Amid increased activity in the crypto market, the Base network also experienced renewed momentum.
Data from L2Beat shows that the total value of Base (TVL) increased by more than 5% in the past week, surpassing $10 billion for the first time, with Aerodome Finance leading the way due to its dominance of meme trading coins. Since dropping briefly below $6 billion in September, the network’s TVL has grown more than 67% year-to-date.
The latest milestone makes Base become the second Ethereum Layer 2 network after Arbitrum to reach over $10 billion TVL. Additionally, on November 24, Base achieved a record transaction speed of 106.26 transactions per second (TPS).
Meanwhile, the total number of on-chain transactions on Base crossed the 9 million mark this week. Tier 2 has also witnessed growth in terms of weekly active addresses, with figures of almost 6.6 million indicating growing user engagement and increasing adoption.
During these times of increased activity, blockchain networks also typically witness the growth in the market capitalization of stablecoins. On October 26, Base briefly became the leading blockchain for stablecoin volume with a share of over 30%, surpassing established giants like Solana, Ethereum, and Tron. However, a month later, the network saw a reversal, with stablecoin supply within its ecosystem seeing a notable decline.
As of November 23, data from Artemis places Terminal Base as the third largest blockchain for stablecoin volume, behind Solana and Ethereum. Interestingly, this trend appears to have occurred after the election. Anagram partner David Alexander II noted that Arbitrum recorded a 19% growth in the total number of stablecoins on its network, while Base and Optimism saw declines of 6.6% and 1% respectively since November 5.