• Base’s TVL is now at ~$4.5 billion as of its second anniversary.  • Base has crossed 299 million total transactions.  • It’s gaining strong adoption in AI-focused protocols, with over $2B TVL in AI dApps.  • Base’s strategy is “usage-first”: rather than focusing purely on locked capital, they emphasize daily active users and real on-chain activity.  • There’s a governance debate emerging: how to sustain Base’s growth and align incentives long-term.