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

The total value locked (TVL) on Coinbase's Base Layer 2 network has risen to $397.32 million in about a month and a half since its launch in August. That figure now puts Base ahead of the Solana network in terms of TVL, which has $358.96 million at the time of writing.

The last 30 days have been important for Base, with data from DeFi Llama demonstration that the network's TVL increased by a whopping 97.21% over the last month.

In comparison, Solana's TVL has decreased by 9.64% over the same time period.

Two native Base projects account for most of the TVL on the network.

Decentralized exchange (DEX) Aerodrome Finance takes first place with a TVL of $97.83 million, while decentralized social media app (DeSo) Friend.tech takes second place with a TVL of $36.53 million. Dollars.

Aerodrome launched on August 28 and allows users to deposit liquidity to earn AERO tokens, among several other features. While it failed to capture a significant amount of deposits in its early days, Aerodrome's TVL skyrocketed on August 31 with $150 million accumulated that day alone.

Its TVL reached $200 million on September 2, however, the initial enthusiasm appears to have cooled since then, with the TVL declining approximately 51% from its peak.

Friend.tech launched on August 11 and the platform allows users to tokenize their social networks by buying and selling “Keys.” Despite being declared “dead” at the end of August due to tank user activity and ratesthe platform increased dramatically in September.

According to DeFi Llama, Friend.tech's TVL increased by 540% over the last month, with most of that comes after a bomb that began on September 9 along with a resurgence in daily trading volume.

Looking further down the list, Base's TVL is generally represented by multi-network DeFi platforms like Compound, Curve, and Uniswap.

ATH base transaction

Cointelegraph also reported earlier this month that Base reached a new peak in terms of daily transactionsreaching 1.88 million on September 14, according to BaseScan data.

That number put it well ahead of rival networks such as Optimism and Arbitrum that day, which totaled almost 880,000.

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That all-time high remains intact for Base, with daily transactions declining to approximately 908,000 as of September 22.

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