First Time! Base Network Crosses $2B in TVL

Coinbase-tied layer-2 network Base has reached an all-time high (ATH) by surpassing $2 billion in total value locked (TVL). This makes it the second-largest optimistic rollup network in the crypto market, following Arbitrum.

Base’s TVL hit an all-time high weeks after surpassing $1.6 billion on August 24, 2024, indicating its rapid adoption among Ethereum’s L2 solutions.

TVL Soars by 370%

According to DeFiLlama’s on-chain data, Base’s TVL currently stands at $2.12 billion, reflecting a rise of 370% from the $430 million recorded at the start of 2024.

The rapid expansion of Base has been fueled by the strong performance of several protocols built on its platform. For instance, Aerodrome, a decentralized exchange utilizing Base’s infrastructure to optimize its operations, contributed over $1 billion to the network’s total deposits.

Uniswap also played a crucial role in Base’s TVL growth, recording more than $220 million in deposits as of this writing.

The TVL comprises $3.63 billion in stablecoins, a 24-hour trading volume of $671.21 million, and a total revenue of $81.76 million generated over the same period.

Base Sees Surge in User Activity

Coinbase launched Base in August 2023, signaling its expansion into the decentralized finance (DeFi) sector.

Designed as an optimistic rollup, Base processes transactions off-chain and periodically sends aggregated data to the Ethereum network, reducing congestion and lowering user fees.

The Base network has also shown notable growth in user activity. The number of daily active addresses on Base has soared to over 2 million, surpassing other L2 networks. The rise in active users reflects the protocol’s increasing traction within the crypto community.

Several elements have driven this surge in activity, including airdrops, the growing adoption of Coinbase’s cbBTC (a wrapped Bitcoin on Base), and the popularity of Basenames, which let users create unique on-chain identities.

DeFiLlama’s data also revealed that 1.1 million unique users interacted with Base in the last 24 hours, and 8,335 wallet addresses were registered during the same timeframe.