A great achievement for Coinbase: the crypto exchange’s Layer 2 recently surpassed Solana in terms of Total Value Locked (TVL).
Crypto news: Coinbase surpasses Solana with Layer 2 Base
Base, Coinbase‘s Layer 2 blockchain network, has recently emerged as a force to be reckoned with in the cryptocurrency world.
In the past two months, Base has seen an extraordinary surge in transactions and the number of unique addresses.
This remarkable increase in activity can largely be attributed to the growing popularity of the social app FriendTech.
However, Base’s success is not limited to increased user activity; it has also surpassed Solana in terms of Total Value Locked (TVL), a significant milestone in the crypto ecosystem.
Going into more detail, recent data from IntoTheBlock paints a picture of Base’s remarkable rise. The increase in transaction volume and the number of unique addresses on the network are clear indicators of its growing importance.
The newfound popularity of FriendTech, a social application that has attracted the attention of the crypto community, has played a key role in driving this increased activity on Base.
The key to Base’s success
However, what sets Base apart is its performance in Total Value Locked (TVL), a metric that reflects the total value of assets locked within a blockchain network.
According to DeFiLlama’s data, Base now boasts a TVL of about $375.04 million, a figure that significantly exceeds Solana’s TVL of $306.33 million. This achievement is not to be underestimated, as Solana has long been recognized for its speed and scalability in the blockchain space.
The key to Base’s success lies in its ability to provide faster transactions and lower gas fees, all made possible by its Layer 2 solution. This scalability and efficiency has resonated strongly with both users and developers.
Base’s high-performance capabilities have enabled efficient and seamless transactions within FriendTech, significantly improving the user experience. Users can now engage in social interactions while effectively managing their digital assets, thanks to Base’s robust infrastructure.
The increase in transactions and unique addresses on Base can be attributed primarily to FriendTech’s growing user base. As FriendTech has established itself as the crypto community’s preferred social application, demand for Base’s infrastructure has grown in tandem, leading to a substantial increase in network activity.
This synergy between a thriving social platform and a capable Layer 2 solution demonstrates the potential of blockchain technology in revolutionizing social interactions and digital asset management.
Conclusions
Solana’s overtaking of Total Value Locked (TVL) by Base testifies to the community’s growing confidence in this Layer 2 solution. Solana, renowned for its speed and scalability, has maintained a dominant position in the blockchain landscape.
However, Base’s rise in popularity and its ability to surpass Solana in LTV underscore its potential and resilience in the face of tough competition.
In conclusion, Base, Coinbase’s Layer 2 blockchain network, has made great strides in recent months due to its association with rising star FriendTech.
The increase in transactions and unique addresses on Base reflects its growing importance in the cryptocurrency world. In addition, Solana’s surpassing of Solana in total value locked (TVL) highlights the community’s confidence in its capabilities.
By focusing on faster transactions, lower gas fees, and improved user experiences, Base has firmly established itself as a formidable competitor in the blockchain space.
As the cryptocurrency ecosystem continues to evolve, Base’s success story is a testament to the potential of Layer 2 solutions and their role in shaping the future of blockchain technology.
Source: https://en.cryptonomist.ch/2023/09/18/crypto-news-coinbase-layer-2-surpasses-solana-tvl/