• Base’ has outpaced established networks like Solana proving its growing prominence in the DeFi landscape.
• Base’s remarkable rise is driven by projects like Aerodrome Finance and Friend.tech.
• Base has also enjoyed an impressive increase in transaction volume.

Coinbase’s layer 2 network, Base, has witnessed an astounding surge in its Total Value Locked (TVL), hitting approximately $397.32 million within just a month and a half since its August launch.

This meteoric rise has propelled Base ahead of Solana, whose TVL currently stands at $358.96 million. In the past 30 days alone, Base’s TVL surged by a staggering 97.21%, as evident on DeFiLlama, while Solana experienced a 9.64% decrease in TVL during the same period. Interestingly, the surge comes even after Base suffered an outage at the beginning of September.

Screenshot from DefiLlama

Blockchain projects launched on Base

Within Base’s TVL, two native projects have played a pivotal role. Leading the charge is the decentralized exchange (DEX) Aerodrome Finance, boasting a TVL of $97.83 million. In a similar vein, the decentralized social media (DeSo) app Friend.tech secured the second spot with a TVL of $36.53 million.

Aerodrome Finance, launched on August 28, allows users to deposit liquidity and earn AERO tokens. Its TVL saw an explosive growth spurt on August 31, with an influx of $150 million in a single day. However, it subsequently witnessed a decline of approximately 51% from its peak.

Friend.tech, introduced on August 11, enables users to tokenize their social networks through the exchange of “Keys.” Despite initial concerns regarding user activity and fees in late August, the platform staged a remarkable comeback in September. DeFi Llama reports that Friend.tech’s TVL skyrocketed by a staggering 540% over the past month, primarily driven by increased daily trading volume since September 9.

Further down the list, Base’s TVL is predominantly attributed to multi-network DeFi platforms such as Compound, Curve, and Uniswap.

Increased daily transactions

Notably, Base recently achieved an all-time high in daily transactions, reaching 1.88 million on September 14. This accomplishment firmly positions Base ahead of rival chains like Optimism and Arbitrum, which collectively managed almost 880,000 transactions on the same day.

While daily transactions have dipped to around 908,000 as of September 22, Base’s transaction ATH remains unbroken.