In a remarkable feat, the total value locked (TVL) on the Ethereum layer-2 network, Base, has soared past $8 billion shortly after surpassing Optimism's OP Mainnet.

As of June 10, L2Beat data reveals that Base's TVL stands at an impressive $8.05 billion. This includes $2.14 billion of canonically bridged value, representing assets locked on Ethereum to be mirrored on Base, alongside $5.92 billion in assets natively minted on the platform.

Just last week, Base overtook OP Mainnet to become the largest chain within the Superchain ecosystem and now stands as the second-largest Ethereum scaler by TVL, trailing only behind Arbitrum One's $18.27 billion.

Since its launch in August 2023, Base has been steadily gaining traction. It reached the $1 billion TVL milestone on February 27, marking a significant achievement within seven months of its inception. However, its growth has accelerated in recent times, with TVL witnessing an exponential surge over the last 104 days.

Base has emerged as a leader in Ethereum layer 2 networks, boasting the highest transactions per second (TPS) over the past month, clocking in at 30.36. This surpasses Arbitrum One's TPS of 23.52, with Base processing an impressive 64.86 million transactions over the last 30 days, according to L2BEAT data.

Notably, Base has been capitalizing on its on-chain profits, securing the top spot in profitability among Ethereum layer 2 networks for three consecutive months. Despite a slight decline to $6.98 million in profits in May from a record $16.9 million in March, Base maintains its lead over competitors such as OP Mainnet, which recorded $1.57 million in profits last month.

While Base's popularity surged during the memecoin mania earlier this year, it also attracted attention from scammers, resulting in an alarming 18-fold increase in funds stolen from phishing scams between January and March.

Looking ahead, Ethereum layer 2 scaling networks are projected to collectively reach a market cap of $1 trillion by 2023, according to analysts at asset manager VanEck. With its remarkable growth trajectory and leadership in transaction volume and profitability, Base remains a prominent player in the burgeoning Ethereum ecosystem.