Base becomes largest Ethereum rollup by total value locked, surpassing Arbitrum

Base, a Layer 2 Ethereum network developed by Coinbase, has now become the largest rollup in terms of total value locked.

Base has a TVL of $2.49 billion distributed across 366 protocols, slightly surpassing Arbitrum’s TVL of $2.39 billion, data from DeFiLlama shows. A large portion of Base’s TVL comes from the decentralized exchange Aerodrome, which accounts for over $1.3 billion in deposits.

Moreover, Base now ranks among the top five blockchain networks in terms of TVL, positioned just behind Layer 1 chains such as Ethereum, Tron, Solana, and BNB Chain.

Base functions as an optimistic rollup utilizing the OP Stack. This Layer 2 solution processes transactions off the main Ethereum blockchain and periodically commits data back to it.

According to The Block’s data dashboard, Base also leads in user activity, with about 1.5 million daily active addresses — the highest activity level across Layer 1 rollups. 

"Base's rapid growth underscores the commitment of Coinbase and app developers to realizing Ethereum's rollup-centric vision, cementing itself as the top Layer 2 by TVL one year after launch," stated Eden Au, Research Director at The Block.

This month, Base raised the block gas target from 10 to 13 Mgas/s to manage rising user activity. This adjustment aligns with a strategic plan to gradually expand the network’s capacity and increase the number of transactions each block can process. These incremental increases occur weekly, aiming for a final target of 1 Ggas/s.

In terms of decentralization, Base is still in the early stages. It is an optimistic stage 0 rollup described as being in the “training wheels” phase.

Currently, a fraud-proof system is not in place yet, meaning users must rely on the block proposer to submit accurate L1 state roots, according to L2Beat. However, the core developers of Base have committed to including fraud proofs in their roadmap and development reportedly underway.