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The total value locked (TVL) on Coinbase’s layer 2 network Base has risen to $397.32 million in approximately six weeks since its launch in August. This amount now positions Base ahead of the Solana network, which has a TVL of $358.96 million at the time of this report.
The last 30 days have been pivotal for Base, with data from DeFi Llama indicating that the network’s TVL surged by an impressive 97.21% over the past month.
In contrast, Solana’s TVL has seen a decline of 9.64% during the same period.
Top 10 chains in terms of TVL. Source: DeFi Llama
Two projects native to Base represent the largest portions of the TVL on the network.
The decentralized exchange (DEX) Aerodrome Finance leads with a TVL of $97.83 million, while the decentralized social media (DeSo) application Friend.tech holds the second position with a TVL of $36.53 million.
Aerodrome was introduced on Aug. 28 and allows users to provide liquidity to earn AERO tokens, among other functionalities. Although it struggled to attract a substantial amount of deposits in its initial days, Aerodrome’s TVL soared on Aug. 31, with $150 million entering the platform that day alone.
Its TVL peaked at $200 million on Sept. 2; however, the initial excitement seems to have diminished since then, with the TVL dropping by approximately 51% from its highest point.
Aerodrome TVL since launch. Source: DeFi Llama
Friend.tech was launched on Aug. 11, enabling users to tokenize their social networks through the buying and selling of “Keys.” Despite being labeled as “dead” in late August due to declining user engagement and fees, the platform experienced a significant resurgence in September.
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According to DeFi Llama, Friend.tech’s TVL increased by 540% over the past month, with most of this growth occurring after a surge that began on Sept. 9, coinciding with a revival in daily trading volume.
Further down the list, Base’s TVL is primarily attributed to multi-network DeFi platforms such as Compound, Curve, and Uniswap.
Friend.tech TVL since launch. Source: DeFi Llama
Base transaction ATH
Cointelegraph also reported earlier this month that Base achieved a new record for daily transactions, reaching 1.88 million on Sept. 14, based on data from BaseScan.
This figure placed it significantly ahead of competing chains like Optimism and Arbitrum on that day, which had a combined total of nearly 880,000.
Related: Coinbase sought FTX Europe acquisition after bankruptcy: Report
This all-time high remains unchanged for Base, with daily transactions falling to around 908,000 as of Sept. 22.
Base daily transactions. Source: Base Scan.
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