Base TVL and Network Growth: Comprehensive DeFi Statistics, Trends, and Monthly Activity Breakdown

The Base blockchain ecosystem has emerged as a notable participant in the world of decentralized finance (DeFi), offering users a fast, secure, and transparent platform for transactions, applications, and asset management. Understanding the health and growth of Base requires analyzing its Total Value Locked (TVL), transaction activity, fees, bridged deposits, and active user trends.

In this article, we provide a comprehensive overview of Base TVL statistics, monthly trends, and key network metrics. From the overall liquidity locked in the ecosystem to user engagement and transaction dynamics, this report offers insights into the network’s expansion, adoption patterns, and performance within the broader crypto and DeFi landscape.

Whether you are a crypto investor, DeFi enthusiast, or blockchain researcher, this analysis highlights the key metrics that define Base’s growth and its position among leading blockchain networks.

Base TVL statistics: latest trends in total value locked

The chart below visualizes the current state of value distribution within the Base ecosystem. These metrics reflect how capital is allocated across DeFi protocols, circulating stablecoins, and bridged assets held on the chain. Together, they offer a clear snapshot of Base’s liquidity structure and the composition of value secured within the network.

• Total Base TVL stands at $4.450 billion, representing the value held in smart contracts across Base-native and deployed DeFi protocols.
• Stablecoins circulating on Base amount to $4.868 billion, forming a significant portion of the network’s liquid capital.
• Bridged TVL reaches $14.581 billion, indicating that bridged assets account for the largest share of value currently held on Base.

Base TVL overview: key metrics and market positioning

This distribution shows a clear concentration of liquidity in bridged assets, which substantially exceeds both DeFi TVL and stablecoin capitalization. The prominence of bridged liquidity suggests strong cross-chain flows into Base and highlights the network’s role as a major destination for externally sourced capital within the broader multi-chain environment.

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After reviewing the broader liquidity landscape, we now turn to the evolving TVL trends within the Base ecosystem, one of the fastest-growing networks in the crypto market.

TVL trends in the Base ecosystem

The following chart tracks the weekly total value locked on the Base chain, highlighting key phases of expansion and consolidation across the network. This long-term dataset illustrates how capital inflows have shifted alongside the rising adoption of Base dApps and overall ecosystem maturity. By examining these trends, we can better understand how the Base crypto market has scaled over time.

• Base TVL surged from $0 in July 2023 to a peak of $5.348 billion on October 4, 2025, marking one of the strongest growth trajectories among L2 networks.
• The first major breakout phase occurred between March and April 2024, when TVL increased from $0.505 billion (March 2) to $1.490 billion (April 20): a 3x increase in just seven weeks.
• In late 2025, the network experienced volatility, dropping to $4.028 billion on November 22, before partially rebounding to $4.300 billion on November 29.

The Base network demonstrates a clear long-term upward trajectory driven by growing liquidity, rising dApp activity, and stronger ecosystem fundamentals. While periods of consolidation and pullbacks are visible, especially during mid-2024 and late-2025, the overall pattern remains strongly expansionary. The repeated recoveries after each decline indicate sustained user engagement and confidence in the Base ecosystem. As infrastructure matures and more Base dApps attract capital, the chain continues to reinforce its position as one of the leading L2 environments in the broader TVL crypto landscape.

Following the weekly perspective, we now examine the broader monthly trend to understand how Base’s liquidity has evolved on a more structural timescale.

Monthly average Base TVL trend

The chart below highlights the monthly average TVL locked on the Base network, offering a clearer view of long-term expansion across the TVL blockchain landscape. By aggregating data at the monthly level, the trend smooths out short-term volatility and reveals the network’s underlying adoption growth pattern.

• Base’s average TVL rose from $0.113 billion in August 2023 to $4.998 billion in October 2025, marking a 44x increase over 26 months.
• The strongest monthly surge occurred between March 2024 ($0.720 billion) and April 2024 ($1.403 billion), when TVL nearly doubled (+95%) in a single month.
• The ecosystem reached its highest monthly average in October 2025 at $4.998 billion, before a moderate pullback to $4.533 billion in November 2025.

Base TVL blockchain overview

The monthly data shows a clear and consistent upward long-term trend, demonstrating strong capital inflow and maturing activity across the Base ecosystem. Even with periodic corrections, such as the early-2025 downturn, the broader trend firmly supports sustained long-term growth. The ability to repeatedly set new highs places Base among the fastest-climbing networks in blockchain TVL metrics. Overall, the Base chain continues to strengthen its position within the global TVL ranking, reflecting robust developer activity, user adoption, and liquidity expansion.

With the monthly TVL levels established, we now examine how quickly the Base network has been expanding or contracting on a percentage basis.

Monthly Base TVL growth rate

The chart below visualizes the month-over-month percentage change in Base TVL, offering a clear perspective on the network’s growth dynamics over time. This metric highlights periods of rapid acceleration, short-term pullbacks, and the cyclical patterns that shape liquidity flows. By analyzing these fluctuations, we can identify the key phases when user activity and capital inflows surged or slowed.

• The strongest early expansion occurred in September 2023, when Base TVL jumped by +208.26%, marking its first major breakout month.
• The fastest growth phase happened between March and April 2024, with increases of +86.52% and +94.80%, nearly doubling TVL in back-to-back months.
• The sharpest contraction came in March 2025, when TVL dropped -12.54%, following a similar decline of -12.18% in February.

Base TVL monthly percentage changes

Overall, the monthly percentage data reveal a highly dynamic growth pattern characterized by strong early-stage acceleration followed by more moderate fluctuations as the ecosystem matured. The Base network benefited from multiple expansion waves, especially throughout 2024, indicating rising user engagement and liquidity inflows. Although occasional contractions occurred, particularly in early 2025, the broader trend shows resilience, with several rebound months that restored upward momentum. This volatility profile is typical for rapidly growing networks transitioning from early adoption to sustained ecosystem activity.

After examining overall TVL trends, we now focus on bridged deposits, the primary source of inbound liquidity flowing into the Base ecosystem.

Base bridged deposits: monthly liquidity inflows and outflows

The chart below illustrates monthly bridged deposits into the Base network, capturing how much capital users moved from other chains into Base over time. Bridged activity is a critical indicator of cross-chain demand, onboarding flows, and ecosystem expansion. By tracking these deposits, we can observe the major liquidity surges that supported Base’s rapid growth phases.

• Bridged deposits grew from $0.021 billion in July 2023 to a peak of $6.156 billion in January 2025, marking a nearly 300x increase over 18 months.
• The largest single-month jump occurred between November 2024 ($3.084 billion) and December 2024 ($5.358 billion), adding $2.27 billion in new liquidity.
• After peaking in early 2025, deposits declined to $3.596 billion by November 2025, representing a 41.6% drop from the January high.

Bridged deposit trends on Base

The monthly bridged deposit data shows a powerful upward trajectory during the first year and a half of the Base network’s expansion, driven by growing user activity and increasing cross-chain engagement. Massive inflows in late 2024 and early 2025 reflect heightened interest in Base as it matured and integrated more DeFi infrastructure. Although deposits experienced notable drawdowns afterward, the levels remained far above early-cycle figures, indicating that Base has retained a substantial portion of its cross-chain liquidity. Overall, bridged deposits played a central role in fueling Base’s rapid rise and continue to reflect strong long-term interest in the network.

With bridged deposits covered, we now turn to the fees generated on the Base network, a direct reflection of user activity and on-chain demand.

Base network fees

The chart below presents the monthly fees collected on the Base network, capturing how on-chain activity has evolved from its launch phase into full-scale ecosystem growth. Fees serve as a key indicator of blockchain usage, reflecting transaction volumes, network congestion, and overall economic throughput. By evaluating these monthly totals, we can identify periods of heightened user engagement and major adoption spikes.

• Base fees increased from $0.292 million in July 2023 to a cycle peak of $4.408 million in April 2024, representing more than a 15x increase in less than a year.
• A second large surge took place in December 2024, when fees rose to $3.039 million, up sharply from $1.784 million in November.
• Despite mid-2025 volatility, fee generation recovered to $2.009 million in November 2025, nearly doubling from the $1.105 million recorded in July.

Monthly fee generation on Base

The monthly fee data highlights multiple waves of strong user activity, reflecting the expanding role of Base as a high-throughput blockchain environment. The early spike in early 2024 coincided with the rapid adoption of the network’s DeFi and social applications, while the late-2024 rebound suggests renewed traction across the ecosystem. Although the network experienced several periods of reduced fee generation, the overall trend remains positive, with sustained activity levels far above the initial launch year. These patterns underscore Base’s transition from an emerging L2 to a mature, actively used network with stable economic throughput.

Following the analysis of fees, we now explore how user activity evolved on Base through monthly active user counts.

Base active users

The chart below highlights the number of monthly active users on the Base network, offering a clear view of how engagement expanded as the ecosystem matured. User activity is a critical signal of real adoption, reflecting the number of wallets interacting with applications, transferring assets, or participating in on-chain activity. By analyzing these trends, we can pinpoint the key moments when Base experienced significant growth waves and user influxes.

• Monthly active users surged from 0.074 million in July 2023 to a massive 23.35 million in October 2024, marking one of the fastest adoption accelerations among L2 networks.
• The all-time high occurred in June 2025, reaching 34.58 million active users, more than 7x the levels seen one year earlier.
• After peaking, user activity declined to 9.52 million in November 2025, representing a 72% drop from the June high but still far above early-cycle levels.

User activity on Base

The monthly active user data shows a strong growth trajectory, driven by expanding application ecosystems, rising on-chain activity, and periods of rapid user adoption. Major surges in late 2024 and mid-2025 highlight moments when Base became one of the most heavily used L2 networks. Although activity later contracted, the pullback followed unusually rapid growth and still left Base with a strong, engaged user base. Overall, the trend demonstrates that Base successfully scaled user participation to unprecedented levels for a young Layer-2 network.

Building on the previous analysis of Base’s ecosystem metrics, the following section examines how transaction activity has evolved.

Base network monthly transaction growth

The chart below illustrates the monthly transaction count on the Base network from mid-2023 through late 2025. This dataset captures both early adoption phases and periods of accelerated usage, offering a clear view of how on-chain activity has expanded over time. By tracking these shifts month by month, we can identify growth inflection points, seasonal fluctuations, and major ecosystem milestones.

• Base transactions grew from 0.258 million in June 2023 to 103.025 million in November 2025, marking a 399x increase.
• The strongest monthly jump occurred in January 2024, when transactions surged to 15.750 million, up from 2.100 million the previous month.
• The network reached its earlier peak in October 2024 with 39.875 million transactions, but later exceeded it dramatically in November 2025.

Evolution of monthly transaction counts on Base

Overall, Base’s transaction activity shows a long-term upward trend with periodic short-term corrections. The network experienced multiple breakout phases, particularly in early 2024 and mid-to-late 2025, signaling increasing user adoption and application growth. Despite occasional declines, transaction volumes consistently recovered to new highs, confirming strong underlying demand and expanding network utility.

Conclusions

• By late 2025, the Base ecosystem shows clear signs of structural maturity, with TVL, user activity, and transaction volumes stabilizing into more predictable patterns after an extended period of accelerated expansion. The early phase, defined by rapid capital inflows, explosive user growth, and sharp liquidity surges across DeFi applications, has transitioned into a stage where network performance, participation, and economic throughput are more consistently aligned.
• A key shift is visible in the evolving relationship between liquidity, user engagement, and cross-chain inflows. While early growth periods were driven by outsized bridged deposits and sudden spikes in dApp adoption, the later cycles show a more measured expansion, with recurring corrections followed by resilient recoveries. This dynamic indicates that the ecosystem is increasingly influenced not only by speculative capital but also by underlying infrastructure improvements, maturing application layers, and sustained developer activity.
• Despite Base’s significant operational scaling, volatility remains present across core metrics. Monthly TVL changes, fee fluctuations, and active user swings still display wide ranges, reflecting shifting market incentives, changing cross-chain liquidity preferences, and short-term demand cycles. However, compared with earlier stages, the network now absorbs these shocks more effectively, demonstrating stronger internal stability and greater depth of participation across its user base.
• Long-term data highlight Base’s evolution from a fast-growing, early-stage L2 into a robust and high-throughput environment where growth no longer depends solely on episodic surges in user activity or bridge flows. Instead, the ecosystem operates within increasingly steady ranges of liquidity, transactions, and applications, supported by rising institutional interest, diversified DeFi infrastructure, and expanding developer adoption.
• Looking ahead, Base’s trajectory will depend on its ability to sustain high throughput, attract long-term liquidity, and balance user and protocol incentives in an environment of growing L2 competition. If current patterns hold, Base is well-positioned to maintain strong network fundamentals, deepen its role within the multi-chain economy, and continue expanding as a leading settlement and execution layer within the broader DeFi landscape.

Sources

1. https://tokenterminal.com/explorer/projects/base. Accessed 28 November 2025.
2. https://defillama.com/chain/base. Accessed 28 November 2025.