Which L2s led TVL growth?

TLDR

Base led recent L2 TVL growth, with TVL up about 37.2% to $4.41 billion per a report this week. report

1. Base: strongest TVL growth, helped by Coinbase distribution. report
2. ethereum/">Optimism: TVL contracted sharply, falling to about $786 million. report
3. Mantle: modest gains stood out while peers struggled. analysis

Deep Dive

1. Base Leads

Base showed the strongest recent TVL growth among L2s, cited up about 37.2% to $4.41 billion, with distribution benefits from Coinbase called out as a core driver. report

• Multiple summaries this week repeated that Base led L2 TVL growth due to Coinbases funnel and ecosystem pull. analysis
• Broader context notes optimistic rollups like Base pulling ahead of ZK peers in aggregate TVL. industry view

2. Optimism Contraction

Optimisms TVL shrank materially in recent reporting, down roughly 63% to about $786 million, as capital rotated toward competitors. report

• The same coverage framed this as a share shift within Ethereum L2s rather than a market-wide TVL decline. analysis
• In parallel, ZK L2s were noted as lagging in aggregate TVL despite technical progress. industry view

3. Mantle Modest Gain

Mantle was repeatedly cited as a relative bright spot, showing a modest gain while many L2 tokens and ecosystems saw declines or stagnation. analysis

• Reporting suggests this resilience may be linked more to supply dynamics than broad fundamental outperformance, so durability remains to be proven. analysis

Conclusion

This weeks coverage points to Base as the clear L2 TVL growth leader, while Optimism contracted and Mantle held up comparatively well. The driver is rotation within the L2 stack toward ecosystems with strong distribution and active apps, not uniform sector growth. Watching incentives, on-ramps, and app pipelines will matter more than headlines in gauging which L2s sustain TVL leadership next.