Total Value Locked on Base Reaches $333 Million
The total value locked (TVL) on Base, an Ethereum layer 2 (L2) network developed by Coinbase, has surged to new heights. In the past 24 hours, the TVL has jumped nearly 76% to reach $346.39 million, up from $196.8 million a day ago. This increase has propelled Base into the top ten blockchains with the largest TVL, surpassing Solana. However, Ethereum still remains the dominant network in the decentralized finance space, with a TVL of approximately $22.1 billion.
Aerodrome Drives an Inflow of $170 Million to Base
The recent surge in Base’s TVL can be attributed to the launch of the decentralized exchange (DEX) platform Aerodrome on the network. Aerodrome, developed by the team behind Velodrome, rewards users who provide liquidity and participate in protocol governance with its native token, AERO. This has attracted over $170 million in value to the Base network, resulting in a significant 6,000% increase in the protocol’s TVL in just 24 hours.
Base’s Growth and Expansion
Since its public launch on August 9, 2023, Base has experienced remarkable growth. The network’s TVL has grown by more than 733%, positioning it as a major player in the DeFi space. Despite initial concerns related to rug pulls and protocol exploits, major cryptocurrency projects like PancakeSwap have joined the Base network. This expansion demonstrates the continued interest and adoption of the layer 2 solution.
Hot Take
Base’s surge in TVL, driven by the launch of Aerodrome and the influx of major projects, showcases the growing importance and potential of layer 2 solutions in the crypto industry. As more projects join the network and contribute to its ecosystem, Base has the opportunity to become a significant player in the decentralized finance space, offering scalability and lower transaction fees compared to the Ethereum mainnet.
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