The amount of ETH held in the bridge smart contract of Base, the fast-growing Layer 2 blockchain launched by Coinbase, has reached its highest level. Base’s bridge contract has increased by 94,728 ETH over the last 30 days to approximately 623,130 ETH. This represents a record high for smart contract 0x490 and makes Base the eighth-largest asset holder of ETH.
Increase in ETH Reserves
The total amount of ETH in Base’s bridge contract reached 623,130 ETH, an increase of 12% in the last 30 days. This increase contributed to Base’s overall ETH reserves increasing by 679% over the past year to 2.91 million ETH. According to data from blockchain explorer Etherscan, Base is the platform with the second most ETH among Layer 2 solutions, after only Arbitrum.
Coinbase’s reliability and weight within the industry plays a major role behind this increase in Base’s ETH reserves. Paul Vaden from Lyra Foundation said, “Coinbase is an organization that has power in the industry and is trusted by everyone. “The belief that Base will succeed depends largely on Coinbase’s support,” he said.
Optimism’s Superchain Integration
Base also gained a significant advantage thanks to Optimism’s inclusion in the Superchain ecosystem created using OP Stack. “Base’s presence in Superchain provided great added value,” said Vaden. This integration includes Base’s Ethereum 
$2,622 It enables a deeper connection with its ecosystem.
Reasons for transferring ETH to Base include low transaction fees, returns from decentralized finance (DeFi) protocols, and potential airdrops. Base’s average daily transaction fee is below $0.01, which makes it an attractive option for users.
DeFi platforms Aerodrome and Moonwell have a significant share in Base’s total locked value (TVL) increase. While Aerodrome offers high returns to users who provide liquidity to different trading pools, Moonwell also recorded significant growth, increasing its TVL by 43%.
This increase in Base’s ETH reserves is considered an indication that the adoption rate and liquidity of the platform has increased. Users locking their ETH on Base allows the ecosystem to grow and more financial activities to occur.
“Coinbase is an organization that has power in the industry and is trusted by everyone. Confidence that Base will succeed depends largely on Coinbase’s support,” – Paul Vaden, Lyra Foundation
Base’s strong position in the Ethereum ecosystem, combined with support from Coinbase and Optimism, is accelerating the growth of the platform. The increase in ETH reserves reflects users’ trust in Base and the advantages the platform offers. In the future, Base is expected to attract more users and play an important role in the Ethereum ecosystem.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
