- Base’s TVL surpasses Solana with a 97.21% increase in the past month.
- Top projects, Aerodrome Finance and Friend.tech, drive Base’s TVL.
- Base sets a new record with 1.88 million daily transactions on September 14.
According to data from DeFi Llama, Solana’s Total Value Locked (TVL) has declined by 9.64% over the past month, resting at $358.96 million. In contrast, Base’s TVL has experienced a significant surge, reaching $397.32 million.
In just about a month and a half since its launch in August, Coinbase’s Layer 2 network, Base, has witnessed a remarkable increase in its TVL, now surpassing that of the Solana network, which stands at $358.96 million at the time of this report.
The last 30 days have been exceptionally positive for Base, with DeFi Llama data indicating an astonishing 97.21% increase in its TVL during this period.
In contrast, Solana’s TVL has shrunk by 9.64% over the same timeframe.
- Two projects native to Base contribute the most significant portions to the network’s TVL:
- The decentralized exchange (DEX) Aerodrome Finance takes the lead with a TVL of $97.83 million.
The decentralized social media (DeSo) app Friend.tech holds the second position with a TVL of $36.53 million.
Aerodrome Finance was introduced on August 28, offering users the opportunity to deposit liquidity and earn AERO tokens, among other features. Despite a slow start, Aerodrome’s TVL skyrocketed on August 31, with a whopping $150 million pouring in on that day alone. However, its TVL has since decreased by approximately 51% from its peak on September 2.
Friend.tech launched on August 11, allowing users to tokenize their social networks by buying and selling “Keys.” Despite facing concerns of dwindling user activity and fees, the platform experienced a remarkable surge in September. According to DeFi Llama, Friend.tech’s TVL increased by an impressive 540% over the past month, primarily driven by a surge that began on September 9, accompanied by a resurgence in daily trading volume.
Further down the list, Base’s TVL is mainly composed of multi-network DeFi platforms such as Compound, Curve, and Uniswap.
Base Achieves All-Time High in Daily Transactions
Earlier this month, Cointelegraph reported that Base reached a new peak in terms of daily transactions, recording 1.88 million on September 14, as per data from BaseScan. This figure positioned Base well ahead of competing chains like Optimism and Arbitrum, which had a combined total of almost 880,000 transactions on that day.
Base’s all-time high in daily transactions still stands, with daily transaction numbers currently hovering around 908,000 as of September 22.”
Disclaimer: The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.