Base L2 Exceeds $5 Billion TVL, Bolstering Ethereum's Scalability with Strong Security Guarantees

London, UK – Base, the Ethereum Layer 2 network incubated by Coinbase, has recently surpassed $5 billion in Total Value Locked (TVL), demonstrating significant growth and cementing its position as a leading scaling solution. Ethereum co-founder Vitalik Buterin recently endorsed Base, highlighting its robust security architecture and adherence to critical decentralization standards. Buterin emphasized that Base operates as a non-custodial L2, ensuring user funds are secure and accessible even if the network were to experience issues.

"Base is doing things the right way: an L2 on top of Ethereum, that uses its centralized features to provide stronger UX features, while still being tied into Ethereum's decentralized base layer for security," Buterin stated in a recent social media post. He clarified that Base does not have custody over user funds, preventing theft or withdrawal blocks, a key characteristic aligning with L2beat's Stage 1 definition for Layer 2 solutions. This non-custodial design means that in the event of an L2 shutdown, users can automatically withdraw funds without the L2's direct involvement, a mechanism rooted in Ethereum's Layer 1 smart contract logic.

The network's rapid ascent is further underscored by its average daily revenue of over $185,000 in the past six months and its record-breaking 106 transactions per second (TPS) on November 26, 2024. Base's success is partly attributed to the Ethereum Dencun upgrade in March 2024, which significantly reduced Layer 1 posting costs, enhancing the L2's efficiency and profitability. Its deep integration with Coinbase products and a focus on open-source development have attracted a substantial user base and developer community.

Buterin also addressed common misconceptions about L2beat, an analytical platform that assesses the decentralization and security of Layer 2s. He asserted, "The security that L2s provide, that L2beat measures, reflects concrete properties that protect you as a user from being rugged." This underscores the importance of transparent security audits and the continuous evolution of L2 technology to ensure user safety and trust within the broader Ethereum ecosystem. Base's commitment to these principles, alongside its strong market performance, positions it as a critical component in Ethereum's ongoing scalability efforts.