- September 24, 2023
- Posted by: [email protected]
- Category:
According to DeFiLlama data, Solana’s Total Value Locked (TVL) has dropped 9.64% in the last month, settling at $358.96 million. Meanwhile, Base has experienced a significant increase in TVL, reaching a remarkable $397.32 million. The surge in TVL has positioned Base ahead of the Solana network, placing it as the dominant player in the space.
Base, Coinbase’s layer-2 network, has been on an impressive trajectory since its launch in August. Its TVL has experienced a substantial increase, reaching the $397.32 million mark, a figure that now surpasses Solana’s TVL of $358.96 million.
The past month has proven to be a pivotal period for Base, with data from DeFiLlama indicating an astounding 97.21% increase in the network’s TVL. In stark contrast, Solana’s TVL has dwindled by 9.64% during the same timeframe.
Two projects native to Base are contributing significantly to the network’s TVL. The decentralized exchange, Aerodrome Finance, has claimed the top position with a TVL of $97.83 million, followed closely by the decentralized social media platform, Friend.tech, with a TVL of $36.53 million.
Aerodrome Finance, which launched on August 28, allows users to deposit liquidity and earn its native AERO tokens, among other features. Although it faced a slow start in terms of deposits, August 31 marked a turning point when $150 million flooded into the platform in a single day. Despite hitting a peak TVL of $200 million on September 2, it has since experienced a decline of approximately 51% from its zenith.
Friend.tech, introduced on August 11, empowers users to tokenize their social networks by trading “Keys.” Despite a period of low user activity and fees that led some to label it “dead” in late August, the platform made a dramatic resurgence in September. According to DeFiLlama, Friend.tech’s TVL surged by an astonishing 540% in the past month, with the majority of this growth occurring after a pump that commenced on September 9, coinciding with a resurgence in daily trading volume.
Base’s TVL is primarily driven by multi-network decentralized finance platforms such as Compound, Curve, and Uniswap. Furthermore, according to BaseScan data, Base reached a new high in terms of daily transactions earlier this month, reaching 1.88 million on September 14. This impressive figure positioned Base well ahead of rival chains like Optimism and Arbitrum, which collectively managed nearly 880,000 transactions on the same day.
Base’s remarkable surge in TVL has propelled it ahead of Solana, solidifying its position in the DeFi landscape. The network’s growth is further underscored by the success of native projects like Aerodrome Finance and Friend.tech, which have contributed significantly to its TVL and trading activity. This development reflects the ever-evolving and dynamic nature of the cryptocurrency and DeFi markets.
