Base network, an Optimistic Rollup incubated by Coinbase (NASDAQ:COIN) and currently at Stage 0 maturity, has seen a significant surge in its total value locked (TVL), despite experiencing its first major outage on Sunday, September 5. The network's TVL increased by over 25% to $557 million within a week of the outage, surpassing Ethereum Layer 2 networks like zkSync Era that utilize Zero-Knowledge Proofs technology.
This growth is largely attributed to the re-minting of more than 159 million native stablecoin USDC on the Base network. Even though daily active users dipped from over 100,000 in August to below the peak of 145,000 on August 21st, according to DUNE analytics, the network has witnessed significant developments.
One such development includes the issuance of Backed Finance's first tokenized security bIB01. This security represents BlackRock (NYSE:BLK)'s iShares bond ETF, marking a significant milestone in the tokenization of Real World Assets (RWAs). Another notable development is the launch of Friend.tech on the Base network.
The rapid growth and development of Base network highlight its resilience and potential to compete with established Layer 2 solutions. Despite being in its early stages and experiencing technical challenges, the network has managed to attract substantial liquidity and continues to innovate in the DeFi space.
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