Coinbase’s Ethereum-based layer2 platform, Base, has remained high over the past seven days, posting impressive performance in terms of total value locked. L2Beat data shows that Base TVL rose 25.15% to $556 million over the past week.
Source – L2Beat
Basic surpasses zkSync Era
The significant increase in TVL in the basic network makes it surpass zkSync Era’s TVL worth $435 million. The former maintained an upward trend following the issuance of USD coins on the platform on October 4, leading to a notable increase of 470.55% to 159 million stablecoins.
Stablecoin issuer Circle launched USDC on the Base Network last month to strengthen USD Coin’s functionality by making it a native asset on more blockchains. The strategy alleviates the need for bridging via Ether tokens.
Basics that dominate the DeFi space
Crypto exchange Coinbase partnered with Optimism to develop Ethereum layer2 Base to ensure an economically efficient, user-friendly and secure app development atmosphere. In the meantime, the platform has made great strides since its introduction.
Invezz.com reported how Base rose through the ranks, surpassing Solana in total value. Furthermore, the platform has attracted significant funds and projects following its official launch on August 9. It attracted around 139 projects as of August 14, covering multiple domains including DAOs, wallets, NFTs and DeFi.
Compatible with Coinbase and all Ethereum Virtual Machine wallets, Base is quickly growing as a huge competitor within the decentralized finance industry.
Additionally, Coinbase’s Paul Grewal revealed the possibilities of launching a digital currency on Base.
In an interview with Decrypt, Coinbase Chief Legal Officer Paul Grewal hinted at the potential for the Base Network to issue tokens in the future, but emphasized that the focus now is on regulatory clarity.
— Blockrewire/News (@blockrewire) September 22, 2023
That would improve the network’s use cases within the DeFi market. Coinbase’s Base is poised to dominate the market, and developments like Coca Cola’s attention would boost its long-term performance.
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