Coinbase\u2019s layer 2 scaling solution, called Base, has seem a meteoric rise in popularity recently. In just six short weeks since its launch, Base\u2019s total value locked (TVL) has skyrocketed to nearly $400 million. This rapid rise in use and popularity has even seen it recently overtake the Solana blockchain in TVL.\u00a0<\/p>\n
Base operates as a layer 2 network on Ethereum launched by Coinbase in collaboration with Optimism to offer a safe, low-cost, developer-friendly way to build on-chain. Since its launch, Base has managed to find a strong market fit, allowing it to quickly penetrate the crypto market. However, this hasn\u2019t been without some hiccups. <\/p>\n
Before its public launch, Base had some glitches, which developers were able to rectify quickly. Earlier this month, the network faced another setback as block production unexpectedly stopped for 45 minutes. According to DeFi TVL aggregator DefiLlama, Base\u2019s TVL has risen +111% in the past month to now holding more than $370.29 million.\u00a0<\/p>\n
Last week, Base\u2019s growth saw it blow past the Solana blockchain<\/a> in terms of transaction volume. This growth has continued, and the Layer-2 network has now moved ahead of Solana whose total value locked (TVL) dropped by 12.22% in the last month to $310 million. Also, this places Base\u2019s TVL ahead of other popular chains like Cronos, Bitcoin, and Cardano.<\/p>\n\n Base\u2019s growth kickstarted with Aerodrome, a decentralized exchange, which deposited $190 million on the network<\/a> after its launch. Base\u2019s growth can also be attributed to the popularity of Friend.tech, a decentralized social app. With a current TVL of $38.6 million, Friend.tech is one of the projects native to Base with a the largest stake. Other projects with a considerable stake in TVL include Stargate, Curve DEX, and Compound V3.<\/p>\n At the moment, Ethereum continues to lead the pack in terms of TVL. However, the coming months will be crucial in determining whether Base can sustain its momentum and continue gaining mainstream traction. At its current trajectory, Base could surpass $500 million in TVL in the coming weeks and solidify itself as a leader in layer-2 scaling networks.\u00a0<\/p>\n According to BaseScan<\/a>, the number of daily transactions on Base reached a new high of 1.88 million on September 14, as reported by BaseScan. The layer-2 network has now processed more than 40.31 million transactions at the time of writing.<\/p>\n (This site\u2019s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).<\/em><\/p>\n Featured image from iStock<\/em><\/p>","protected":false},"excerpt":{"rendered":" <\/p>\n Coinbase\u2019s layer 2 scaling solution, called Base, has seem a meteoric rise in popularity recently. In just six short weeks since its launch, Base\u2019s total value locked (TVL) has skyrocketed to nearly $400 million. This rapid rise in use and popularity has even seen it recently overtake the Solana blockchain in TVL.\u00a0<\/p>\n Base operates as a layer 2 network on Ethereum launched by Coinbase in collaboration with Optimism to offer a safe, low-cost, developer-friendly way to build on-chain. Since its launch, Base has managed to find a strong market fit, allowing it to quickly penetrate the crypto market. However, this hasn\u2019t been without some hiccups. <\/p>\n Before its public launch, Base had some glitches, which developers were able to rectify quickly. Earlier this month, the network faced another setback as block production unexpectedly stopped for 45 minutes. According to DeFi TVL aggregator DefiLlama, Base\u2019s TVL has risen +111% in the past month to now holding more than $370.29 million.\u00a0<\/p>\n Last week, Base\u2019s growth saw it blow past the Solana blockchain<\/a> in terms of transaction volume. This growth has continued, and the Layer-2 network has now moved ahead of Solana whose total value locked (TVL) dropped by 12.22% in the last month to $310 million. Also, this places Base\u2019s TVL ahead of other popular chains like Cronos, Bitcoin, and Cardano.<\/p>\nBase Sees Massive Growth In Just 6 Weeks<\/h2>\n
Coinbase\u2019s Layer 2 Scaling Network TVL Overtakes Solana\u00a0<\/h2>\n
Base Sees Massive Growth In Just 6 Weeks<\/h2>\n