Base Overtakes Solana with Nearly $400M in Total Value Locked (TVL)
According to data from DeFiLlama, Solana has witnessed a decline of 12.22% in its Total Value Locked (TVL) over the past month, now resting at $310.43 million. Meanwhile, Base, Coinbase’s Layer-2 network, has seen a remarkable surge, reaching a TVL of $370 million.
The last 30 days have been transformative for Base, with DeFiLlama data revealing a staggering 111% increase in TVL. In contrast, Solana’s TVL has contracted by 12.22% during the same timeframe.
Two Projects Native to Base have Contributed Significantly to this TVL growth.
With a TVL of $93.77 million, this decentralised exchange is the leader in the Base ecosystem. Aerodrome Finance, which debuted on August 28th, allows users to deposit liquidity and earn native AERO tokens, among other benefits. Although its initial days didn’t see substantial deposits, Aerodrome’s TVL witnessed an explosive surge on August 31st, with a whopping $150 million pouring in on that day. However, the initial enthusiasm has waned, with TVL dropping by approximately 51% from its peak.
This decentralised social networking app started on August 11th, ranking second with a TVL of $39.22 million. Users of Friend.tech can tokenize their social networks by purchasing and selling “Keys.”
Despite experiencing a slump in late August, with reduced user activity and fees, the platform made a remarkable comeback in September. According to DeFiLlama, Friend.tech’s TVL surged by 540% over the past month, driven by a resurgence in daily trading volume that started on September 9th.
Base Achieves Record Transaction Volume
Base reached a new peak in daily transactions, hitting 1.88 million on September 14th, as per data from BaseScan. This huge amount puts Base well ahead of competing networks like as Optimism and Arbitrum, which had about 880,000 transactions on the same day.
In a short span since its August launch, Base has surged to nearly $400 million in Total Value Locked (TVL), surpassing Solana. Over the past month, this impressive growth of 111% in TVL has been driven by projects like Aerodrome Finance and Friend.tech.
At its peak, Aerodrome Finance attracted $150 million in a single day, while Friend.tech experienced a 540% TVL increase in September. Base also set a daily transaction record with 1.88 million transactions on September 14th, outperforming competitors. Base’s rapid rise underscores its potential in the dynamic world of decentralized finance.