The crypto market has been experiencing a resurgence of bullish excitement in September, and Base is one of the networks that has been thriving in this favorable environment. The network has been establishing itself as a rapidly growing Ethereum layer 2, and its recent performance reflects the potential benefits it stands to gain as the market heats up. Let’s take a closer look at how Base has been performing in key areas recently.
### BASE Network Activity Surge
Base has been witnessing a steady increase in transactions over the past few months, particularly since March 2024. Prior to mid-March, the network’s transactions averaged less than 500,000 per day. However, there has been a significant uptick since then, with transactions surpassing 5 million per day recently.
The growth in Base transactions has been consistent even during bearish market conditions, but the recent bullish activity has further fueled network activity. The volume and stablecoin data have shown a strong correlation, with both experiencing exponential growth between March and April. While stablecoins saw a leveling out between May and August, their growth accelerated in September.
### Robust TVL Growth Reflects User Confidence
One key metric that highlights a surge in user confidence is Base’s Total Value Locked (TVL), which recently reached an all-time high of $2.19 billion. This marks a significant increase from the $337 million TVL recorded a year ago, representing a growth of over 548%. This surge in TVL indicates healthy liquidity and investor interest in the network.
In just the past three weeks, Base has added $780 million to its TVL, coinciding with the market shift in favor of the bulls. This suggests that Base is well-positioned for further growth in the coming months, especially if the market continues to trend upwards.
In conclusion, Base’s performance stats confirm a healthy improvement in confidence and network utility, signaling positive momentum for the network in the midst of the current market excitement. As the crypto market continues to evolve, Base appears poised to capitalize on the bullish sentiment and further solidify its position as a leading Ethereum layer 2 network.
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