Coinbase’s layer 2 network, Base, is gaining serious traction, with $1 billion in Total Value Locked (TVL). Realistically, Base is probably the most popular L2 network right now. Many people join in and stick around, and the network’s TVL confirms this statement.
Base attracts attention thanks to the many projects and popular trends active on it. Even though the buzz may not last forever – since Base doesn’t have anything special to offer – it’s still grabbing people’s attention for now.
One of the reasons people are attracted to Base is its security features, such as the ability to stop certain transactions or block wallets, if necessary. The feature was used in the most recent Munchables hack. Thanks to L2 censorship at the sequencer level, they managed to save $60 million.
Let’s take a closer look at Base’s TVL. The Total Value Locked is the total amount of money within the network. It counts all the different cryptocurrencies that people have put into the system. If this number exceeds $1 billion, it means a lot of money is flowing into Base. It’s a sign that the network is growing and that people are really interested in what’s happening there.
However, because of how Base handled the Munchables hack, which saved so much money, it has built a reputation for being a safe place and becoming a home for several strong DeFi projects. This allows people to stay interested longer, even if the network isn’t the most unique out there. For the time being, Base is enjoying a lot of attention and the high TVL is proof of this.
