- ‘Base’ has proven itself to be increasingly prominent in the DeFi landscape, outperforming existing networks such as Solana.
- Base’s incredible growth has been driven by projects such as Aerodrome Finance and Friend.tech.
- Base also enjoyed an impressive increase in trading volume.
Base, Coinbase’s layer 2 network, has seen a surprising surge in Total Value Locked (TVL), reaching approximately $397.32 million in just a month and a half since its launch in August.
This huge rise has put Base ahead of Solana, which now has a TVL of $358.96 million. As seen by DeFiLlama, Base’s TVL has surged a whopping 97.21% over the past 30 days, while Solana’s TVL has decreased by 9.64% over the same period. Interestingly, this surge occurred even after Base was shut down in early September.
Screenshot from DefiLlama
Blockchain project started from Base
Within Base’s TVL, two foundational projects played a pivotal role. Leading the charge is decentralized exchange (DEX) Aerodrome Finance, which boasts a TVL of $97.83 million. In a similar vein, decentralized social media (DeSo) app Friend.tech took second place with TVL of $36.53 million.
Launched on August 28, Aerodrome Finance allows users to deposit liquidity and earn AERO tokens. TVL saw explosive growth on August 31, with $150 million in inflows in just one day. However, it has since declined by about 51% from its peak.
Friend.tech, launched on August 11, allows users to tokenize social networks through the exchange of “keys”. Despite initial concerns about user activity and fees in late August, the platform made a surprising comeback in September. DeFi Llama reports that Friend.tech’s TVL has surged 540% over the past month, largely due to an increase in daily trading volume since September 9.
Moving down the list, Base’s TVL is mainly due to multi-network DeFi platforms such as Compound, Curve, and Uniswap.
increase in daily transactions
Notably, Base recently reached an all-time high of 1.88 million daily transactions on September 14th. This achievement puts Base firmly ahead of rival chains such as Optimism and Arbitrum, which collectively managed approximately 880,000 transactions on the same day.
As of September 22nd, although daily trading volume has decreased to approximately 908,000, Base’s trading ATH has not been disrupted.