Witnessing an impressive upward trajectory, Base, the Ethereum-based Layer-2 network owned by Coinbase, has outshone the ZkSync Era in terms of Total Value Locked (TVL). In the span of a week, the TVL of Base network has seen a significant boost of 25.23%, hitting the $558 million mark. This surge can be attributed to the reintroduction of the native token USDC on the network.
Base Network’s Stellar Performance
The Base network has once again surpassed the ZkSync Era in TVL, as highlighted by Chinese reporter Colin Wu, who goes by the handle Wu Blockchain on X (formerly known as Twitter). As per the data provided by L2Beat, an analytics and research platform dedicated to Ethereum layer 2 scaling, Base network’s TVL has jumped 25.23% in the past week, reaching US$558 million, thus outpacing the ZkSync Era, which has a TVL of US$435 million.
The Role of USDC in Base Network’s Growth
Wu points out that the key factor driving the Base network’s TVL surge is the reintroduction of the native token USDC on the network, which began on October 4. This move resulted in the value of USDC skyrocketing to $159 million, a whopping increase of 471.89%. In September 2023, Circle, the company behind USDC, made the token available on the Base network for developers and users alike. Before this development, users could not transfer USDC from their exchange to the Base network and had to resort to a bridged variant known as USDbC.
Base Network’s Position in the Layer-2 Landscape
Despite Base network’s impressive leap over the ZkSync Era, it still holds the third position in the ranking of projects by their total value locked. Arbitrum One leads the pack with a TVL of $5.84 billion, albeit experiencing a decrease of 4.6%. The second spot is held by OP Mainnet, with a TVL of $2.71 billion, which has also seen a decrease of 2.21%.
Originally, USDC was jointly issued by Circle and Coinbase under the Center Consortium. However, Coinbase stepped down in August 2023, leaving Circle as the sole issuer of USDC. As per the latest data from CoinMarketCap, USDC is currently trading at $0.99 with a market cap of $25,548,838,801, and its volume has risen by 26.25% in the last twenty-four hours, hitting $1,596,478,762.
For those keen on keeping a finger on the pulse of these developments, the cryptoview.io application provides an excellent resource. It allows users to track the performance of different cryptocurrencies, including the latest movements in TVL, making it a must-have tool for anyone interested in the fast-paced world of crypto.
