Coinbase’s Base Network Surpasses Solana in TVL
Coinbase’s layer-2 network, Base, has surpassed Solana in terms of total value locked (TVL). According to data from DefiLlama, Base’s TVL has reached $397.32 million since its launch in August, outpacing Solana’s TVL of $358.96 million.
Base has experienced significant growth over the past month, with a remarkable 97.21% increase in TVL. In contrast, Solana has seen a decline of 9.64% in its TVL during the same timeframe.
The majority of Base’s TVL comes from two projects. Aerodrome Finance holds the top spot with a TVL of $97.83 million, while Friend.tech ranks second with a TVL of $36.53 million.
Aerodrome Finance allows users to deposit liquidity to earn its native AERO tokens and offers other features. On the other hand, Friend.tech enables users to tokenize their social networks through the buying and selling of “Keys.”
Base’s TVL is predominantly contributed by multinetwork decentralized finance platforms such as Compound, Curve, and Uniswap.
Base has also achieved a new milestone this month, reaching a peak of 1.88 million daily transactions on September 14, surpassing rival chains like Optimism and Arbitrum.
Coinbase Pushes for Regulatory Clarity in the US
Coinbase has been actively pushing for positive changes in US legislation in the crypto sector. The exchange recently launched a media campaign urging people interested in crypto to contact their congressional representatives through its platform to emphasize the importance of regulatory clarity.
In addition, Coinbase established the Stand with Crypto Alliance, an independent nonprofit organization dedicated to mobilizing support for legislation that would create a regulatory framework for digital assets in the US.
Earlier this year, Coinbase filed a lawsuit against the SEC to compel the establishment of clear regulations for the cryptocurrency industry. However, the exchange has faced scrutiny and was sued by the SEC in June for allegedly operating as an unregistered securities exchange, broker, and clearing agency.
Hot Take: Coinbase’s Base Network Leads in TVL and Advocates for Regulatory Clarity
Coinbase’s layer-2 network, Base, has surpassed Solana in total value locked (TVL), reaching an impressive $397.32 million since its launch. This growth is driven by projects like Aerodrome Finance and Friend.tech.
Base has also achieved a milestone with its high daily transaction volume, surpassing rival chains like Optimism and Arbitrum.
Furthermore, Coinbase is actively advocating for regulatory clarity in the US crypto sector through initiatives like its media campaign and the Stand with Crypto Alliance. Despite facing scrutiny from the SEC, Coinbase continues to push for positive changes in legislation to benefit the crypto community.
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