Summary
TLDR: Coinbase’s Ethereum layer-2 project Base has surpassed $4 billion in total value locked, overtaking older L2 chains like Arbitrum. Despite not having a native token, Base has seen significant growth and become a hotspot for meme coin activities. Projects like Iskra are also migrating to Base due to its integration with Coinbase products and industry trust. However, Base has faced challenges with the emergence of scam tokens post-mainnet launch.
Key Points
1. Base, the Ethereum layer-2 (L2) project launched by Coinbase, has surpassed $4 billion in total value locked (TVL), reaching $4.15 billion according to L2Beat data.
2. Base has outpaced older L2 chains like Arbitrum in TVL growth, with a nearly 14% increase in TVL over the past seven days alone.
3. Despite not having a native token, Base has seen significant growth and has become a hub for meme coin activities, attracting both meme coin enthusiasts and serious project developers like Iskra.