Base's Astonishing Rise in TVL
Coinbase's layer 2 network, Base, has experienced an extraordinary surge in its total value locked (TVL), reaching approximately $397.32 million in just around a month and a half since its launch in August. This surge has catapulted Base ahead of the Solana network in terms of TVL, which currently stands at $358.96 million.
Base's Meteoric 97.21% Growth
The last 30 days have proven to be a significant period for Base, with data from DeFi Llama revealing a remarkable 97.21% increase in the network's TVL over this timeframe.
In contrast, Solana has experienced a 9.64% decrease in TVL during the same period.
Leading Projects Boost Base's TVL
Within Base's TVL, two native projects stand out as major contributors. Decentralized exchange (DEX) Aerodrome Finance takes the top spot with a TVL of $97.83 million. Following closely, decentralized social media (DeSo) app Friend.tech secures the second position with a TVL of $36.53 million.
Aerodrome Finance's Remarkable Growth
Aerodrome Finance, launched on August 28, offers users the ability to deposit liquidity to earn AERO tokens and boasts several other features. While it had a relatively slow start, Aerodrome's TVL experienced a dramatic surge on August 31, with a staggering $150 million flowing in on that single day. However, it has witnessed a decline of approximately 51% from its peak.
Friend.tech's Spectacular Comeback
Friend.tech, introduced on August 11, allows users to tokenize their social networks through the buying and selling of "Keys." Despite facing concerns of dwindling user activity and fees in late August, the platform made a remarkable comeback in September. According to DeFi Llama, Friend.tech's TVL has surged by an astonishing 540% over the past month, primarily driven by increased daily trading volume since September 9.
Base's Impact on the DeFi Landscape
Further down the list, Base's TVL is predominantly attributed to multi-network DeFi platforms such as Compound, Curve, and Uniswap.
Additionally, Base recently achieved an all-time high in daily transactions, hitting 1.88 million on September 14, as reported by Cointelegraph. This placed Base well ahead of rival chains like Optimism and Arbitrum, which combined for almost 880,000 transactions on the same day. While daily transactions have decreased to approximately 908,000 as of September 22, Base's transaction ATH remains unbroken.