Coinbase’s Layer 2 Solution Base Surpasses $2 Billion in TVL

Coinbase’s Layer 2 solution, Base, has achieved a major milestone by surpassing $2 billion in Total Value Locked (TVL), positioning itself as the second-largest optimistic rollup in the cryptocurrency market. This growth signals increasing confidence in Base as a strong alternative to other Layer 2 solutions on Ethereum.

Significant TVL Growth

According to DeFiLlama, Base’s TVL now stands at $2.116 billion. This represents a remarkable 370% increase from its $430 million TVL at the beginning of 2024. The TVL comprises $3.63 billion in stablecoins, $671.21 million in 24-hour trading volume, and $81.76 million in revenue generated over the same period.

Leader in User Activity

As of September 27, Base is the second-largest optimistic rollup on Ethereum, following only Arbitrum. While it dominates in TVL, Base also excels in user activity, boasting the highest number of active addresses and daily transactions.

New Wallet Addresses Registered on the Platform

In the last 24 hours, Base recorded 1.1 million interacting users. During the same period, 8,335 new wallet addresses were registered. This growth is largely attributed to the performance of other protocols on the network.

Launched by the American exchange Coinbase in August 2023, Base set out with the goal of expanding into the decentralized finance (DeFi) ecosystem. As an optimistic rollup, Base processes transactions off-chain and submits periodic summaries to the Ethereum mainnet, reducing congestion and lowering transaction costs for users. Thanks to high user activity on the network, Base’s TVL surged from $1.6 billion on August 24, 2024, to over $2 billion within a few weeks. Analysts predict that if this momentum continues, Base’s TVL could exceed the $3 billion threshold by the end of the year.

One of the key contributing protocols, Aerodrome, surpassed $1 billion in total deposits on the network by September 26. Additionally, Uniswap played a significant role in Base’s TVL growth, contributing over $220 million in deposits over the past year.

The rapid growth of Base and the increasing number of users highlight Coinbase’s strategic expansion in the DeFi space. With its user-friendly interface and low transaction costs, Base’s popularity continues to rise.

Base, TVL, Coinbase, Layer 2, optimistic rollup