- There was an over 28% increase in Base TVL.
- This brought the number to a whopping $558 million.
Since the launch of the Base Network, it is reaching new milestones to take the network to a new level. So, one of them is the TVL. Recently, there was a massive increase in Coinbase’s Base TVL, helping it surpass many large ecosystems like the zkSync Era.
Coinbase’s Base Increases to New Level After Breaking into $558 Million
- Despite being one of the latest layer 2 protocols, Coinbase’s Base is trying too hard to make a massive impact in the crypto industry. So, it continues to strive to reach certain heights that many other major networks have yet to reach. One of the latest achievements of this layer 2 protocol is breaking into the $558 million TVL range. So, this is according to data from layer 2 on-chain monitoring platform L2Beat.
- From their data, they said there was a massive surge of more than 28% to help Coinbase’s Base enter tie level. So, one of the things to note here is that this surge made Base surpass Matter Labs’ zero-knowledge (zk) rollup tech-powered scaling solution, zkSync Era. This is the second time this is happening.
The Current Situation at Base Network
- At the time of writing, there is a change in a lot of things with regard to the increase in Coinbase’s Base. So, data from L2Beat shows that the TVL of the Base Network is currently at $548 million. Nevertheless, this is not stopping this layer 2 blockchains from having an increase. So, there’s currently an increase of more than 18% at press time.
- Another thing to note is that there’s an increase in the value of native minted tokens on this platform. The amount of native minted tokens on this platform has an increase by more than 148%. So, this brings the value to a total of $158 million.
How Did Base Reach This Level Despite Challenges?
- The massive increase in Coinbase’s Base isn’t a fairytale story. There were some challenges on the way, threatening the growth of this network. So, one of them was when USDC issuing company Circle announced it would launch the stablecoin on Base and Optimism. The reason for this was to improve the utility of these stablecoins and remove dependency on Ethereum tokens. So, before this time, Base was using USD Base Coin (USDbC), a bridged version of USDC.
- The announcement meant Base was to burn some of their USD Base Coin. So, due to the burn, there was a massive reduction from 160 million USDbC to roughly 30 million within a day. This has a heavy impact on Base TVL, reducing it to less than $437 million within a week.
- In conclusion, the recent increase of Coinbase’s Base TVL shows how resilient it is to reach some of its goals. So, despite some of the challenges, it is still surpassing some of the TVL expectations.
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The information provided in this article is for informational purposes only and should not be considered financial advice. The article does not offer sufficient information to make investment decisions, nor does it constitute an offer, recommendation, or solicitation to buy or sell any financial instrument. The content is opinion of the author and does not reflect any view or suggestion or any kind of advise from cryptonewsbytes.com. The author declares he does not hold any of the above mentioned tokens or received any incentive from the company.
