Base Attracts Lion’s Share of Ethereum Deposits Among Layer 2 Chains, Beating Optimism in TVL

• Base attracts the most capital among Ethereum Layer 2 chains, surpassing deposits for Arbitrum and Optimism.
• Base has registered an inflow of more than 6,500 Ether this week, worth almost $20 million.
• The number of daily contracts deployed on Base rose to 9,000 on Tuesday.

Base, Coinbase’s Ethereum Layer 2 chain, has seen a spike in inflows to its blockchain this week. Nearly $20 million worth of Ether flowed into Base since Monday, almost twice as much as Arbitrum and five times as much as Optimism, its competitors in the scaling ecosystem.

The basic chain has recorded an increase in the number of daily contracts deployed; this implies that the blockchain is gaining relevance and popularity among users.

Base beats competitors in the race to scale Ethereum

Competition between Ethereum Layer 2 chains has intensified, with Base, Arbitrum and Optimism competing for transactions, volume transferred on-chain and inflow of Ether (Ethereum deposits to the chain). Data from IntoTheBlock shows that Base saw 6,580 Ether deposits this week, more than twice as many as Arbitrum, at 2,730, and almost five times as many as Optimism, at 1,260.

Large holders of ETH Netflow

The number of daily contracts in a chain is a metric that helps identify its relevance among developers and market participants. As seen on TokenTerminal, of the 14,700 daily contract developers, 9,000 are deployed on Tuesday on Coinbase’s Ethereum scaling solution, Base.

The market cap of Base’s meme coin ecosystem is over $900 million, and several categories of crypto tokens are deployed on Coinbase’s Layer 2 chain.

Despite a leveling out of activity among the top Layer 2 solutions, Base has attracted the largest volume of new capital while in close competition with Arbitrum and Optimism.

Part: Cryptos feed