Base Achieves Record Transactions and $12.54 Billion TVL Without Token
The Ethereum Layer-2 blockchain Base, developed by Coinbase, will not launch its own token. The network prioritizes supporting decentralized applications (dApps) and addressing practical challenges, contributing to its significant achievements.
Jesse Pollak, Base’s lead developer, highlighted this strategy in a post on November 30. He noted that the team focuses on providing tools for developers to create innovative solutions. Base’s open-source framework, adherence to open standards, and commitment to open markets are fostering creativity and progress. Pollak confirmed there are no plans for a network-specific token, despite speculation driven by the platform's rapid growth.
Recent data underscores Base’s success without token incentives. On November 26, the network recorded an average of 132.50 daily transactions per second (TPS), exceeding its previous peak of 106.86 TPS. Analytics platform Nansen reported that Base reached 11.4 million transactions on November 28, a fiftyfold increase compared to the previous year.
Base now ranks second in Total Value Locked (TVL) among Ethereum Layer-2 networks, with $12.54 billion. It follows only Arbitrum in this metric. This performance is attributed to Base’s robust ecosystem, which actively supports gaming and decentralized finance (DeFi) applications like Uniswap and Aerodrome. The popularity of viral projects such as Clanker and Virtuals Protocol memes has further boosted its visibility.
As a Coinbase-backed initiative, Base leverages the resources and user base of its $73 billion parent company. This connection facilitates dApp interactions and improves scalability, positioning the network as a leader in the Ethereum Layer-2 space. Observers note that Base’s developer-friendly environment and focus on real-world problem-solving establish it as a strong competitor against platforms like Optimism.
By emphasizing practical use cases and developer requirements, Base continues to expand without relying on token incentives, solidifying its status as an innovative blockchain network.