Coinbase’s Base Nears Surpassing Arbitrum as Top Ethereum Layer 2

As a seasoned researcher with years of experience in the cryptocurrency and blockchain industry, I have witnessed countless developments, but the recent surge of Coinbase’s Layer 2 blockchain, Base, is particularly intriguing. Having closely observed the growth trajectory of various DeFi platforms, it’s fascinating to see a relatively new player like Base rapidly closing in on the established leader, Arbitrum.


Notably, Coinbase’s Layer 2 blockchain, Base, is about to outrank Arbitrum as the Ethereum Layer 2 with the highest amount of assets secured (TVL), a key indicator in the world of cryptocurrencies that reflects the total worth of digital assets locked or staked on a specific DeFi platform.

As a researcher, I’ve recently observed that, based on data from IntoTheBlock, Base – a relatively new platform – has been actively narrowing the distance between itself and Arbitrum in terms of usage and adoption. This dynamic development is quite intriguing!

“Base, the L2 blockchain from Coinbase that has been live for just over a year, is close to surpassing Arbitrum as the largest Ethereum L2 by TVL,” IntoTheBlock wrote.

After running for approximately a year, Coinbase’s L2 blockchain, known as Base, is nearly set to eclipse Arbitrum in terms of value locked (TVL), making it the leading Ethereum L2 contender.

— IntoTheBlock (@intotheblock) October 11, 2024

Even though Base is currently in its developmental stages, it stands out distinctively within the Layer 2 sector due to its tactical partnerships with Coinbase, a prominent cryptocurrency trading platform, and Optimism, a top-tier L2 technological framework.

Option: Coinbase leads as the biggest U.S. crypto exchange listed on the stock market, serving as an introduction for users to DeFi. This connection encourages developers to construct applications on Base because they can leverage Coinbase’s current products and user base to tap into a fresh group of individuals who are not yet familiar with DeFi.

Thus, Base has seen a surge in user adoption and transaction volume, contributing to its TVL.

As a crypto investor, I’ve noticed that the Total Value Locked (TVL) on Arbitrum stands at a staggering $2.595 billion. Interestingly, Base isn’t far behind, with its TVL currently at approximately $2.358 billion.

Base news

In September, Coinbase introduced its variant of Wrapped Bitcoin (cbBTC) after hinting at a WBTC alternative in August. The cbBTC digital token became available on both the Ethereum and Base networks, enabling users to utilize Bitcoin within their respective decentralized finance environments.

Meanwhile, here’s an update: Paymaster has introduced a new feature that enables users to make gas payments using their preferred ERC-20 tokens on the Base platform. This innovation boosts the token’s practicality, encourages user interaction within the app, and offers the convenience of paying for gas using USDC or custom tokens instead of Ethereum.

Additionally, it’s important to be aware of a recent scam circulating among the Base community. Crooks are tricking individuals into downloading video conferencing software that contains malware, potentially jeopardizing their devices and financial accounts. It’s strongly advised to exercise caution and opt for well-known platforms like Meet, Zoom, or Teams instead.

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2024-10-12 15:36