Coinbase’s Base Layer 2 Scaling Solution Surpasses Solana in TVL
Coinbase’s Base layer 2 scaling solution has experienced a significant surge in popularity since its launch, with its total value locked (TVL) reaching nearly $400 million in just six weeks. This growth has allowed Base to overtake the Solana blockchain in terms of TVL. Developed in collaboration with Optimism, Base operates as a layer 2 network on Ethereum and offers a secure, cost-effective, and developer-friendly way to build on-chain. Despite some initial glitches before its public launch, Base quickly rectified the issues and continued its upward trajectory.
Base’s Growth and Overtaking Solana
Base’s TVL has seen an impressive increase of +111% over the past month, now sitting at over $370.29 million, according to DefiLlama. Last week, it surpassed Solana in terms of transaction volume and has now moved ahead of it in TVL. Solana experienced a 12.22% drop in TVL to $310 million within the last month. Additionally, Base’s TVL now surpasses other popular chains like Cronos, Bitcoin, and Cardano.
Rapid Growth Within 6 Weeks
Aerodrome, a decentralized exchange, deposited $190 million on the Base network after its launch, fueling the initial growth. The popularity of Friend.tech, a decentralized social app native to Base with a current TVL of $38.6 million, also contributed to Base’s success. Other projects such as Stargate, Curve DEX, and Compound V3 have significant stakes in Base’s TVL as well.
While Ethereum remains the leader in TVL, Base’s rapid growth suggests it could surpass $500 million in TVL in the coming weeks, solidifying its position as a leading layer 2 scaling network.
Impressive Transaction Volume and Future Potential
BaseScan reported that Base reached a new high of 1.88 million daily transactions on September 14. To date, the layer 2 network has processed over 40.31 million transactions. The next few months will be crucial in determining whether Base can sustain its momentum and gain mainstream traction.
Hot Take: Base Emerges as a Promising Layer 2 Scaling Network
With its meteoric rise in popularity and impressive TVL growth, Coinbase’s Base layer 2 scaling solution has positioned itself as a strong contender in the crypto market. Overtaking Solana and gaining traction among various projects, Base showcases its potential to become a leading player in the industry. As it continues to attract users and process a substantial number of transactions, it is likely to solidify its position and potentially surpass even higher milestones in the near future.
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