Base Layer 2 Network Exceeds $10 Billion TVL, Reaches 106.26 TPS

Amid increased activity in the crypto market, the Base network also experienced renewed momentum.

L2Beat data revealed Base’s Total Value Blocked (TVL) rose more than 5% in the past week, surpassing $10 billion for the first time, with Aerodome Finance leading the charge reflecting dominance of coin trading meme. Since briefly dipping below $6 billion in September, the network’s TVL has grown more than 67% year-to-date.

The latest milestone has catapulted Base to become the second Ethereum Layer 2 network with over $10 billion TVL, after Arbitrum. Also, on November 24, Base achieved a record transaction speed, reaching 106.26 transactions per second (TPS).

Meanwhile, the total number of on-chain transactions on Base passed the 9 million mark this week. Layer 2 has also seen growth in terms of weekly active addresses, with figures approaching 6.6 million indicating growing user engagement and growing adoption.

During these times of increased activity, blockchain networks often witness the growth of stablecoin market caps as well. On October 26th, Base briefly became the leading blockchain for stablecoin volume with over 30% share, surpassing established giants like Solana, Ethereum, and Tron. However, a month later, the network saw a reversal, and the supply of stablecoins within its ecosystem showed a noticeable decline.

As of November 23, data from Artemis Terminal places Base as the third largest blockchain by stablecoin volume, behind Solana and Ethereum. Interestingly, this trend seems to have emerged after the election. Anagram partner David Alexander II noted that Arbitrum saw 19% growth in total stablecoins on its network, while Base and Optimism saw declines of 6.6% and 1%, respectively. respectively, since November 5.

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