Coinbase’s Base Surpasses Solana in Total Value Locked, Reaching $397.32 Million Just Months After Launch
Summary:
In about a month and a half after its launch, Coinbase's layer 2 network, Base, saw its total value locked (TVL) rise sharply to $397.32 million, surpassing the Solana network. This surge was largely fueled by the native projects, Aerodrome Finance and Friend.tech. Despite a recent dip in the number of daily transactions, Base maintains its record peak of 1.88 million transactions.
Base, the layer 2 network launched by Coinbase, has seen its total value locked (TVL) skyrocket to $397.32 million, approximately a month and a half after its introduction in August. This achievement places Base ahead of the Solana network, which currently has a TVL of $358.96 million. In the last 30 days, there has been a significant 97.21% increase in the Base's TVL as shown by data from DeFi Llama. In contrast, Solana’s TVL plunged by 9.64% within the same period.
The majority of the TVL in Base comes from two native projects. A decentralized exchange, Aerodrome Finance, tops the list with a $97.83 million TVL while decentralized social media platform Friend.tech follows with a $36.53 million TVL. Brought to market on August 28, Aerodrome lets users contribute liquidity to earn AERO tokens, among other features, and saw its TVL soar to $150 million on August 31. Its highest ever amount was $200 million on September 2. Following that, the hype seemed to simmer down with a decrease of roughly 51% from the peak.
Friend.tech, launched on August 11, allows users to monetize their social networks by trading "Keys." Despite slowing user activity and falling fees leading to predictions of its demise in late August, the platform revitalized in September. According to DeFi Llama, Friend.tech saw a 540% increase in TVL over the past month, largely due to a surge that started on September 9 paired with a rise in daily trading volume.
Base’s TVL list features multi-network DeFi platforms like Compound, Curve, and Uniswap. Earlier in September, Base announced a peak in daily transactions of 1.88 million as per data from BaseScan. This placed it well ahead of competing chains like Optimism and Arbitrum, which together amassed almost 880,000 transactions. Despite a decrease to about 908,000 daily transactions by September 22, the all-time high remains unbroken for Base.
Published At
9/23/2023 2:26:49 AM
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