Base on the Rise
In just over a month since its launch in August, the total value locked (TVL) on Coinbase's layer 2 network Base has soared to $397.32 million. This surpasses the TVL of the Solana network, which currently stands at $358.96 million.
Impressive Growth
Over the past 30 days, Base has experienced remarkable growth, with its TVL increasing by 97.21%. In contrast, Solana's TVL has decreased by 9.64% during the same period.
According to DeFi Llama, two projects native to Base hold the largest shares of the network's TVL. Aerodrome Finance, a decentralized exchange (DEX), takes the top spot with a TVL of $97.83 million. On the other hand, decentralized social media app Friend.tech ranks second with a TVL of $36.53 million.
Aerodrome Finance's Journey
Aerodrome Finance launched on Aug. 28 and offers users the ability to deposit liquidity in order to earn AERO tokens, among other features. Although it initially struggled to attract deposits, on Aug. 31 alone, $150 million poured into Aerodrome, propelling its TVL to as high as $200 million on Sept. 2. However, the hype has since cooled, with the TVL decreasing by approximately 51% from its peak.
The Surge of Friend.tech
Friend.tech, which launched on Aug. 11, allows users to tokenize their social networks by buying and selling "Keys." Although the platform was deemed "dead" in late August due to declining user activity and fees, it has experienced a significant surge in September. According to DeFi Llama, Friend.tech's TVL has increased by a staggering 540% over the past month, largely driven by a pump that began on Sept. 9 alongside a resurgence in daily trading volume.
Base's Dominance
Base's TVL is primarily composed of multi-network DeFi platforms such as Compound, Curve, and Uniswap.
Record-Breaking Transactions
Base also achieved a new peak in daily transactions, reaching 1.88 million on Sept. 14, surpassing rival chains like Optimism and Arbitrum, which combined had almost 880,000 transactions on the same day. As of Sept. 22, daily transactions have decreased to around 908,000.
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