The Base Network initiative, which Coinbase has supported, is growing steadily, though more slowly now than it was in the beginning.Base’s total value locked (TVL) is currently close to $735 million, up 4% over the previous week according to the most recent L2Beat data.The TVL of Base Network, which represents the total amount of money within the network, climbed from $592 million at the end of November to above $600 million, based on data that shows the network’s official launch in August 2023.According to DUNE data, user interaction on Base has been steadily increasing, with over 2.5 million total users by Nov. 1 and over 3 million by Dec. 22.
The community is expanding, as evidenced by the daily active users, who increased significantly from debut to over 70,000 people for the most of November and December.From 1 ETH to 36,942 ETH in November and nearly double that amount to 79,354 ETH by December, the daily trading volume of Ethereum on the network has increased significantly.Base Network provides support for several decentralized apps by utilizing the optimistic rollup architecture.The network can currently perform approximately 6.97 million transactions in the previous 30 days at a daily transaction speed (TPS) of 3.45.
During this time, Base Network has also encountered several noteworthy obstacles.From scam tokens to a significant outage, it varied.Almost a month after opening, on September 5, Base had its first outage lasting 43 minutes.Base’s growth is noteworthy when compared to its peers.It faces competition from market leaders such OP mainnet, with a TVL of $5.73 billion, and Arbitrum One, with a TVL of $8.70 billion.The network is growing steadily, but its overall value locked swings may be caused by its recent inception, a limited range of DeFi protocols that are available, and early problems with fake tokens and rug pulls.Nonetheless, the site’s quick user growth, transaction volume, and daily volume suggest a con