Layer2 Network Base Achieves New Record with Total Locked Value of $7.81 Billion

According to PANews, Layer2 network Base has set a new historical high with its total locked value (TVL) currently standing at $7.81 billion. This represents a significant increase of 9.91% on June 7th. The TVL of Base has now surpassed that of Optimism, making it the second largest Layer2 network, only behind Arbitrum. Layer2 networks are a secondary framework or 'layer' built on top of an existing blockchain. The primary purpose of these networks is to increase the transaction capacity of the blockchain and reduce fees, which they achieve by moving most transactions off the main chain and onto a secondary layer. The recent surge in the TVL of Base is indicative of the growing popularity and adoption of Layer2 networks. As the demand for faster, more efficient blockchain transactions continues to rise, Layer2 solutions like Base are likely to continue their upward trajectory.