Despite a slowdown in the initial growth surge, Coinbase‘s Base Network, an initiative developed through its incubator, continues to make steady progress.
According to L2Beat data, the Total Value Locked (TVL) in the Base Network has risen to nearly $734 million, a 4.63% increase from the previous week.
The Base Network TVL has increased significantly since its formal launch in August 2023, starting at $592 million at the end of November.
The initiative is built on the Optimistic Rollup architecture, which allows for the integration of various decentralized applications.
With over 6.97 million transactions completed in the last 30 days, the network’s performance is impressive, resulting in a daily transaction speed (TPS) of 4.04—a 74.39% increase.
Base Network has also bridged assets worth more than $600 million, allowing them to be transferred between networks or blockchains.
According to Dune analytics, user engagement on the Base Network has been increasing, with 2.5 million total users recorded by November 1 and nearly 3 million by December 22. The community has grown significantly, with over 70,000 members in November and December.
The daily trading volume of Ethereum on the Base Network has increased significantly, rising from 1 ETH in November to 36,942 ETH in December and nearly doubling to 79,354 ETH the following month.
Despite the initial rush following its launch, Base Network has shown consistent progress and development.
