Base, the Ethereum-Based L2, Surpasses Solana in TVL

Base, an Ethereum-based L2 solution, surpasses Solana in Total Value Locked (TVL). Discover how Base's explosive growth and market share dominance is transforming the DeFi landscape.

Posted 7 months ago in Ethereum


An image showcasing the growth of Base, the Ethereum-Based L2, surpassing Solana in TVL.

Base, an Ethereum-based L2 on OP Stack by Optimism, is surpassing Solana (SOL) by TVL. After six weeks of explosive growth, it has accomplished major milestones. Launched last August, Base has smashed through $500 million in total value locked across various protocols.

This milestone was achieved despite the performance of Ethereum (ETH), Optimism (OP) and other major DeFi tokens, according to L2Beat data.

The aggregated USD-denominated volume of value locked in decentralized finance (DeFi) protocols on Base is estimated at $533 million. This is equal to 5.15% of the net volume of the L2s segment. According to DefiLlama, another tracker of blockchain data, Base's TVL is $370 million. However, even with the lowest of estimations, it surpasses Solana (SOL), an established smart contracts platform.

In September, Base witnessed explosive growth in both transactions and unique addresses. On Sept. 14, 2023, it processed over 1.88 million transactions, surpassing all competitors. In terms of total 24-hour transactional volume, the Base blockchain exceeded Avalanche (AVAX), Optimism (OP) and Tron (TRX), according to DefiLlama's data.

Amid all L2 platforms launched in the last two years, Base has become the undisputed leader. Now, it is only surpassed by Optimism (OP) and Arbitrum (ARB), the largest L2 scalers.

It should also be noted that the team is not going to release a Base governance token in the near future. However, Coinbase's Chief Legal Officer Paul Grewal admitted that this scenario is not ruled out entirely by the developers. At the same time, all BASE tokens offered by airdrop runners on X are blatant scams and are only used to steal users' cryptocurrency.

Last updated 9/23/2023, 3:35:15 PM

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