Techironed

Coinbase Base Network Surges in TVL

Coinbase Base Network Surges in TVL, Approaching $2 Billion Milestone

See how the Coinbase Base Network surges in TVL, exhibiting impressive expansion and approaching the $2 billion barrier in total value locked. Coinbase’s Base Network, an Ethereum (ETH) Layer 2 solution, has witnessed a significant surge in its total value locked (TVL), nearly doubling user deposits to almost $1 billion. The decentralized exchange Aerodrome (Aero) contributes the largest share of TVL, accounting for about half of the network’s total.

https://defillama.com/chain/Base

Coinbase Base Network surges in TVL

Aerodrome, operating on Base, has experienced remarkable growth, increasing its TVL from $125 million to over $420 million since early February. Velodrome Finance, the team behind Aerodrome, introduced the decentralized exchange as a forked version on Base in September 2023.

https://defillama.com/protocol/aerodrome

Aerodrome aims to enhance on-chain liquidity on Base and facilitate a significant portion of network swaps using DeFi incentives and governance through voting, similar to Velodrome on the OP Mainnet.

4th Most Valuable Layer 2 Network

Base’s mainnet launched publicly in August 2023, quickly becoming the fourth most valuable Layer 2 network by TVL, surpassing networks like Arbitrum (ARB), Optimism (OP), and Blast. The Dencun update for Ethereum’s Layer 2 networks led to a surge in daily users and transactions on Base, reaching record levels.

The rise in TVL and user activity on Base highlights the increasing demand for Layer 2 solutions in the Ethereum ecosystem, offering scalability and lower transaction fees than the Ethereum mainnet. Supported by Coinbase, Base continues strengthening its position in the Layer 2 space, providing users with efficient and cost-effective decentralized exchange services.

Conclusion

To conclude, Coinbase’s Base Network has demonstrated impressive growth in total value locked, with Aerodrome playing a significant role in this expansion. As the fourth most valuable Layer 2 network, Base has capitalized on the Ethereum ecosystem’s demand for scalable solutions, showcasing its ability to provide efficient and cost-effective decentralized exchange services with the support of Coinbase.

Leave a Comment

Your email address will not be published. Required fields are marked *