The Base network has solidified its position as the leading Ethereum layer 2 solution, achieving a new all-time high in Total Value Locked (TVL). With a TVL peak of $3.55 billion on November 25th, Base has extended its lead over competitors like Arbitrum One. This growth is a testament to the network’s thriving ecosystem and increasing utility.
In addition to its TVL milestone, Base has also seen a surge in daily transactions, reaching a new all-time high of 9.32 million transactions on November 26th. This surge in transaction volume was accompanied by robust on-chain volumes, with a peak of $1.85 billion in the last 24 hours. These impressive figures demonstrate the network’s sustained on-chain activity and growing user engagement.
While daily transaction and on-chain volumes have been thriving, Base’s daily revenue has recently hit a new 5-month high of $610,940. Although this is a significant milestone, it falls short of the network’s historic revenue highs earlier in the year. One possible explanation for this difference is the fluctuating price of ETH, which was trading at much higher levels during the network’s previous revenue peaks.
Despite these fluctuations, Base continues to demonstrate its resilience and growth in November 2024. The network has achieved its goal of becoming the top Ethereum layer 2 solution, but the future remains uncertain. New competition could pose challenges in the future, but based on its recent performance, Base is well-positioned to maintain its lead in the evolving crypto landscape.
In conclusion, Base’s recent milestones in TVL, daily transactions, and revenue highlight its growing prominence in the Ethereum ecosystem. As the network continues to attract users and expand its utility, it remains a key player in the ever-evolving world of decentralized finance.