Surprisingly, Base surpasses Solana as its total value locked (TVL) is now nearing an impressive $400 million. Data from DeFi Llama reveals that Solana’s TVL has dropped by 9.64% in the past month, resting at $358.96 million. Meanwhile, Base has undergone a remarkable surge, boasting a TVL of $397.32 million.
The TVL on Coinbase’s layer 2 platform, Base, has skyrocketed to $397.32 million in just around six weeks since its launch in August. This achievement now places Base in a commanding position, surpassing Solana’s TVL, which currently stands at $358.96 million as of the time of this report.
Notably, in the past 30 days, Base has seen a remarkable 97.21% increase in its TVL, as per DeFi Llama’s data. In stark contrast, Solana has witnessed a decline of 9.64% in its TVL over the same timeframe.
Remarkably, two projects native to Base claim the lion’s share of the TVL on this network. Leading the pack is the decentralized exchange (DEX) Aerodrome Finance, with an impressive TVL of $97.83 million. Following closely behind is the decentralized social media (DeSo) platform Friend.tech, securing second position with a TVL of $36.53 million.
Aerodrome Finance launched on August 28, providing users with the chance to deposit liquidity and earn AERO tokens, among other features. Initially, it faced challenges in attracting significant deposits. However, on August 31, there was a remarkable turn of events. A staggering $150 million poured into Aerodrome Finance’s TVL on that very day.
Subsequently, the TVL reached its highest point at $200 million on September 2. However, it appears that the initial excitement has waned as the TVL has decreased by approximately 51% from its peak.
Base Surpasses Solana and Achieves Impressive Milestones in September
Despite facing claims of being “inactive” in late August due to declining user engagement and rising fees, the platform witnessed a dramatic resurgence in September.
According to DeFi Llama, Friend.tech’s TVL surged by an astonishing 540% over the past month. The majority of this growth occurred following a surge that began on September 9, alongside a resurgence in daily trading volume.
Further down the list, Base’s TVL is predominantly attributed to multi-network DeFi platforms such as Compound, Curve, and Uniswap. Notably, cointelegraph recently reported that on September 14, Base reached a peak of 1.88million daily transactions, according to BaseScan data.
Base outperformed its rival chains, including Optimism and Arbitrum, on the same day. These chains collectively accounted for nearly 880,000 daily transactions. As of September 22, Base continues to maintain this all-time high, with daily transactions hovering around the 908,000 mark.
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