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- With this increase, it has surpassed the $435 million valuation of zkSync Era.
- The Base platform is rapidly becoming a formidable rival in the DeFi industry.
The decentralized finance (DeFi) market has been very active over the last week. And much of the momentum can be attributed to Coinbase’s Layer-2 network Base.
L2Beat reports that the Base network’s Total Value Locked (TVL) increased by 25.15 percent, in the previous week, to a total of $556 million. With this increase, it has surpassed the $435 million valuation of zkSync Era. On October 4th, the network’s native USDC was re-minted, causing a phenomenal 470.55% jump to a total of 159 million USDC.
Growing Dominance
The debut of the USDC stablecoin on the Base platform was announced by USDC stablecoin issuer Circle last month. Launching the stablecoin on new blockchains as a native token was a smart move by Circle to expand USDC’s usefulness. This method does away with the need for bridging using Ethereum tokens.
Users of Coinbase and Circle who have USDC in their wallets were unable to make a direct transfer to the Base network on the day it debuted (August 9). Users of Base were forced to rely on a bridging version of USDC called USDbC in order to trade in U.S. dollars.
Base’s major objective is to facilitate the development of on-chain applications. By providing a safe, efficient, and user-friendly setting in which to do so. All Ethereum Virtual Machine (EVM) wallets, including the popular Coinbase wallet, are fully supported.
Moreover, the Base platform is rapidly becoming a formidable rival in the DeFi industry. Top market players immediately began testing the Base following its release in early August.
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