Amid heightened activity across the crypto market, the Base network also experienced renewed momentum.
Data from L2Beat revealed that Base’s total value locked (TVL) surged by more than 5% over the last week, surpassing $10 billion for the first time, with Aerodome Finance leading the charge reflecting the meme coin trading dominance. Since September’s brief decline below $6 billion, the network’s TVL has grown by over 67% so far.
The latest milestone has catapulted Base to become the second Ethereum Layer 2 network with more than $10 billion TVL, following Arbitrum. Additionally, on November 24, Base achieved a record transaction speed, reaching 106.26 transactions per second (TPS).
Meanwhile, the total number of on-chain transactions on Base crossed the 9 million mark this week. The Layer 2 has also witnessed growth in terms of weekly active addresses with figures nearing 6.6 million indicating growing user engagement and increasing adoption.
During these times of increased activity, blockchain networks typically witness growth in stablecoin market caps as well. On October 26, Base briefly became the leading blockchain for stablecoin volume with more than 30% share, outpacing established giants like Solana, Ethereum, and Tron. However, a month later, the network saw a reversal, with the stablecoin supply within its ecosystem showing a notable decline.
As of November 23, Artemis Terminal data places Base as the third-largest blockchain for stablecoin volume, trailing Solana and Ethereum. Interestingly, this trend appears to have emerged post-election. Anagram partner David Alexander II observed that Arbitrum recorded a 19% growth in total stablecoins on its network, whereas Base and Optimism saw reductions of 6.6% and 1%, respectively, since November 5th.
