- Base, Coinbase’s Ethereum layer-2 scaling solution, achieves a record-breaking total value locked (TVL) of nearly $750 million.
- The exponential growth in TVL since July, alongside a significant increase in user numbers, highlights Base’s rising prominence in the crypto ecosystem.
In a remarkable display of growth, Base, the layer-2 scaling solution backed by Coinbase, has set a new benchmark in the crypto world. As of now, the total value locked (TVL) in Base has surged to an astonishing $742 million, eclipsing all previous records.
This milestone is not just a number; it represents a quantum leap from its modest beginnings at $2.19 million on July 30th, indicating a robust and rapidly expanding ecosystem. Such an exponential rise in TVL underscores the growing confidence and adoption of Base among crypto enthusiasts and investors alike.
A Deep Dive into Base’s Ecosystem
The soaring TVL in Base is anchored by a diverse array of digital assets. Predominantly, Ethereum (ETH) leads the pack, demonstrating the strong affinity between Base and its parent blockchain. This is complemented by significant contributions from stablecoins like USDC and DAI, which add a layer of stability to the ecosystem. Not to be overlooked are the innovative contributions of liquid staking tokens such as Rocket Pool ETH (rETH) and Wrapped Lido Staked Ethereum (wstETH).
Additionally, the presence of decentralized finance (DeFi) mainstays like SushiSwap (SUSHI), Curve Finance (CRV), and Yearn Finance (YFI) reflects Base’s wide-ranging appeal and functionality. It’s a melting pot of crypto innovation, showcasing the versatility and potential of Base as a platform.
Base’s Steady Ascent in User Engagement
Beyond the impressive financial metrics, Base’s journey since its inception has been marked by a steady climb in user engagement. Initially launched for developers in July and subsequently opened to the wider public in August, Base has not looked back. Collaborating with Optimism (OP) for its development, Base has strategically positioned itself without the need for its own native asset, an uncommon but bold move in the crypto space.
The number of users on Base, as reported by Dune Analytics, has seen a consistent upward trajectory. From a modest 452,386 users at the time of its public launch, Base now boasts a bustling community of 3.16 million users. This growing user base is a testament to Base’s rising importance and influence in the blockchain arena, setting the stage for further innovations and milestones in the future.