The Total Value Locked in Coinbase’s Ethereum Layer-2 Solution Hits a Record High
The total value locked (TVL) in Base, Coinbase’s Ethereum (ETH) layer-2 scaling solution, has reached a new all-time high of nearly $750 million. According to data from layer-2 blockchain tracker L2Beat, the TVL of Base currently stands at $742 million, a significant increase from just $2.19 million in July.
TVL and Top Assets
TVL refers to the amount of capital deposited within a protocol’s smart contracts and is used to assess the health of a crypto ecosystem. The top five digital assets with the most TVL over Base include ETH, stablecoins USDC and DAI, Rocket Pool ETH (rETH), and Wrapped Lido Staked Ethereum (wstETH).
Other Notable Assets
Other notable virtual currencies on the list include SushiSwap (SUSHI), Curve Finance (CRV), and Yearn Finance (YFI). These platforms are decentralized exchange (DEX) platforms, decentralized finance (DeFi) protocols, and crypto lending protocols.
About Base
Base, developed in collaboration with Optimism, is a layer-2 scaling solution that was made available to developers in July and the wider public in August. Currently, Base has no plans to issue its own native asset. Data from Dune Analytics also shows that the number of Base users has steadily increased since its public launch, with 3.16 million users on the platform today.
Hot Take: A New Milestone for Coinbase’s Layer-2 Solution
Coinbase’s Ethereum layer-2 scaling solution, Base, has achieved a significant milestone with its total value locked (TVL) reaching a new all-time high of $742 million. This exponential rise demonstrates the growing adoption and interest in Base as a layer-2 scaling solution. With top assets like ETH, USDC, and DAI contributing to the TVL, Base has established itself as a reliable and secure platform for users to deposit their capital. Additionally, the increasing number of Base users indicates a positive trend in the platform’s popularity and usage. As Base continues to evolve and attract more users, it is poised to play a significant role in Ethereum’s scaling efforts.
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