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- Coinbase’s layer-2 network, Base, has hit several milestones since its launch in August, as network activity increases.
- The total value locked (TLV) for Base has increased to $397.32 million after surging by more than 90% in the last 30 days.
The Base network has gained a lot of credibility since its launch. The Coinbase layer-2 network has seen its adoption rate increase on a global scale. Very recently, the network attained a new milestone, as total value locked surges to new levels.
According to data from DeFiLlama, Base has seen its transaction volume surge to a whopping $397.32 million. On the other hand, the Solana network has seen its total value locked decrease by 9.64%, dropping to $358.96 million.
The new development significantly highlights the success of the Ethereum Layer 2 (L2) chain, despite being a newer blockchain in the industry. Data from DeFiLama also shows that the total value locked (TLV) on Coinbase’s layer-2 network obtained this milestone since its launch in August.
At the time of this report, Base’ TVL is sitting ahead of Solana’s TVL, despite the latter being an older network in the blockchain ecosystem. Over the last 30 days, Base has seen its TVL skyrocket to significant levels. According to metrics shared by DeFiLlama, the layer-2 network is up by 97.21%.
Base rolls out a promising open-source system
The new development comes not long after Base launched Pessimism, a promising open-source system designed to bring advancement to the Base ecosystem.
In an official blogspot, it was revealed that the decision to create an open and permissionless network was made after the launch of Base. This network will allow creative projects of different kinds to come to life. At its core, Pessimism was created to detect and respond to live protocol threats.
Explaining the structure of Pessimism, the announcement blogspot read;
We’ve built Pessimism, an open source monitoring system designed to enhance the security of Base (as well as the broader OP Stack and Ethereum ecosystems) by quickly detecting and responding to a myriad of protocol threats.
It is noteworthy that the coin base team has been running pessimism internally, on a consistent basis, to help oversee and monitor the Base mainnet since its launch. In a bid to expand and service the public, the team is open-sourcing Pessimism under an MIT license as free and permissionless software.
Using Pessimism, protocol threats specific to the OP Stack can be detected. In addition, general EVM blockchain events (Balance Enforcement, Event Emission) can also be spotted.
Laying down the importance of this feature, the blogpost read;
This lets us detect unauthorized or malicious events on the Base native bridge as well as the L1/L2 system contracts on Base. Additionally, we can capture liveness failures for sensitive protocol roles like the proposer.
