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The cryptocurrency landscape has undergone a significant shift recently. The total value locked (TVL) on Coinbase’s layer-2 network, Base, has surged dramatically. Within approximately six weeks of its launch in August, Base’s TVL reached $397.32 million. This milestone places Base ahead of the prominent Solana network, which currently holds a TVL of $358.96 million.
The past month proved pivotal for Base. Data from DeFi Llama indicates that the network’s TVL increased by 97.21% over the last 30 days. In contrast, Solana’s TVL declined, dropping by 9.64% during the same period.
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Two native Base projects dominate its TVL. Decentralized exchange Aerodrome Finance leads with a TVL of $97.83 million. Following closely is the decentralized social media platform Friend.tech, which reports a TVL of $36.53 million. Launched on August 28, Aerodrome allows users to deposit liquidity in exchange for AERO tokens and other features. Its TVL peaked at $200 million on September 2 but has since decreased by approximately 51% from that high.
Friend.tech, which launched on August 11, enables users to monetize their social connections by buying and selling “Keys.” After a brief downturn in late August, the platform rebounded in September. According to DeFi Llama, Friend.tech’s TVL surged by 540% over the past month, driven primarily by activity starting September 9 and a notable increase in daily trading volume.
Beyond these major projects, Base’s TVL is further supported by established multi-network DeFi platforms such as Compound, Curve, and Uniswap. Additionally, Cointelegraph recently highlighted Base’s significant achievement. On September 14, Base recorded an all-time high in transactions, processing 1.88 million transactions according to BaseScan data. This figure comfortably outpaced competitors Optimism and Arbitrum, which recorded nearly 880,000 transactions on the same day.
Base’s rapid ascent and consistent performance highlight its growing importance in the crypto ecosystem. At its current trajectory, Base is poised to become a major force in the industry.
