The total value locked on the layer-2 network of Coinbase, Base, has surged to a sum of $397.32 million since its launch in August. This figure now places the network ahead of the network of Solana, which has a TVL of around $358.96 million. The last 30 days have been quite significant for the company, with data provided by DeFiLlama showing that the TVL of the network had increased by around 97.21% over the last month.
In comparison, the TVL of Solana had gone down by 9.64% in the same period of time. Two of the project accounts, which are native to the network, have now accounted for the largest share of the TVL on the network. Aerodrome Finance, the decentralized exchange, has now taken the top spot with a TVL of around $97.83 million, while Friend.tech, the decentralized social media app, has ranked second with a TVL of $36.53 million.
Base Has Peaked Overall- Which Should Make Coinbase’s Clientele Elated
Aerodrome was launched on the 28th of August, which enabled the users to deposit the liquidity to earn native AERO tokens, among a bunch of other features. While it did fail pretty spectacularly to pull in significant deposits in the initial days, its TVL did skyrocket on the 31st of August, with a sum of $150 being piled up on that day alone. Its TVL also managed to reach a sum of $200 million on the 2nd of September, however, the initial hype that was around it appeared to have cooled down by then, with the TVL then decreasing roughly by 51% from the peak.
Cointelegraph had also reported in the early part of the month that Base had touched upon a new peak in terms of its daily transactions, where it hit 1.88 million on the 14th of September, according to new data from BaseScan. This figure puts it straight ahead of rival chains like Arbitrum and Optimism on the day, which had around 880,000 combined.