A success for Coinbase: Base’s total locked value (TVL) has exploded upwards since the end of March. It now exceeds $4.17 billion. Here’s a look back at a very rapid progression
Basic TVL explodes in recent weeks
Layer 2 of Coinbase was launched a little over a year ago, and its growth had already been noted in recent months. Since the end of March, however, we’ve seen a real explosion: the second-layer solution has just exceeded $4 billion in total locked value, all assets combined.
A little over 10 days ago, layer 2 was worth “only” $3 billion, and $1.2 billion a month ago. In the space of 30 days, Base has therefore amassed almost $3 billion :
Coinbase’s spectacular year-to-date TVL growth
This is all the more notable given that the cryptocurrency market has been in a consolidation phase for around 2 weeks. This progression is therefore separate from the price trend. This shows the fundamental appeal of Coinbase’s layer 2.
Base becomes the 3rd most important layer 2 of the moment
Base is now comfortably installed as the 3rd most important layer 2 in terms of TVL, behind Arbitrum and Optimism, with $19.3 billion and $7.9 billion respectively. Arbitrum and Optimism are currently stagnating, while Base TVL is up 22% on the week.
Coinbase’s Layer 2 has thus become a heavyweight in the sector. For Coinbase, the stakes are twofold: to occupy space in a sector that has become indispensable to the smooth running of the ecosystem… But also to “blockchainize” the operation of the exchange platform, as Max Branzburg, Coinbase’s vice-president, recently confirmed:
“This allows us to manage and secure funds [particularly USDC, Editor’s note] with reduced fees and shorter settlement times, without impacting the user experience on Coinbase. “
It is therefore likely that other exchange platforms will follow Coinbase’s example in the future.
