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Coinbase’s Creation Emerges as Dominant Layer 2 Network, Overtaking the Optimism (OP) Network! Unveiling the Details
A Layer 2 Ethereum network crafted by Coinbase has outshined the OP Mainnet to claim the title of the largest layer 2 network.
Author:
Utku Yanık
07.06.2024 – 08:30
Update:
5 seconds ago
0
Base, an Ethereum Layer 2 network developed by Coinbase, has outpaced the OP Mainnet to emerge as the leading Layer 2 network within the OP Stack-based ‘Superchain’.
Base Surpasses OP Mainnet to Secure the Top Spot in the OP Stack-Based Layer 2 Network
As per DeFiLlama data, the network’s total value locked (TVL) has surged by 20% since the start of May, reaching $1.7 billion.
Base’s mainnet, which was unveiled in early August 2023, stands as the third most valuable Layer 2 blockchain in terms of TVL, trailing behind Arbitrum at $3.81 billion and Blast at $2.26 billion.
This significant achievement underscores Base’s rapid expansion and growing adoption among decentralized applications (dapps).
The network’s prominence received a substantial boost from the decentralized exchange Aerodrome, which contributed $714 million in deposits. Following closely behind is Uniswap as the second largest contributor with $312 million.
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These developments position Base at the forefront of the Superchain ecosystem, an interconnected Layer 2 rollup network constructed using the OP Stack software suite.
This ecosystem aims to enhance the scalability and efficiency of Ethereum by handling transactions off-chain, thereby alleviating the burden on the main Ethereum blockchain.
Optimistic rollups, which include Base, Arbitrum, Blast, and OP Mainnet, operate under the assumption that all transactions are valid by default and only validate them when evidence of fraud is presented.
This approach differs from zero-knowledge rollups like zkSync, Linea, and Scroll, which offer cryptographic proofs of transaction validity upfront.
Base’s remarkable growth and strategic integration within the Superchain exemplify its potential to propel innovation and scalability within the Ethereum ecosystem.
*This does not constitute investment advice.
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