On-chain data platform IntoTheBlock, Coinbase’s Ethereum (ETH) 
$2,611 He stated that the scaling solution is on track to become the largest layer-2 (L2) blockchain by the end of the year.
Base’s Growth Indicators
IntoTheBlock first examined Base’s total lock value (TVL). TVL is a metric that represents the amount of assets staked or locked on a platform.
IntoTheBlock: “Base, Coinbase’s L2 network, which has only been active for a year and a half, may even surpass Arbitrum in terms of TVL. In September alone, Base saw nearly $700 million in TVL growth. “If the current growth trend continues, it will be the largest L2 by the end of the year.”
IntoTheBlock also notes that additional metrics show Base outperforming other popular L2s like Optimism and Arbitrum. Base also beats Arbitrum and Optimism on many other metrics that show users prefer it as their L2 network.
IntoTheBlock: “TVL isn’t the only metric where Base sees big gains over Optimism and Arbitrum. The network also beat Arbitrum and Optimism on many other metrics indicating that users prefer the L2 solution.”
The detail to consider here is the rate of spam interaction from airdrop hunters. While the competitors of the BASE network have many popular protocols, we cannot see such benefit production in the BASE network. However, it is known that many users who are trying to get airdrops make exaggerated transactions. The comparison between Solana and Ethereum may be apt here. The low transaction fees on the Solana network and the community’s motivation to spam such as airdrops and meme coins cause the network to surpass the largest altcoin in some metrics. However, BlackRock, Chinese Banks and others have so far placed Ethereum at the top of the list as the first choice for RWA.
Can It Outperform Other L2s?
Base transaction volume has increased in recent months, reaching 40-60% of the transaction volume of the three L2 networks. Since June, it has increased its dominance in total transactions for ETH addresses. It has also shown continuous growth in the rate of new addresses making their first transaction. Indeed, this may confirm the inflated activity at the end of the first episode.
IntoTheBlock concludes that Base serves as a model for other crypto firms.
IntoTheBlock: “Base’s success marks just the beginning of a trend where more organizations are creating their own blockchains to keep users within their product ecosystems. This movement will accelerate as modular blockchain solutions continue to simplify processes and provide infrastructures tailored to specific user needs.”
These developments show that the Base solution is starting to play an important role in the Ethereum ecosystem and has the potential to compete with other L2 blockchains.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that crypto currencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
