBNB, Farcaster, and Zora Network, among others.
While each of these protocols has recorded impressive growth over the past year, Base continues to lead the way, based on current data.
OP Stack and growth obstacles
Despite Base’s growth and market recognition, the protocol still faces significant backlash from critics. Most of the conversation in this regard revolves around the emergence of meme coins with a very short lifespan.
Alex DovbnyaActivities on Base have often forced network congestion which usually leads to a shutdown in the Coinbase ecosystem as a whole. The OP Stack ecosystem is also known to suffer attacks, with the $20 million Sonne Finance exploit being one of the latest in the ecosystem.
