Coinbase's L2 Blockchain Base Skyrockets 111% in 41 Days, Overtaking Solana in TVL

According to statistics, Coinbase’s Layer two (L2) blockchain, built on Ethereum and using Optimism’s open-source OP Stack, has grown significantly in the past 41 days. Since August, when the platform had a total value locked (TVL) of $175 million, the figure has increased 111% to $370 million.

Layer Two Base Chain Sees Continued Growth

The L2 blockchain crafted by Coinbase is now the ninth-largest blockchain in terms of TVL by network. It has surpassed Solana in terms of TVL as statistics show Base’s TVL is $370.29 million while Solana’s is $310.43 million.

Base is also above Cronos, Kava, Defichain, Bitcoin, Fusion, Pulsechain, and Cardano in terms of TVL size. Base’s value locked is around 0.96% of the $38.14 billion TVL across the entire decentralized finance (defi) ecosystem.

Data from Dune Analytics indicates that since the L2 launch, Base has bridged a total of $426.81 million, with 143,467 ether making up 54.4% or $232.19 million of that value. Approximately 115,993,548 USDC stablecoins have been bridged, accounting for 27.2% of the assets moved to Base.

Additionally, 25,276 CBETH, Coinbase’s wrapped ether derivative token, represented 10% of the total value bridged to Base over time. Other cryptocurrencies bridged include DAI, CRVUSD, THALES, and CRV.

There are 123 protocols on the Base L2 chain, and Base boasts about 61,319 active users. The decentralized exchange, Aerodrome, holds the distinction of having the largest total value locked on Base at $114.2 million. follows with a total value locked of $35.08 million, while Stargate, present on 10 other unique blockchains, has $24.6 million. Curve Finance, which also operates on Base, reported a total value locked of approximately $24.6 million as of Sept. 21.

In the realm of non-fungible tokens, 177,717 Base users have minted a total of 58,970,276 NFTs to date. Dappradar metrics indicate that dapp volumes on Base have settled $2.33 billion in value since the L2’s inception.

What do you think about Base’s growth over the past 41 days? Share your thoughts and opinions about this subject in the comments section below.

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