Base network reaches $10B TVL with record growth

The Ethereum (CRYPTO:ETH) Layer 2 network Base has surpassed $10 billion in total value locked (TVL), marking a significant milestone.  

This reflects a 67% increase since its September low of under $6 billion, according to data from L2Beat.  

Aerodome Finance played a major role in this growth, driven by activity in meme coin trading.  

Base has now joined Arbitrum as one of only two Layer 2 networks to exceed $10 billion in TVL.  

On November 24, Base achieved a record transaction speed of 106.26 transactions per second (TPS), showcasing its capacity to handle increasing demand.  

The network’s total on-chain transactions also surpassed 9 million this week, with weekly active addresses nearing 6.6 million, indicating a rise in user engagement.  

However, the network has experienced fluctuations in stablecoin activity.  

In October, Base briefly led the blockchain sector in stablecoin volume, holding over 30% market share and surpassing platforms like Solana (CRYPTO:SOL), Ethereum (CRYPTO:ETH), and Tron (CRYPTO:TRX).  

By November 23, this trend reversed, with Base ranked as the third-largest blockchain for stablecoin volume, following Solana and Ethereum.  

David Alexander II, a partner at Anagram, observed that post-election trends contributed to changes in stablecoin dynamics across blockchains.  

While Arbitrum (CRYPTO:ARB) saw a 19% increase in stablecoin supply, Base recorded a 6.6% decline, and Optimism (CRYPTO:OP) faced a 1% drop.  

The rapid growth in Base’s TVL and transaction activity highlights its expanding role within the Ethereum ecosystem.  

Despite challenges in stablecoin supply, the network’s scalability improvements and increased adoption reinforce its position in the competitive Layer 2 landscape.