Coinbase's Layer-2 Network 'Base' Surpasses Solana in Total Value Locked (TVL) with $397.32 Million
Coinbase's Base Network's total value locked surpasses Solana since its August debut.
Sun, 24 Sep 2023, 23:05 pm UTC
Coinbase's Base, a layer-2 network, has seen its total value locked (TVL) spike to $397.32 million, outpacing the Solana network's $358.96 million, since its inception in August.
Recent data from DefiLlama highlights that Base's TVL underwent a robust 97.20% growth in just the last 30 days. In contrast, the TVL of Solana experienced a drop of 9.59% during the same period.
Two projects native to Base dominate the TVL on the platform. The decentralized exchange, Aerodrome Finance, claims the lion's share with a TVL of $97.83 million. Meanwhile, the decentralized social media application, Friend.tech, follows closely behind, boasting a TVL of $36.53 million.
Aerodrome Finance, which made its debut on August 28, provides an avenue for users to deposit liquidity, earning its intrinsic AERO tokens among other functionalities. After a subdued response during its initial days, Aerodrome's TVL soared on August 31, amassing $150 million in just a single day. Its peak reached $200 million by September 2, but it's observed a decrease, losing about 51% from its pinnacle. On the other hand, Friend.tech, launched on August 11, provides a unique feature for users to monetize their social circles by facilitating the purchase and sale of "Keys". Even though it faced a slump in user activity and fees in late August, it witnessed a significant upswing in September.
DefiLlama's insights indicate that Friend.tech's TVL shot up by 540% over the last month. This growth spurt was predominantly triggered post-September 9, coinciding with an uptick in daily trading activity.
Broadening the lens, a substantial portion of Base's TVL can be attributed to cross-network decentralized finance platforms, notable names being Compound, Curve, and Uniswap. With its present trajectory, Base maintains its record highs. However, as of September 22, the daily transaction count on the platform has dwindled to approximately 908,000.
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