Base Network, Coinbase's Ethereum-based Layer-2 network, has once again surpassed ZkSync Era, with a 25.23% increase in Total Value Locked (TVL) to $558M over the week. According to Chinese reporter Colin Wu, the increase in the Base Network's TVL is due to the network's re-minting of the USDC token. This event increased its value by 471.89% to $159M.
In comparison, the ZkSync Era, a Layer-2 protocol for Ethereum scaling that uses zero-knowledge proof technology, has a lower TVL of $435M. Although Base is ahead of ZkSync Era, it still has a long way to go. It currently is third in the TVL ranking, trailing only Arbitrum One ($5.84B) and OP Mainnet ($2.71B).
Coinbase and Circle initially issued USDC under the Center Consortium. However, after Coinbase's exit in August 2023, Circle is the sole issuer. According to CoinMarketCap, USDC currently has a market cap of over $25.5B. This surge emphasizes Base Network's growing prominence in the crypto market and the increasing usage and adoption of Layer-2 solutions.