Base Becomes The First Ethereum L2 Solution By Volume And TVL

In a crypto market shaken by geopolitical turmoil and regulatory volatility, some protocols continue to chart their path confidently. This is the case for Base, the layer two solution launched by Coinbase, which proves week after week to be the most dynamic Ethereum L2 network in terms of volume, TVL, fees generated, and stablecoin growth. At a time when competition between Optimism and Arbitrum is fierce, Base plays another tune: that of consistency and a quiet rise to power.

Volumes, TVL, fees: the methodical dominance of Base

Since the late 2024 rally, Base has consolidated its leading position among the L2 networks of the Ethereum ecosystem. Even after months of less favorable market conditions, the protocol remains number one on key metrics. According to Coingecko data, Base recorded $755 million in volume over 24 hours, which is $108 million more than Arbitrum, its closest competitor.

In terms of TVL, the gap is even more significant: $2.71 billion of total value locked for Base compared to about $2.1 billion for Arbitrum One. Even though the TVL in dollar value has been declining since December, the number of ETH locked, however, is soaring, peaking at 1.9 million ETH.

In terms of revenue, the trend is equally impressive. Between April 6 and 7, according to Dune Analytics, Base generated $570 million in transaction fees, ahead of Arbitrum ($500 million) and far ahead of other competitors.

Base and Arbitrum saw a surge in revenue last weekend, notes Dune.

Base has reached $570 million in fees, the highest figure in the segment.

Base also dominates activity on DEX, with 60% market share, confirming its driving role in Ethereum DeFi. Certainly, we observe a cooling of DEX volume since January, with a low around March 22. But since then, trading has resumed upward, returning to the levels of November-December, a period of intense activity in the crypto markets.

Transactions, stablecoin liquidity, and adoption: the other pillars of supremacy

The power of Base does not rely solely on volume or TVL. The network’s utility indicators tell another story, equally decisive. The number of daily transactions, after peaking at 13 million in early January, stabilized around 7 million in early April. A decline certainly, but a level still significantly higher than before November 2024, proving that the network has gained a user base.

In terms of stablecoins, the trend is equally clear. In April 2023, the stablecoin capitalization on Base reached $1.79 billion. A year later, it stands at $4.25 billion, a growth of 137%. This level of stable liquidity is a strong indicator of confidence in the Base infrastructure for hosting secure and fast exchanges.

“The growth of liquidity reflects a network’s ability to circulate value effectively,” remind Dune analysts.

Finally, the growing adoption of Base by developers is a key factor in its dominance. Every week, new protocols are joining the network, attracted by low fees and superior execution speed. Features that, in a context of congestion on Ethereum and rising costs on other L2s, make Base an increasingly attractive alternative.

Conclusion? Base does not play on the effect of announcement or short-term speculation. Its strategy is based on strength, organic growth, and alignment with the real needs of users. In a market where positions change quickly, Base emerges as the discreet yet essential rock of Ethereum Layer 2 solutions.