Base surges past Solana as total value locked nears $400M

The total value locked (TVL) on Coinbase’s layer 2 network Base has surged to $397.32 million in roughly a month and a half since launching in August. That figure now places Base ahead of the Solana network in terms of TVL, which has $358.96 million at the time of writing.

The past 30 days have been significant for Base, with data from DeFi Llama showing that the network’s TVL increased by a whopping 97.21% over the past month.

In comparison, Solana’s TVL has decreased by 9.64% over that same time frame.

Two Base-native projects account for the largest shares of the TVL on the network.

Decentralized exchange (DEX) Aerodrome Finance takes the top spot with a TVL of $97.83 million, while decentralized social media (DeSo) app Friend.tech ranks second with a TVL of $36.53 million.

Aerodrome was launched on Aug. 28 and it enables users to deposit liquidity to earn AERO tokens, among several other features. While it failed to pull in a significant amount of deposits on its first couple of days, Aerodrome’s TVL skyrocketed on Aug. 31 with $150 million piling in on that day alone.

Its TVL went on to reach as high as $200 million on Sept. 2, however the initial hype appears to have cooled since then, with the TVL decreasing by roughly 51% from its its peak.

Friend.tech launched on Aug. 11 and the platform enables users to tokenize their social networks via the buying and selling of “Keys.” Despite being pronounced as “dead” in late August due to tanking user activity and fees, the platform surged dramatically in September.

As per DeFi Llama, Friend.tech’s TVL increased by 540% over the past month, with most of that coming after a pump that started on Sept. 9 alongside a resurgence in daily trading volume.

Looking lower down the list, Base’s TVL is generally accounted for by multi-network DeFi platforms like Compound, Curve and Uniswap.

Base transaction ATH

Cointelegraph also reported earlier this month that Base hit a new peak in terms of daily transactions, hitting 1.88 million on Sept. 14, according to data from BaseScan.

That figure placed it well ahead of rival chains like Optimism and arbitrum on the day, which had almost 880,000 combined.

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That all-time high remains intact for Base, with daily transactions decreasing to roughly 908,000 as of Sept. 22.

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