Coinbase-incubated Base Surpasses Solana to Become Ninth-Largest Blockchain
Base, an incubated project by Coinbase, has surpassed Solana to become the ninth-largest blockchain by total value locked (TVL). According to DeFiLlama data, DeFi protocols on Base have accumulated deposits totaling $370.50 million, while Solana’s deposits amount to $310.25 million.
Base Ranks Third Among Ethereum Layer-2 Protocols
Among Ethereum layer-2 protocols, Base currently stands as the third-largest network in terms of the value bridged across its network. It ranks behind only Arbitrum and Optimism, according to L2Beat.
Base is also the most active network compared to both Ethereum and rival layer-2 networks. It has a daily average transactions per second (TPS) of 15.15, while Ethereum and layer-2s lag behind at 11 TPS or lower, according to L2beat data.
Friend.tech Drives Activity on Base
The recent growth of Base can be attributed to heightened activity on Web3 social media platform Friend.tech and the addition of reputable DeFi applications to the blockchain. The launch of Aerodrome DEX and the expansion of popular Ethereum DeFi protocols such as Compound Finance, Uniswap, and Stargate have contributed to the spike in DeFi deposits on Base.
Friend.tech has played a significant role in driving deposits and activity on Base over the past two weeks. It currently holds the number two spot in terms of DeFi deposits and number one spot for activity and revenues on Base, according to DeFiLlama data.
Increased Transactions on Friend.tech
Friend.tech is a social media platform with tokenized accounts. The number of Friend.tech Keys purchased and sold has been increasing, reaching a new peak of 539,810 transactions on September 13. This surge in activity is fueled by airdrop speculation and the potential to earn governance tokens on the platform.
Additionally, Friend.tech enables sharing of trading fees as royalties for shareholders. Users who own Keys of accounts receive royalty fees every time a key is traded, which may be driving the purchases of Twitter accounts by account holders and speculators.
Hot Take: Base Emerges as a Promising Blockchain with Strong DeFi Activity
Base’s rise to become the ninth-largest blockchain and its strong DeFi activity showcase its potential as a promising network in the crypto space. With its high TPS, notable DeFi deposits, and active user base driven by platforms like Friend.tech, Base is establishing itself as a competitive player in the industry. The addition of popular Ethereum DeFi protocols further strengthens its appeal and opens up more opportunities for users. As Base continues to grow and attract more users and developers, it has the potential to become a significant player in the decentralized finance ecosystem.
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