Coinbase's Base L2 Blockchain Nears Arbitrum as Largest Ethereum L2 by TVL

In a significant development, Coinbase's Layer 2 blockchain, Base, is on the verge of surpassing Arbitrum as the largest Ethereum Layer 2 by total value locked (TVL).

Coinbase's Layer 2 blockchain, Base, is rapidly approaching Arbitrum to become the largest Ethereum Layer 2 by total value locked (TVL), a cryptocurrency metric used to measure the total value of digital assets locked or staked on a particular decentralized finance (DeFi) platform.

Base has been live for just over a year and is quickly closing the gap with Arbitrum, according to IntoTheBlock.

"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," IntoTheBlock wrote.

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. pic.twitter.com/2G4knGPx8F

Base is still in its early phases but holds a unique position in the Layer 2 industry thanks to its strategic synergy with Coinbase, one of the largest cryptocurrency exchanges, and Optimism, one of the leading L2 technology stacks.

Coinbase is the largest publicly traded U.S. crypto exchange, and Base provides an entry point to introduce these users to DeFi. This in turn encourages decentralized applications to build atop Base, since they can use Coinbase's existing products and user base to gain access to a new pool of non-DeFi natives.

As a result, Base has seen a surge in user adoption and transaction volume, contributing to its TVL.

According to DefiLlama, Arbitrum's TVL is presently $2.595 billion. Base's TVL is closing in on this figure, now at $2.358 billion.

Base news

In September, Coinbase debuted its version of wrapped Bitcoin cbBTC following a teaser of the WBTC alternative in August. The cbBTC token launched on the Ethereum and Base networks, allowing users to use Bitcoin in their respective decentralized finance ecosystems.

In other news, Paymaster now allows users to pay for gas with custom ERC-20 tokens on Base. This functionality increases token utility, facilitates app engagement and allows users to purchase gas with USDC or custom tokens rather than ETH.

Moreover, as a warning, there is a new scam floating around the Base community. Attackers are requesting that people download video conferencing software with malware that compromises their devices and wallets. Users are encouraged to be cautious and stick with known programs such as Meets, Zoom or Teams.

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