Base Overtakes Solana in TVL as It Approaches $400 Million

Base Surpasses Solana in TVL

According to DefiLlama data, the total value locked (TVL) on the Coinbase layer-2 network, Base, has recently reached a staggering $397.32 million. This significant increase in TVL has allowed Base to overtake the Solana network, which currently stands at $358.96 million.

Over the past month, Solana’s TVL has decreased by 9.64%, while Base has experienced a remarkable surge in TVL by 97.21%. This surge has marked a significant milestone for Base since its launch in August.

Base-native Projects Leading the Way

Two projects native to Base contribute significantly to the network’s TVL:

• Decentralized exchange Aerodrome Finance boasts the top spot with a TVL of $97.83 million.
• Decentralized social media app Friend.tech ranks second with a TVL of $36.53 million.

Aerodrome Finance, which launched on August 28, allows users to deposit liquidity to earn its native AERO tokens. Although it had a slow start, Aerodrome’s TVL skyrocketed on August 31, with a massive $150 million inflow in a single day. However, its TVL has since decreased by roughly 51% from its peak of $200 million on September 2.

Friend.tech, launched on August 11, enables users to tokenize their social networks through the buying and selling of “Keys.” Despite experiencing a decline in late August, the platform witnessed a significant resurgence in September, with a 540% increase in TVL over the past month, largely driven by a pump that began on September 9 alongside a resurgence in daily trading volume.

Base’s TVL Composition

Looking further down the list, Base’s TVL is primarily composed of multinetwork decentralized finance platforms such as Compound, Curve, and Uniswap.

Base’s Transaction All-Time High (ATH)

Earlier this month, Base achieved a new peak in daily transactions, reaching 1.88 million on September 14, as reported by Cointelegraph and based on data from BaseScan. This impressive figure positioned Base well ahead of rival chains like Optimism and Arbitrum, which had a combined total of almost 880,000 transactions on the same day.

As of September 22, Base’s all-time high for daily transactions remains intact, with a current daily transaction volume of approximately 908,000.