Launched in 2023 by Coinbase, Base has rapidly become the most active Layer 2 network in the Ethereum ecosystem, surpassing its competitors in both transaction volume and DeFi adoption. As of late 2025, the network is processing hundreds of millions of transactions monthly and hosting nearly a million daily users. With record-breaking TVL figures and a robust application ecosystem, Base is redefining the performance standards for Layer 2 scalability
Base, the Ethereum Layer 2 (L2) scaling solution developed and launched by Coinbase, has rapidly evolved into the most utilized rollup in the Ethereum ecosystem. With close to one million daily active users and record-breaking metrics across several decentralized finance (DeFi) indicators, Base is emerging as the central axis of Ethereum’s L2 landscape. Its ascent reflects not only the maturation of L2 infrastructure but also a shifting dynamic within the DeFi sector, where performance, user accessibility, and capital aggregation increasingly favor streamlined, high-throughput chains like Base.
Launched in 2023 and built using the OP Stack—an open-source, modular rollup framework developed by Optimism—Base was initially seen as a promising but relatively modest entry among the growing number of Ethereum scaling networks. However, its growth trajectory throughout 2024 and into 2025 has been nothing short of exponential. The network’s adoption surged in mid-2025, catalyzed in large part by speculative interest following strong indications from the development team that a native token airdrop might be forthcoming. This airdrop narrative, a powerful incentive within crypto communities, triggered a significant uptick in user activity and protocol interactions as users sought to establish on-chain activity histories that could potentially qualify them for retroactive rewards.
Beyond speculative incentives, Base’s technical architecture and Coinbase’s strategic backing have enabled it to deliver compelling performance metrics. According to data aggregated by L2BEAT, Base processed over 344 million transactions over the past 30 days, far surpassing any other L2 network. For comparison, Arbitrum One—the next most active rollup—recorded approximately 103.8 million transactions during the same period, while OP Mainnet processed just 55.2 million. The combined activity of these two leading rollups still falls significantly short of Base’s throughput, underscoring its current dominance in transaction volume and chain utilization.
Importantly, this surge is not limited to sheer volume but extends to network efficiency. Base has demonstrated exceptional scalability, achieving a recent peak of 168.65 transactions per second (TPS) and maintaining a rolling daily average of 138.47 TPS. These figures not only eclipse those of its L2 peers—Arbitrum One averages around 37.39 TPS, and OP Mainnet around 19.5 TPS—but also point to a robust and well-optimized architecture capable of handling high volumes without notable performance degradation. Such throughput is critical not only for end-user applications but also for institutional and protocol-level operations where latency, reliability, and settlement cost directly affect adoption and capital flow.
This infrastructural advantage has made Base particularly attractive for DeFi protocols seeking low-cost, high-efficiency environments in which to scale. As of October 2025, the network has accrued a Total Value Locked (TVL) exceeding $5.4 billion, setting a new all-time high. This figure places Base among the top three L2s by TVL and highlights the strategic shift among DeFi protocols migrating or expanding to Base to capture the growing user base and liquidity. Notably, the lending protocol Morpho leads Base’s DeFi landscape with $2.02 billion in TVL, followed by Aave with $1.09 billion. Other prominent DeFi applications such as Aerodrome, Spark, and Uniswap have each established sizable positions, collectively accounting for hundreds of millions in TVL and confirming Base’s emergence as a DeFi hub.
Base’s financial activity further reflects this consolidation. Data from DefiLlama indicates that decentralized exchanges (DEXs) on the network processed $1.9 billion in trading volume within a 24-hour window—figures that rival volumes on more established L1s. Moreover, the stablecoin market on Base has grown substantially, with $4.55 billion in stablecoin capitalization currently deployed across protocols. These metrics are reinforced by the network’s daily revenue generation: over $324,000 in protocol revenue and $328,000 in total fees collected in a single day, illustrating a healthy economic model where transactional utility translates into tangible value capture.
The number of daily active addresses—hovering around 999,922—further confirms widespread and consistent usage, distinguishing Base from networks characterized by flash-in-the-pan activity spikes. This sustained engagement speaks to the ecosystem’s depth, underpinned by more than 749 DeFi protocols currently deployed on Base. This diverse range of applications supports a variety of use cases, from lending and yield optimization to NFT trading and decentralized identity, ensuring that Base is not only a venue for speculation but a dynamic platform for functional on-chain economies.
The growing institutional interest in scalable and compliant blockchain environments has also contributed to Base’s rise. Coinbase’s direct integration with Base facilitates an on-ramp for millions of users globally, particularly those in regulated markets where trust, security, and compliance are paramount. This integration enhances Base’s appeal to enterprises and developers seeking to build within a familiar, secure framework while still leveraging the composability and permissionless innovation of Ethereum.
From a macro perspective, the ascendance of Base may also signal a broader evolution in Ethereum’s L2 ecosystem. As the industry moves from experimentation to scale, infrastructure that can combine performance, user experience, and liquidity aggregation will increasingly shape the trajectory of DeFi. While other L2s like Arbitrum and OP Mainnet continue to play essential roles—especially in governance and protocol innovation—Base’s focus on accessibility, throughput, and developer support appears to be setting a new standard for what Layer 2 networks can achieve.
In conclusion, Base has successfully transitioned from a Coinbase-led experiment to a cornerstone of the Ethereum L2 landscape. Its impressive metrics—spanning transaction volume, user engagement, DeFi liquidity, and protocol revenue—underscore a network that is not merely thriving in the present but shaping the architecture of Ethereum’s future. The convergence of technical robustness, capital concentration, and ecosystem dynamism marks Base as a foundational layer for the next wave of decentralized innovation.
