Base, Coinbase’s layer 2 network, has experienced a significant increase in Total Value Locked (TVL), reaching approximately $397.32 million in just a month and a half since its launch in August. This surge has positioned Base ahead of Solana, with a current TVL of $358.96 million. In the last 30 days alone, Base’s TVL has grown by an impressive 97.21%, while Solana has seen a decrease of 9.64% in the same period. Notably, this growth has occurred despite a brief outage in September.
Key Blockchain Projects on Base
Aerodrome Finance and Friend.tech, two native projects built on the Base network, have played a crucial role in its rapid expansion. Aerodrome Finance, a decentralized exchange (DEX), currently holds a TVL of $97.83 million. The platform allows users to deposit liquidity and earn AERO tokens, and experienced a surge of $150 million in a single day on August 31. Friend.tech, a decentralized social media (DeSo) app, follows closely with a TVL of $36.53 million. The platform enables users to tokenize their social networks and has seen a remarkable growth of 540% in the past month.
Increase in Daily Transactions
Base has also achieved an all-time high in daily transactions, surpassing chains like Optimism and Arbitrum. On September 14, Base recorded 1.88 million transactions, while its competitors managed about 880,000 on the same day. Although daily transactions have slightly decreased to around 908,000 as of September 22, Base’s transaction ATH remains unbroken.
What is Base?
Base is a layer 2 network developed by Coinbase, designed to improve scalability and reduce transaction costs on the Ethereum blockchain. It aims to enable faster and more efficient decentralized applications (dApps) and enhance the overall user experience in the DeFi ecosystem.
What is Total Value Locked (TVL)?
Total Value Locked (TVL) refers to the amount of cryptocurrency locked in a specific smart contract or decentralized finance (DeFi) protocol. It represents the total value of assets held and used within the protocol, providing an indication of its popularity, adoption, and overall value creation.
What are decentralized exchanges (DEXs)?
Decentralized exchanges (DEXs) are platforms that facilitate peer-to-peer cryptocurrency trading without the need for an intermediary or central authority. DEXs allow users to trade cryptocurrencies directly with each other using smart contracts and decentralized protocols, offering greater privacy, security, and control over funds compared to traditional centralized exchanges.
What is a decentralized social media (DeSo) app?
A decentralized social media (DeSo) app adopts blockchain technology to create a more transparent and user-centric social media platform. DeSo apps aim to give users ownership and control over their data, enable direct peer-to-peer interactions, and incentivize content creation and curation through cryptocurrency rewards.