Coinbase’s Layer-2 Network Base Surpasses Solana in TVL

• The majority of the TVL comes from only two native Base projects.
• Friend.tech’s TVL grew by 540% in the last month, according to DefiLlama.

Since its August debut, Coinbase’s layer-2 network Base has seen its TVL soar to an all-time high of $397.32 million, beating Solana’s TVL ($358.96 million). According to DefiLlama’s statistics, Base has made remarkable strides in the previous 30 days, with the network’s TVL increasing by a massive 97.21%. The TVL of Solana, on the other hand, has dropped by 9.64% within the same time period.

The majority of the TVL comes from only two native Base projects. Aerodrome Finance, a decentralized exchange, has the highest TVL at $97.83 million, while Friend.tech, a decentralized social networking service, stands at $36.53 million.

Major Contribution

Launched on August 28, Aerodrome offers customers a variety of services, including the ability to deposit liquidity in exchange for its native AERO tokens. While Aerodrome’s TVL struggled to attract investors in its first few days, on August 31 the value of the token surged, with $150 million pouring in.

Its TVL peaked at $200 million on September 2 but has subsequently dropped by around 51%. The early excitement seems to have died out. On August 11, Friend.tech became available to the public, allowing its users to tokenize their social networks via the exchange of “Keys.” The platform had a huge increase in September after being declared “dead” in late August owing to plunging user activity and fees.

Friend.tech’s TVL grew by 540% in the last month, according to DefiLlama, with most of the rise occurring following a pump that kicked out on September 9. This coincided with a spike in daily trading volume.

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