The total value locked (TVL) in Base, Coinbase’s Ethereum (ETH) layer-2 scaling solution, has hit a new all-time high, reaching nearly $750 million.

New data from layer-2 blockchain tracker L2Beat reveals that the TVL of Base is hovering at $742 million at time of writing, a new record high and an exponential rise since July 30th when it was sitting at just $2.19 million.

TVL refers to the amount of capital deposited within a protocol’s smart contracts and is often used to gauge the health of a crypto ecosystem.

According to the data, the top five digital assets with the most total value locked over Base include ETH itself, stablecoins USDC and DAI, liquid staking token Rocket Pool ETH (rETH), and Wrapped Lido Staked Ethereum (wstETH).

Other notable virtual currencies on the list include the decentralized exchange (DEX) platform SushiSwap (SUSHI), decentralized finance (DeFi) protocol and stablecoin DEX Curve Finance (CRV) and crypto lending protocol Yearn Finance (YFI).

Base, which went live for developers in July and the wider public in August, was built in collaboration with layer-2 scaling solution Optimism (OP) and currently has no plans to issue its own native asset.

Furthermore, data from Dune Analytics show that the number of Base users has been on a slow climb up since the protocol’s public launch on August 9th. Back then, the total number of Base users sat at 452,386. Today, there are 3.16 million users on Base.

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Author: Mehron Rokhy

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