Since its launch in August, the total value locked (TVL) on Coinbase's second-tier network, Base, has experienced significant growth, reaching $397.32 million. This figure places Base ahead of the Solana network, which currently has a TVL of $358.96 million.
Over the past 30 days, Base has witnessed remarkable growth, with its TVL surging by 97.21%, as reported by DefiLlama. In contrast, Solana's TVL declined by 9.64% during the same period.
Two projects native to the Base network account for the majority of its TVL:
Aerodrome Finance, a decentralized exchange, leads with a TVL of $97.83 million.
Friend.tech, a decentralized social media platform, holds the second position with a TVL of $36.53 million.
Aerodrome Finance, which launched on August 28, offers users the opportunity to earn their native AERO tokens through activities like providing liquidity. Despite a slower start, its TVL experienced a significant surge on August 31, with a massive inflow of $150 million in a single day. However, it has since seen a decrease of approximately 51% from its peak TVL.
Friend.tech, introduced on August 11, provides a platform for users to tokenize their social networks by buying and selling "Keys." Although it faced some challenges, it witnessed substantial growth in September. Over the past month, Friend.tech's TVL has surged by 540%, primarily following a rally that began on September 9 and an increase in daily trading volumes.
Beyond these two projects, Base's TVL is predominantly composed of multi-network decentralized finance platforms like Compound, Curve, and Uniswap. On September 14, Base achieved a new daily transaction volume record of 1.88 million transactions, surpassing competitors like Optimism and Arbitrum, which recorded nearly 880,000 transactions on the same day. As of September 22, Base's daily trading volume remains close to its all-time high, with approximately 908,000 transactions.
