Base, the innovative Ethereum layer-2 network from Coinbase, has just revealed impressive metrics that underscore its growing prominence. With over $4 billion in total value locked and $12 billion in onchain assets, Base has emerged as a leader among Ethereum layer-2 networks. It has already processed 169 million payments initiated by autonomous AI agents, showcasing its role as a pivotal settlement layer for the evolving AI economy.
When evaluating the landscape, the $4 billion total value locked positions Base firmly within the upper echelon of layer-2 platforms. The $12 billion in onchain assets, which includes various tokens and stablecoins, reflects the extensive range of activities occurring on the network. The difference between the total value locked and total assets suggests that approximately $8 billion is on Base but not yet engaged in active protocols, highlighting potential for further growth.
The sharp rise in agentic payments began in the third quarter of 2025, marking a significant acceleration in transaction volume. The x402 protocol plays a crucial role in enabling these AI-driven microtransactions, making it feasible for agents to pay for essential resources seamlessly, often at costs that are mere fractions of a cent.
Why are stablecoins significant in this context? Base's low transaction costs facilitate microtransactions that would otherwise be infeasible on the Ethereum mainnet, where transaction fees can escalate to several dollars. AI agents require stable units of account for various operational needs, including payment for data access and computation.
Base benefits from strong support through direct onramps from one of the largest cryptocurrency exchanges globally, which accounts for its substantial onchain assets. Recent enhancements, such as the launch of Base Azul, aim to optimize trading experiences, particularly focusing on the use of autonomous agents for efficient trading and transactions.
As Base continues to thrive, it directly influences competitive dynamics within the Ethereum layer-2 ecosystem, especially putting pressure on existing networks like Arbitrum. The niche of agentic payments underscores a new form of demand for blockspace, with AI systems autonomously handling numerous small transactions.
It is essential to approach the reported metrics with caution, as they originate from Base's own channels and remain without independent verification. This presents a challenge in distinguishing between agentic and standard programmatic transactions, revealing a gray area in transaction classification. Additionally, the focus on stablecoins raises potential regulatory concerns, especially considering Base's ties to Coinbase and the scrutiny that may arise regarding their operations.