The Total Value Locked on Base Layer-2 Network Exceeds $400 Million
The total value locked (TVL) on the Base layer-2 network has recently reached over $400 million since the launch of the Aerodrome decentralized exchange. This marks a significant increase of more than 56% in the past week, according to DefiLlama.
- The TVL of Base, a layer 2 Ethereum network developed at Coinbase, has surged to $405.66 million.
- Aerodrome, a new trading and liquidity marketplace, has been the primary driver behind this increase.
- Aerodrome had a slow start but saw a rapid growth in deposits, reaching over $170 million in just 24 hours.
- Aerodrome now accounts for nearly half of the TVL on the Base chain, with a TVL of $189.6 million.
- Base has jumped ahead of zkSync Era to become the third-ranked L2 network in terms of TVL.
Aerodrome: A Thriving Ecosystem Native DEX
Aerodrome is a fork of Velodrome Finance, the largest DEX on Optimism in terms of revenue and TVL. Despite facing initial criticism and issues with its code and token incentives, Aerodrome has successfully fixed the flaws of its predecessor, Solidly. The Velodrome development team sees Aerodrome’s recent surge as a validation of their belief in the potential for ecosystem native DEXs to thrive.
Interestingly, Velodrome currently has a TVL of $163.36 million, which is lower than Aerodrome. However, due to its longevity, Velodrome has a much higher annualized revenue at $36.67 million compared to Aerodrome’s $2.6 million.
In conclusion, the introduction of Aerodrome has significantly boosted the TVL on the Base layer-2 network, positioning it as one of the top L2 networks in the crypto space. This success further validates the potential of ecosystem native DEXs, paving the way for the future of decentralized finance.
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