Base Network’s Locked Value Surpasses $4 Billion

Over the past week, the total value locked (TVL) in the Base Layer 2 network increased by 16.5%, reaching $4.14 billion.

According to L2BEAT, the TVL of the second-layer solution includes $1.47 billion in “canonical” assets and $2.67 billion in native funds.

Base ranks third in the top L2 networks by volume, surpassing the Blast protocol ($2.77 billion). Only Arbitrum ($18.72 billion) and Optimism ($7.68 billion) rank higher.

The protocol from Coinbase was the only L2 among the top five to show growth last week. Starknet recorded the largest TVL loss—down 10.2%, Optimism decreased by 9.1%, and Arbitrum lost 5.5%.

The positive trend for Base is linked to a surge in activity: the number of transactions in the network over the past 30 days reached 50.50 million. The project outpaced Arbitrum and Ethereum, which recorded 37.8 million and 40.17 million transactions, respectively.

The average daily transactions per second (TPS) on Base reached 36.05, nearly double that of its closest competitors.

The growth in activity can partly be attributed to the popularity of meme tokens in the network. CoinGecko has highlighted this class of assets in a separate category, whose total capitalization has already exceeded $1.65 billion.

Over the past 24 hours, the meme token index on Base rose by 15%. The largest asset is Brett (BRETT) with a capitalization of $671 million, having increased by 287% over the month.

Back in March, the network faced delays amid a surge in on-chain activity. The trend intensified following the activation of the Dencun update in Ethereum. With the launch of the hard fork, fees in the second-layer solution dropped from $0.7 (as of March 13) to a minimal $0.001.