Coinbase’s Ethereum layer 2 protocol, Base, has seen its total value locked (TVL) rise again, reaching $558 million this time.
according to Data From Ethereum’s Layer 2 analytics platform L2Beat, Base’s TVL has risen more than 25% in the past seven days, surpassing Matter Labs’ zero-knowledge (zk)-based accumulative scaling solution, zkSync Era, for the second time.
Base’s TVL is $558 million
Since launching Base two months ago, the network has seen tremendous growth and development, achieving many milestones. The current rise in TVL is attributed to the re-minting of local USDC coins on the network, which brought the chain’s stock to 159 million USDC.
Last month, USDC issuer Circle announced that it would launch the stablecoin on Base and Optimism to improve its utility and eliminate the need for Ethereum tokens. At the time, Base used the USD base coin (USDbC), a shortened version of USDC that served as a stablecoin solution for developers on the network. The bridge contract allowed users to transfer USDC from Ethereum to Base.
Following Circle’s announcement, the company burned USDbC on the core network in preparation for the launch of native USDC. The burn reduced $160 million USDbC to nearly $30 million within one day and significantly impacted Base’s TVL as it fell more than 18% to $437 million within seven days.
In contrast, the TVL for zkSync Era rose 15% and surpassed Base, which fell to fourth place on the optimistic accumulations list. Of the top five, Base was the only project in red.
With the re-minting of the original USDC coin on the base, the network’s TVL value has risen once again, surpassing the zkSync Era, which currently stands at $435 million.
Ethereum’s L2 networks are on fire
The base has been burning since August despite the current bear season. Last month, the network and zkSync Era surpassed Ethereum’s transaction rate per second (TPS) of 10.18.
CryptoPotato It reported that within a given week, Base recorded a 49% increase and achieved a TPS of 12.93, while zkSync Era followed closely behind with a TPS of 12.62. The former also reached 1.8 million daily transactions during the same period.
Free Binance $100 (Exclusive): Use this link to sign up and get free $100 and 10% off Binance Futures in your first month (conditions).
PrimeXBT Special Offer: Use this link to register and enter code CRYPTOPOTATO50 to receive up to $7,000 on your deposits.