Coinbase’s Layer 2 network, Base, has outpaced the well-established Solana network in terms of Total Value Locked (TVL). The TVL on Base has skyrocketed to a staggering $370.29 million in just over a month and a half since its launch in August, effectively leaving Solana behind with its $310.43 million TVL at the time of writing, according to DefiLLama.
The last 30 days have witnessed an unprecedented surge for Base, as data from DeFi Llama reveals an astonishing 97.21% increase in the network’s TVL over this period. In stark contrast, Solana’s TVL has faced a 9.64% decrease during the same timeframe.
Source: DefiLLama
At the forefront of this remarkable growth story are two native projects on the Base network, namely the decentralized exchange (DEX) Aerodrome Finance and the decentralized social media (DeSo) application Friend.tech.
Aerodrome Finance, which launched on August 28, has taken the lead with an impressive TVL of $97.83 million. This DEX offers users the opportunity to deposit liquidity and earn AERO tokens, among other features. While Aerodrome initially struggled to attract significant deposits in its first days, the project’s TVL witnessed an astonishing surge on August 31, with an astonishing $150 million inflow on that single day alone.
On September 2, Aerodrome’s TVL reached an all-time high of $200 million. However, the initial fervor surrounding the project seems to have subsided since then, with the TVL declining by approximately 51% from its peak.
Securing the second position in the Base network’s TVL ranking, Friend.tech boasts an impressive TVL of $36.53 million. The platform, offering a decentralized take on social media, has garnered considerable attention and investment within the Base ecosystem.
The meteoric rise of Base and its native projects like Aerodrome Finance and Friend.tech underscores the dynamic and rapidly evolving nature of the DeFi landscape. This latest development also emphasizes the importance of Layer 2 solutions in the blockchain space, as they continue to attract liquidity and user engagement.
While Solana remains a prominent player in the blockchain ecosystem, Base’s recent surge in TVL signifies its potential to challenge the status quo and become a formidable contender in the DeFi arena. As the crypto world continues to evolve, it will be fascinating to see how these networks and projects develop and compete in the months and years to come.
In conclusion, Base’s rapid ascent in TVL, eclipsing Solana’s figures, showcases the ever-changing nature of the DeFi industry, where innovation and user adoption can significantly alter the landscape in a matter of weeks. Investors and enthusiasts alike are now keeping a close watch on Base and its native projects, anticipating further developments in this fascinating journey of decentralized finance.
Source: https://azcoinnews.com/base-network-surpasses-solana-in-total-value-locked-tvl-in-just-over-a-month.html
