- Base outperformed other layer-2 networks by generating $6.1 million in on-chain profits in May.
- Over the past 90 days, Base's TVL surged by 465%, from $1.3 billion to $7.41 billion.
In May, Base, an Ethereum layer-2 blockchain or scaling network launched by Coinbase, emerged as the most profitable layer-2 network with over $6 million in on-chain profits. This achievement places Base ahead of other networks like Blast and Optimism.
According to a report, Base recorded $6.1 million in on-chain profits, significantly more than Blast’s $1.5 million and Optimism’s $1.4 million during the same period.
Additionally, over the last 90 days, Base has seen exceptional growth, with its Total Value Locked (TVL) soaring by 465%, from $1.3 billion to $7.41 billion. In comparison, Arbitrum’s TVL rose by a modest 13%, while Optimism experienced a 12% decline in TVL.
The implementation of EIP-4844 in March, which introduced proto-danksharding and lowered gas costs on layer-2 networks like Base, led to a significant increase in activity and Total Value Locked (TVL) on the chain.
In addition, Coinbase recently unveiled its new Smart Wallet, aimed at enhancing the accessibility of on-chain transactions for new users.
This browser-based on-chain wallet is designed to provide a smooth transition for users moving from their centralized exchange accounts to on-chain decentralized applications (dApps). It eliminates friction points through account abstraction, making the process more user-friendly.
Edited by Harshajit Sarmah
