Base, a Layer 2 Ethereum network developed by Coinbase, has surpassed OP Mainnet to become the largest Layer 2 network in the OP Stack-based 'Superchain'.
Base Surpasses OP Mainnet to Become the Largest OP Stack-Based Layer 2 Network
According to DeFiLlama data, the network's total value locked (TVL) has increased by 20% since the beginning of May to $1.7 billion.
Base's mainnet, which went public in early August 2023, is positioned as the third most valuable Layer 2 blockchain in terms of TVL, behind Arbitrum at $3.81 billion and Blast at $2.26 billion.
This major milestone highlights Base's rapid growth and increasing adoption among decentralized applications (dapps).
The network's prominence was significantly boosted by decentralized exchange Aerodrome, which contributed $714 million in deposits. Uniswap follows as the second largest participant with $312 million.
These developments place Base at the forefront of the Superchain ecosystem, an interconnected Layer 2 rollup network built using the OP Stack software suite.
This ecosystem aims to increase the scalability and efficiency of Ethereum by processing transactions off-chain, thus reducing the load on the main Ethereum blockchain.
Optimistic rollups, including Base, Arbitrum, Blast, and OP Mainnet, work by default by assuming that all transactions are valid and validating them only when evidence of fraud is presented.
This method contrasts with zero-knowledge rollups such as zkSync, Linea, and Scroll, which provide ex ante cryptographic proofs of transaction validity.
Base's impressive growth and strategic integration within Superchain highlights its potential to drive greater innovation and scalability within the Ethereum ecosystem.
*This is not investment advice.