Base — a Layer 2 Ethereum network incubated at Coinbase — saw its total value locked (or user deposits) within dapps surge to enter the top three chains by deposits.

The total value locked in the Layer 2 network Base stands at $1.7 billion, a 20% increase since the start of May, according to DeFiLlama data.

The Base mainnet became publicly available in early August 2023 and has since risen to become the third most valuable Layer 2 blockchain in terms of TVL, trailing Arbitrum, with $3.81 billion in value locked, and Blast, with $2.26 billion, data shows.

With this, it has surpassed deposits on OP Mainnet, which previously held the spot. It’s also become the largest chain on the Superchain — an ecosystem of Layer 2 rollups developed with the software package OP Stack.

Decentralized …