July 23, 2024
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Blockchain News

Coinbase’s Base Overtakes Solana in TVL, Bolstered by Aerodrome and Friend.tech

The crypto world has witnessed a significant shakeup in recent times. Significantly, the total value locked (TVL) on Coinbase’s layer two network, Base, experienced a dramatic surge. Within roughly six weeks since its inception in August, Base’s TVL skyrocketed to $397.32 million. Consequently, this places Base ahead of the acclaimed Solana network, which currently stands at a TVL of $358.96 million.

The last month proved pivotal for Base. Data from DeFi Llama reveals that the network’s TVL surged by an astonishing 97.21% over the past 30 days. However, in stark contrast, Solana’s TVL dwindled, witnessing a decrease of 9.64% over the same period.

Two trailblazing projects native to Base dominate its TVL. The decentralized exchange Aerodrome Finance is leading the charge, boasting a TVL of $97.83 million. On the heels of Aerodrome is the decentralized social media platform Friend.tech, with a commendable TVL of $36.53 million. Launched on August 28, Aerodrome facilitates users in depositing liquidity to obtain AERO tokens, among other features. Its TVL touched a zenith of $200 million on September 2. However, Aerodrome’s TVL has receded by around 51% since reaching this milestone.

Moreover, Friend.tech, which started on August 11, empowers users to monetize their social connections by acquiring and selling “Keys.” Despite facing a brief slump in late August, the platform experienced a resurgence in September. As reported by DeFi Llama, Friend.tech’s TVL soared by a whopping 540% over the past month, predominantly driven by a surge beginning September 9 and a notable uptick in daily trading volume.

Besides these giants, Base’s TVL is significantly supplemented by renowned multi-network DeFi platforms, including Compound, Curve, and Uniswap. Additionally, Cointelegraph recently highlighted Base’s monumental achievement. On September 14, Base recorded a transaction all-time high, registering 1.88 million transactions, according to BaseScan data. Hence, this figure comfortably surpassed its competitors, Optimism and Arbitrum, clocking almost 880,000 transactions on the same day.

In conclusion, Base’s meteoric rise and consistent performance underscore its growing significance in crypto. With its current trajectory, Base promises to be a force to be reckoned with soon.