In a remarkable feat, Base Network, nurtured through Coinbase's guidance, has achieved a milestone by exceeding a Total Value Locked (TVL) of $735 million. Despite a slight deceleration in its growth rate from its initial surge, the project has shown a 4% increase in TVL over the past week. Since its official launch in August 2023, Base Network's TVL has witnessed a significant rise from $592 million at the close of November, breaking through the $600 million barrier, according to data. Implementing the optimistic rollup framework, Base Network serves diverse decentralized applications, maintaining a daily transaction speed (TPS) of 3.45, with over 6.97 million transactions executed in the last 30 days.
Consistent Growth in Community Engagement
Base Network has experienced consistent growth in user engagement, registering over 2.5 million cumulative users by November 1, surpassing 3 million by December 22, according to DUNE analytics. The project's community has seen substantial expansion, with daily active users surpassing 70,000 during a significant portion of November and December, underscoring its attractiveness.
Noteworthy Surge in Daily Ethereum Trading Volume and Activity
The project has witnessed a notable surge in the daily trading volume of Ethereum, rising from 1 ETH in November to an impressive 36,942 ETH and nearly doubling to 79,354 ETH by December. This surge in activity signals the increasing interest and participation of users within the Base Network ecosystem.
Overcoming Challenges and Project Potential
While Base Network has encountered challenges, including instances of scam tokens and a significant 43-minute outage in early September, its steady growth, expanding user base, and increasing trading volume illustrate resilience and potential within the decentralized finance (DeFi) landscape.