The Growth of the Layer Two Base Chain
The L2 blockchain developed by Coinbase has experienced significant growth and is now the ninth-largest blockchain in terms of Total Value Locked (TVL) by network. According to defillama.com, Base’s TVL stands at $370.29 million, surpassing Solana’s TVL of $310.43 million.
Base has also surpassed other chains such as Cronos, Kava, Defichain, Bitcoin, Fusion, Pulsechain, and Cardano in terms of TVL size. It currently represents around 0.96% of the $38.14 billion TVL in the decentralized finance (defi) ecosystem.
Data from Dune Analytics reveals that since its launch, Base has bridged a total value of $426.81 million, with 143,467 ether accounting for 54.4% of that value. Additionally, approximately 115,993,548 USDC stablecoins have been bridged to Base.
Other cryptocurrencies bridged to Base include DAI, CRVUSD, THALES, and CRV. The Base L2 chain hosts 123 protocols and has attracted 61,319 active users. The decentralized exchange Aerodrome holds the highest total value locked on Base at $114.2 million.
Notable Protocols and NFT Activity on Base
Friend.tech follows with a total value locked of $35.08 million on Base, while Stargate operates on 10 other unique blockchains and holds $24.6 million in value locked. Curve Finance, another protocol on Base, reports a TVL of approximately $24.6 million as of Sept. 21.
In the realm of non-fungible tokens (NFTs), 177,717 Base users have minted a total of 58,970,276 NFTs to date. According to Dappradar metrics, dapp volumes on Base have settled $2.33 billion in value since the L2’s inception.
Hot Take: The Rise of Base as a Prominent L2 Blockchain
The Layer Two Base Chain developed by Coinbase has emerged as one of the leading L2 blockchains in terms of Total Value Locked (TVL). With its impressive TVL and a growing number of active users, Base is surpassing other prominent chains like Solana and attracting significant bridged value from various cryptocurrencies.
Moreover, the presence of notable protocols and a thriving NFT ecosystem on Base further solidify its position in the crypto space. As more users engage with the platform and explore its decentralized finance offerings, Base is expected to continue its growth trajectory and make a lasting impact on the industry.
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