Coinbase's Layer-2 Solution Gains Traction, Surpassing Solana ($SOL) in Total Value Locked

Base Protocol Surpasses Solana in Total Value Locked

Base, Coinbase’s layer-2 blockchain, has surpassed Solana in terms of total value locked (TVL), according to data from DeFiLlama. Base currently has a TVL of approximately $370 million, while Solana has around $310 million locked. This positions Base above competitors like Crypto.com’s Cronos, Kava, Pulsechain, and Cardano.

The Largest Projects on Base

The decentralized exchange Aerodome is the largest project on Base by TVL, with $110 million worth of digital assets locked on its smart contracts. Following closely behind are the popular social platform friend.tech and the cross-chain platform Stargate, with $35 million and $23 million respectively. Lending protocol Compound takes fourth place with $22 million in TVL.

Bridging Assets to Base

Data from Dune Analytics shows that a total of $426.81 million has been bridged to Base, with ether (ETH) accounting for the majority at 143,467 ETH equating to $232 million. Additionally, around 115,993,548 USDC stablecoins have been moved to Base, constituting 27.2% of the assets. Notable cryptocurrencies like DAI and CRV have also been bridged.

Comparing Base to Other Networks

While Base’s TVL is significant, it still lags behind other major networks. For example, Polygon (MATIC) has $780 million in TVL. Ethereum remains the leading blockchain with over $21.1 billion worth of assets locked on its smart contracts. TRON follows with $6.6 billion in TVL, and BNB Chain has $2.86 billion.

Hot Take: Base Protocol Emerges as a Strong Competitor

Base Protocol’s recent achievement of surpassing Solana in TVL highlights its emergence as a strong competitor in the decentralized finance space. With a diverse range of projects and significant bridged assets, Base is attracting attention and gaining traction among users. While it still has ground to cover compared to other major networks, Base’s growth and potential cannot be ignored. As the crypto industry continues to evolve, Base Protocol’s position in the market is one to watch.