Base Layer 2 Network Celebrates Second Anniversary with Record Growth

Base, a prominent Ethereum-based layer-2 network spearheaded by Coinbase, marked its second anniversary with substantial gains in usage, security, and innovation. The network’s TVL now nears $4.5 billion, while transaction fees have plummeted 97.7% year-over-year. Active users on Base have surged by 1,280.6%, reaching over 1.256 billion, with annual transactions exceeding 9.8 billion. This growth is largely attributed to the launch of the new Base App, which offers a comprehensive Web3 experience encompassing social, trading, payment, and mini-app features. The app has fueled a surge in SocialFi activity, leading to a notable increase in ZORA token value.