Base Surpasses Solana in Total Value Locked, Nearing $400 Million
In a remarkable development, the total value locked (TVL) on Coinbase's layer 2 network, Base, has surged to a staggering $397.32 million in just over a month since its launch in August. This achievement has propelled Base ahead of the Solana network in terms of TVL, with Solana currently holding $358.96 million.
The past 30 days have been particularly significant for Base, as data from DeFi Llama reveals a staggering 97.21% increase in TVL during this period. In contrast, Solana's TVL has experienced a decline of 9.64% over the same timeframe.
Two projects native to Base contribute significantly to the network's TVL:
1. Aerodrome Finance: This decentralized exchange (DEX) is the leader in TVL on Base, with a total of $97.83 million locked. Launched on August 28, Aerodrome Finance offers users the opportunity to deposit liquidity and earn AERO tokens, among other features. It gained significant traction, with $150 million deposited in a single day on August 31, although TVL has since decreased by approximately 51% from its peak.
2. Friend.tech: This decentralized social media (DeSo) app, which allows users to tokenize their social networks through the buying and selling of "Keys," is the second-largest contributor to TVL on Base, with $36.53 million locked. Despite experiencing a decline in user activity and fees, Friend.tech witnessed a remarkable surge in September, with its TVL increasing by an impressive 540% over the past month.
Looking further down the list, Base's TVL is predominantly attributed to multi-network DeFi platforms like Compound, Curve, and Uniswap.
Base's performance isn't limited to TVL alone; it has also set a new record for daily transactions, reaching 1.88 million on September 14, according to data from BaseScan. This achievement positions Base ahead of rival chains like Optimism and Arbitrum, which collectively recorded nearly 880,000 transactions on the same day.
As Base continues to make strides in TVL and transaction volume, it showcases its potential to become a significant player in the blockchain and DeFi space.