Coinbase's L2 Blockchain Base Experiences Rapid Growth, Surpassing Solana In TVL

Coinbase’s Layer two (L2) blockchain, constructed on the Ethereum network using Optimism’s open-source OP Stack, has witnessed significant growth over the past 41 days. As of August, the platform had a total value locked (TVL) of $175 million, and this figure has now surged by 111% to reach $370 million.

This L2 blockchain, dubbed Base, is currently ranked as the ninth-largest blockchain based on TVL by network. It has managed to overtake Solana, with data from defillama.com showing Base’s TVL at $370.29 million, compared to Solana’s $310.43 million.

When measured by TVL size, Base stands ahead of several other blockchains, such as Cronos, Kava, Defichain, Bitcoin, Fusion, Pulsechain, and Cardano. The value locked in Base constitutes roughly 0.96% of the entire decentralized finance (defi) ecosystem, which holds a TVL of $38.14 billion.

Dune Analytics’ records indicate that since its inception, the L2 blockchain Base has bridged assets amounting to $426.81 million. Out of this, 143,467 ether represents 54.4%, or $232.19 million, of the total value. Meanwhile, around 115,993,548 USDC stablecoins have been bridged to Base, making up 27.2% of the total assets transferred.

Additionally, Coinbase’s wrapped ether derivative token, CBETH, contributes 10% of the total value that has been bridged to Base. Other cryptocurrencies that have been bridged include DAI, CRVUSD, THALES, and CRV.

At present, the Base L2 chain supports 123 protocols and boasts approximately 61,319 active users. Within Base, the decentralized exchange Aerodrome holds the top spot with the highest TVL of $114.2 million. This is followed by Friend.tech, which has a TVL of $35.08 million, and Stargate, which operates across 10 unique blockchains and holds a TVL of $24.6 million. Curve Finance, another protocol running on Base, has a reported TVL of about $24.6 million as of September 21.

On the non-fungible token (NFT) front, 177,717 users on Base have minted a cumulative total of 58,970,276 NFTs. According to metrics from Dappradar, dapp activities on Base have processed a value of $2.33 billion since the launch of the L2.