Coinbase's Base Surges to Top 3 Layer 2 Networks with Nearly $8 Billion TVL, 20% Rise Since May

Base, an Ethereum Layer 2 chain incubated by Coinbase, has surged into the top three Layer 2 networks by Total Value Locked (TVL), reaching nearly $8 billion. This marks a significant increase from $1.7 billion in early May, representing a 20% rise. Base is the third most valuable Layer 2 blockchain, behind Arbitrum, and is one of the only two Layer 2 networks experiencing growth while others show signs of decline. Forta Network has expanded its reach to include Base, now monitoring all on-chain transactions and working with the community to enhance monitoring solutions. Additionally, Base is now being tracked by DeFiLlama, along with other protocols such as zkxprotocol and mavprotocol V2. CoinbaseWallet will announce minting of the first animocabrands-backed 404 on Base on June 13th.