Coinbase’s Base Platform Drives DeFi Growth
The decentralized finance (DeFi) market has seen significant activity in the past week, thanks to Coinbase’s Ethereum-based Layer-2 network, known as the Base platform. According to data from L2Beat, the Total Value Locked (TVL) in the Base network has increased by 25.23% in the last week, reaching $558 million. This growth has allowed it to surpass zkSync Era, which had a TVL of $435 million. The surge in TVL was primarily driven by the re-minting of native USDC on the network, resulting in a 470.55% increase to a total of 159 million USDC.
USDC Launch on Base Platform
Last month, Circle announced the launch of USDC stablecoin on Coinbase’s Base platform. This strategic move aimed to enhance the functionality of USDC by introducing it as a native token on additional blockchains. Previously, users had to rely on a bridged variant of USDC called “USDbC” for transactions on the Base network.
Base Emerges as a Strong Contender in DeFi
Base, developed collaboratively by Coinbase and Optimism, is an Ethereum Layer 2 solution that provides a secure and user-friendly environment for creating on-chain applications. It is compatible with all EVM wallets and the Coinbase wallet. Since its launch in August, Base has gained traction in the DeFi space. Coca-Cola even unveiled its ‘Masterpiece’ NFT collection on the Base platform. Furthermore, there are plans to launch a digital token on Base, further enhancing its utility in DeFi.
Hot Take: Coinbase’s Base Platform Boosts DeFi Market with Impressive Growth
Coinbase’s Base platform has made significant strides in the DeFi market, with a substantial increase in Total Value Locked (TVL) and the introduction of USDC as a native token. This growth showcases the platform’s potential to become a major player in the DeFi space. With support from industry giants like Coca-Cola and plans for launching a digital token, Base is positioning itself as a strong contender for decentralized finance solutions. As the DeFi market continues to evolve, it will be interesting to see how Coinbase’s Base platform contributes to its growth and innovation.
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