Coinbase's Base (BASE) Is on Track to Become the Largest Layer-2 (L2) Blockchain by the End of the Year, Market Intelligence Platform IntoTheBlock Says

In a new report, IntoTheBlock says that key metrics indicate Base is experiencing exceptional growth this year.

Coinbase’s Ethereum (ETH) scaling solution Base is set to become the largest layer-2 (L2) blockchain by the end of the year, according to market intelligence platform IntoTheBlock.

In a new report, IntoTheBlock says that several key metrics indicate Base is seeing exceptional growth this year.

One metric is Base’s total value locked (TVL), which represents the amount of assets staked or locked in a platform.

“Base, the L2 blockchain from Coinbase that has been live for just over a year, is close to surpassing Arbitrum as the largest Ethereum L2 by TVL. In September alone, Base saw an influx of roughly $700 million in TVL. If its current growth trend continues, it will likely be the largest L2 by year-end.”

IntoTheBlock also notes that other metrics show Base is outperforming other popular L2s, such as Optimism (OP) and Arbitrum (ARB).

“TVL is not the only metric where Base has seen large gains relative to Optimism and Arbitrum. The network has already surpassed Arbitrum and Optimism on multiple other metrics that indicate users favor the L2 blockchain.

IntoTheBlock concludes that Base is serving as a model that other crypto firms could follow.

“Base’s success marks just the beginning of a trend where more entities create their own blockchains to keep users within their product ecosystems. This movement is set to accelerate as modular blockchain solutions continue to simplify the process, enabling tailored infrastructures that meet specific user needs.”