In the previous week, the Base Network’s layer-2 blockchain’s total value locked (TVL) fell by more than 18.28% to $437 million. The widespread burning of Base USDC on September 29 is mostly to blame for the fall; according to statistics from Dune Analytics, the number fell from 160 million to just 29.84 million in a single day. This happened after stablecoin issuer and finance company Circle announced the introduction of USDC earlier last month.
With a TVL of $476 million, Matter Labs’ zero-knowledge (zk) rollup tech-powered scaling solution, zkSync Era, outperformed Base. Base is the lone project in the red and currently occupies the fourth spot out of the top five rollups. Comparatively, TVLs for Arbitrum One and OP Mainnet increased by 10.12% and 8.29%, respectively, and stood at $6.17 billion and $2.80 billion. In addition, zkSync Era’s TVL increased by almost 15% throughout the same time frame.
With approximately $459 million in revenue raised since its beginning, Base continues to be a strong competitor in the market despite the decline in TVL. The network is based on Optimistic Rollup and was created on the Ethereum network using OP Stack technology, which has helped to increase its attractiveness as a result of the ecosystem’s rising demand for alternatives.