Coinbase’s layer-2 network Base has witnessed a remarkable surge in its Total Value Locked (TVL), soaring to $397.32 million since its launch in August.
This accomplishment now places Base ahead of the Solana network, which has a TVL of $358.96 million as of the current date.
The past month has proven to be a game-changer for Base, as data from DefiLlama indicates a staggering 97.21% increase in the network’s TVL over this period.
In stark contrast, Solana has experienced a decline of 9.64% in its TVL during the same timeframe.
Within the Base ecosystem, two native projects stand out as the dominant contributors to its TVL.
The decentralized exchange Aerodrome Finance leads the pack with an impressive TVL of $97.83 million. Following closely behind is the decentralized social media app Friend.tech, boasting a TVL of $36.53 million.
Aerodrome Finance was launched on August 28, allowing users to deposit liquidity and earn its native AERO tokens, among other features.
While it initially struggled to attract significant deposits, Aerodrome’s TVL skyrocketed on August 31, with a staggering $150 million pouring in on that day alone.
However, it has since experienced a cooling-off period, with the TVL decreasing by approximately 51% from its peak.
Friend.tech made its debut on August 11, offering a platform for users to tokenize their social networks through the buying and selling of “Keys.”
Despite facing challenges and being declared “dead” in late August due to declining user activity and fees, the platform saw a remarkable resurgence in September.
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DefiLlama reported a 540% increase in Friend.tech’s TVL over the past month, primarily driven by a pump that began on September 9, coinciding with a resurgence in daily trading volume.
Further down the list, Base’s TVL is mainly attributed to multi-network decentralized finance platforms such as Compound, Curve, and Uniswap.
Additionally, Base achieved a new peak in daily transactions, reaching 1.88 million on September 14, according to data from BaseScan.
This accomplishment positioned it well ahead of competing chains like Optimism and Arbitrum, which collectively recorded nearly 880,000 transactions on the same day.
While daily transactions have dipped to approximately 908,000 as of September 22, Base’s all-time high remains unscathed.
In summary, Coinbase’s Base network has experienced a meteoric rise in TVL, surpassing Solana in a short span.
This growth can be attributed to the success of native projects like Aerodrome Finance and Friend.tech, as well as a surge in daily transactions, solidifying Base’s position in the rapidly evolving world of blockchain and decentralized finance.
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