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The layer-2 blockchain, Base, which is incubated by Coinbase, experienced a significant surge, even momentarily surpassing the Ethereum mainnet. Built on the Ethereum network and utilizing Optimistic Rollup technology, Base employs OP Stack tech that has enhanced its attractiveness due to the increasing interest and popularity of alternatives within the ecosystem.
Nonetheless, its Total Value Locked (TVL) has faced a decline over the past week.
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- As per data from L2Beat, the total value locked in Base Network decreased by over 18.28%, dropping to $437 million in the last seven days.
- The notable reduction in Base’s TVL can primarily be linked to the substantial burning of Base USDC on September 29.
- Information from Dune Analytics reveals that the value fell from a peak of 160 million to merely 29.84 million within a single day.
- This follows the announcement by fintech company and stablecoin issuer Circle regarding the launch of USDC earlier last month.
- Consequently, Matter Labs’ zero-knowledge (zk) rollup technology-based scaling solution – zkSync Era – with a TVL of $476 million has overtaken Base, which has now dropped to the fourth position.
- Among the leading five rollups, Base is the sole project showing a decline, while Arbitrum One and OP Mainnet increased by 10.12% and 8.29%, boasting TVLs of $6.17 billion and $2.80 billion, respectively.
- Additionally, zkSync Era’s TVL also rose by more than 15% during the same timeframe.
- Despite the decrease in TVL, Base continues to be a formidable player in the sector.
- Since its launch, the network has facilitated over $459 million in bridging.
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