With the decentralized finance (DeFi) landscape continuously evolving, Base, Coinbase’s layer-2 network, has surged ahead, marking a notable achievement in its TVL, leaving even established players like Solana trailing.
Base’s Dramatic Rise in Total Value Locked
Since its inception in August, Base has seen its TVL catapult to a commendable $397.32 million. This growth trajectory puts it firmly ahead of the Solana network, currently sitting with a TVL of $358.96 million.
Over the past month, Base has witnessed a remarkable TVL growth of 97.21%, as reported by DefiLlama. In stark contrast, Solana’s TVL has shrunk by 9.64% during the same period.
Spotlight on Base-Native Projects
Two native projects under Base have significantly influenced its TVL surge.
Firstly, decentralized exchange Aerodrome Finance, with a TVL of $97.83 million, emerged as a standout after its August 28 launch. After initial tepidity, a whopping $150 million flowed into Aerodrome on August 31 alone. Though the TVL peaked at $200 million on September 2, it has since retracted, marking a 51% decline from its pinnacle.
On the other hand, Friend.tech, a decentralized social media venture, launched on August 11, has made a mark with its $36.53 million TVL. After a perceived slowdown, the platform made a comeback in September, showcasing its resilience and potential.
Base Transaction Records: A New Benchmark
Earlier this month, Base recorded a high in daily transactions, clocking 1.88 million as per BaseScan data. This achievement places Base ahead of competing chains like Optimism and Arbitrum combined, which registered nearly 880,000 transactions.
What Does This Mean for the DeFi Landscape?
Base’s ascent reiterates the dynamic nature of the DeFi sector. The rapid accumulation in TVL, especially in such a short span, highlights how innovations and user adoption can shift the DeFi paradigm.
Solana, though a seasoned player, now faces competition from emerging entities like Base. The latter’s growth trajectory serves as a testament to the potential of Layer 2 solutions in the blockchain arena.
A New Horizon in Decentralized Finance
Base’s meteoric rise in TVL, surpassing even Solana’s numbers, underscores the ever-fluid DeFi realm. Such developments reiterate that innovation and user engagement can significantly alter the industry landscape within weeks. As DeFi continues its evolution, the competition and growth among networks will undoubtedly be a spectacle to watch.
