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Base Network Surpasses OP Mainnet

June 9, 2024

in Blockchain

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Capturing the Growth of Asset-Backed Finance via Blockchain-Enabled Opportunities

MetaMask Users Can Now Link Binance and OKX Accounts to Their Portfolio Dashboard

The Layer 2 Ethereum network, Base, incubated by Coinbase, has seen noteworthy growth in total value locked (TVL), hitting $1.7 billion. According to DeFiLlama, this represents a 20% increase since early May. This surge has propelled Base past OP Mainnet (OP) in TVL, making it the largest network within the Superchain ecosystem, which includes various Layer 2 rollups developed using the OP Stack software package.

Contents hide

1 What Drives Base Network’s Success?

2 How Do Optimistic Rollups Compare to zkRollups?

3 Key Takeaways

What Drives Base Network’s Success?

Opening to the public in early August 2023, Base swiftly rose to become the third most valuable Layer 2 network by TVL, trailing only Arbitrum (ARB) with $3.81 billion and Blast with $2.26 billion. The rapid adoption and growing user confidence signify the network’s robust features and reliability. Access NEWSLINKER to get the latest technology news.

A key factor contributing to Base’s TVL growth is the decentralized exchange Aerodrome, which has attracted $714 million in deposits. Another major contributor is Uniswap, with $312 million in deposits. These platforms have been instrumental in drawing users and capital to the Base network.

How Do Optimistic Rollups Compare to zkRollups?

Layer 2 networks like Arbitrum, Blast, Base, and OP Mainnet utilize optimistic rollups, executing transactions off-chain and only periodically publishing transaction data on the Ethereum Blockchain. This reduces the load on the main chain, enabling higher transaction throughput. The term “optimistic” means transactions are assumed valid unless a “fraud proof” is submitted, triggering verification.

In contrast, zero-knowledge rollups (zkRollups) such as zkSync, Linea, and Scroll provide cryptographic proofs of transaction validity upfront. These proofs ensure accuracy before transactions are published on-chain, offering another method to enhance Ethereum’s scalability.

Key Takeaways

Base Network’s TVL surged to $1.7 billion, a 20% increase since May.
Decentralized exchanges like Aerodrome and Uniswap significantly contributed to this growth.
Base is now the largest network within the Superchain ecosystem, surpassing OP Mainnet.
Layer 2 solutions like optimistic rollups and zkRollups are pivotal for Ethereum scalability.

As the Ethereum ecosystem continues to evolve, the competition between optimistic rollups and zkRollups is expected to drive further innovation and improvements in Blockchain scalability. This ongoing development highlights the importance of Layer 2 networks in addressing congestion and improving transaction efficiency on the main Ethereum Blockchain.