Base Network’s TVL surged to $557 million in a week, driven by a 472% increase in native USDC minting and tokenized ETFs.
Despite the TVL growth, daily active users dipped, raising concerns about sustainability and retaining the user base.
Total Value Locked (TVL) on the Base Network has reached an impressive milestone, surging to $557 million in a remarkable uptick over the past week, according to L2 Beat. The surge in TVL can be primarily attributed to the significant increase in the minting of the native stablecoin, USDC. Backed Finance’s recent entry into the network with tokenized BlackRock exchange-traded funds (ETFs) has further fueled this growth.
Over just seven days, Base Network’s TVL has skyrocketed by more than 25%, solidifying its dominance over other Ethereum Layer 2 networks. This significant growth has allowed Base Network to surpass zkSync Era, a network utilizing Zero-Knowledge Proofs technology for verification, which now stands at $436 million after witnessin
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