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The Ethereum-based layer2 scaling solution by Coinbase, Base, has seen its total value locked soaring rapidly since its launch in August. After overtaking Cardano and Cronos, DeFiLlama stats show Base has surged to surpass Solana.
Base’s total value locked has increased to around $370.29M, whereas Solana’s 9.64% monthly decline puts its TVL at $310.43M at press time. Further, Base’s uptick put it above rivals such as Cardano. Kava, Pulsechain, and Cronos.
Decentralized exchange (DEX) Aerodome has digital assets worth $97.83 million, making it the top project on Base. A decentralized social site friend.tech follows with $36.53M, whereas cross-chain network Stargate comes third with $24M in locked assets.
Aedrome exchange, launched on 28 August, allows individuals to earn AERO coins when they contribute to liquidity. The project attracted enthusiasts by 31 August, with $150M pouring in on that day. Its TVL continued to soar to $200M on 2 September before sliding by around 50% from the peaks.
Base attracting stablecoins
Base has seen about 115,993,548 USDC deposited into its smart contract, accounting for 27.2% of the platform’s assets. Furthermore, Coinbases wrapped Ether (CBETH) constitute 10% of the TVL. The layer2 scaling solution has around 60K active users and hosts 123 protocols.
The Base remains far behind leading projects. For instance, Polygon has around $780M in TVL. Ethereum remains the leader on this front, with over $21.1B locked in its smart contracts.
Understanding Coinbase’s Base
Base is a layer2 scaling solution based on the Ethereum blockchain. Coinbase collaborated with Optimism to launch Base to ensure a cost-effective, creator-friendly, and secure platform for building on-chain apps.
Compatible with Coinbase wallet and all EVM wallets, Base has various use cases, including token swaps, launching DAOs, token bridging, liquidity provision, and payment apps.
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