The total value (TVL) on Coinbase’s Layer 2 network Base has increased to $397.32 million in about a month and a half since its launch in August. That figure now puts Base ahead of the Solana Network in terms of TVL, which has $358.96 million at the time of writing.
The past 30 days have been significant for Base, with data from DeFi Llama showing the network’s TVL up a whopping 97.21% over the past month.
By comparison, Solana’s TVL has decreased by 9.64% over the same period.
Top 10 chains in terms of TVL. Source: DeFi Lama
Two Base-native projects are responsible for the largest shares of TVL on the network.
Decentralized exchange (DEX) Aerodrome Finance takes the top spot with a TVL of $97.83 million, while decentralized social media (DeSo) app Friend.tech comes in second with a TVL of $36.53 million.
Launched on August 28, Aerodrome allows users to deposit liquidity to earn AERO tokens, among other things. Although it failed to raise a significant amount of deposits in the first few days, Aerodrome’s TVL skyrocketed on August 31, bringing in $150 million that day alone.
The TVL reached a high of $200 million on September 2, but the initial hype appears to have cooled since then, with the TVL down about 51% from its peak.
Aerodrome TVL since launch. Source: DeFi Lama
Friend.tech launched on August 11 and the platform allows users to tokenize their social networks through the buying and selling of ‘keys’. Despite being declared “dead” in late August due to declining user activity and costs, the platform rose dramatically in September.
According to DeFi Llama, Friend.tech’s TVL is up 540% over the past month, most of which came after a pump that started on September 9, in addition to a resurgence in daily trading volume.
Looking lower down the list, Base’s TVL is generally responsible for multi-network DeFi platforms like Compound, Curve, and Uniswap.
Friend.tech TVL since launch. Source: DeFi Lama
Basic transaction ATH
Cointelegraph also reported earlier this month that Base hit a new peak in terms of daily transactions, at 1.88 million on September 14, according to data from BaseScan.
That figure on the day put it well ahead of rival chains such as Optimism and Arbitrum, which together had almost 880,000 members.
That all-time high remains intact for Base, with the number of daily transactions falling to around 908,000 as of September 22.
Basic daily transactions. Source: Basic scan.