- Coinbase’s Ethereum-based Layer-2 network, Base, has surpassed the ZkSync Era in terms of Total Value Locked (TVL).
- Base’s TVL has increased by 25.23% in the past seven days, reaching $558 million.
- The main driver behind the surge in Base’s TVL has been the re-minting of the native token USDC on the network.
The Base network has surpassed the ZkSync Era regarding total value locked once again, as reported by Colin Wu, a Chinese reporter, known on X (formerly Twitter) as Wu Blockchain.
According to data from L2Beat, an analytics and research website about Ethereum layer 2 scaling, Base, Coinbase’s Ethereum-based Layer-2 network, total value locked (TVL) has increased by 25.23% in the past seven days, reaching $558 million. ZkSync Era, a layer-2 protocol that scales Ethereum with zero-knowledge proof technology for verification, currently has a TVL of $435 million.
According to Wu, the main reason behind the surge in the Base network TVL is the re-minting of the native token USDC on the network, which commenced on October 4. The reporter mentioned that the re-minting caused the USDC value to reach $159 million, an increase of 471.89%.
In September 2023, Circle announced that USDC will be available on the Base network and accessible to developers and users. Prior to this update, users weren’t able to transfer USDC from their exchange to the Base network and had to use a bridged variant of USDC, known as USDbC.
While Base surpassed ZkSync Era, it remains number three on the list of projects ranked by their total value locked. Arbitrum One is at the top of the list with a TVL of $5.84 billion, a decrease of 4.6%. Followed by OP Mainnet, which has a TVL of $2.71 billion, decreasing by 2.21%.
USDC was initially issued by Circle and Coinbase under the Center Consortium; however, Coinbase stepped down in August 2023, and Circle remained the sole issuer of USDC. At press time, according to CoinMarketCap, the token was trading at $0.99 and reached a market cap of $25,548,838,801, and its volume increased by 26.25% in the last twenty-four hours, reaching $1,596,478,762.
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