BlockchainNews

Base Triumphs Solana as Total Value Locked Approaches $400M

A review of DefiLlama data shows the total value locked (TVL) in the Solana network declined by 9.64% in the past month to settle at $358 million. The decline contrasts the Base’s starts, where the TVL rallied to $397 million.

Base involves a Coinbase layer-2 network unveiled in August. Since its unveiling, Base has witnessed increased uptake, a factor fuelling the accelerated increase in total value locked (TVL) closer to $400M. The sustained increment catapulted Base to triumph Solana network to eighth place per DefiLlama data. 

Base Realize 97% Pump in Total Value Locked

The review of Base activity shows the layer 2 network realized significant growth in the past month. A review of the DefiLlama activity reveals 97.21% growth in TVL. A comparative assessment of the Solana network reveals that its TVL declined by 9.64%.

Close assessment shows that the accelerated growth in TVL arises from two Base-native projects yield the largest stake of TVL on the Base network. Decentralized exchange platform Aerodrome Finance took the pole position, with its total value locked at an estimated $97.83 million. The newly launched Friend.tech occupies the second rank. The decentralized social media application has a total value locked of $36.53 million.

Aerodrome is a decentralized exchange unveiled on August 28 to facilitate users in depositing liquidity to earn the AERO tokens native to the platform. Although it failed to attract huge deposits in the initial days, the Aerodrome’s TVL surged on August 31 to realize $150 million piling.

Aerodrome and Friend.Tech Fuel Base Activity

Aerodrome TVL would rise to $200 million by September 2. Nonetheless, the initial hype would fade, leaving the platform with over 51% decline in TVL from the initial peak.  

The base network would welcome Friend.tech that was unveiled on August 11. The platform facilitates the users in tokenizing social networks. The tokenizing platform restricted the tokenization through the acquisition and sale of keys.

Friend.tech would replicate Aerodrome with interest on the platform cooling off. Critics of the tokenizing platform labeled it dead by late August, citing the declined user activity and sustained decline in fees. 

Nonetheless, Friend-tech would regain the bullish steam in September. A review of DefiLlama data shows Friend.tech realized a 540% surge in TVL over the past month. A substantial increase in the TVL increase occurred following September 9, with the platform admitting resurgent daily trading volume.  

Further assessment of the Base’s TVL shows the significant input by multinetwork decentralized finance platforms, including Uniswap, Curve, and Compound. By September 21, Stargate realized $24.6 million of TVL, similar to Curve Finance. 

Base Daily Transaction Pump Above the Million Mark

Since its unveiling last month, Base has hit a new peak in daily transactions. A review of BaseScan data shows that it realized an accelerated pump for its daily transactions to realize $1.88 million by September 14. Data from BaseScan shows daily transactions have declined to $773,000 by September 25. 

A revisit to the mid-September figures shows that Base daily transactions exceeded rival chains Arbitrum and Optimism. Both chains realized a combined $880,000 in daily transactions. 

The activity has since cooled, with daily transactions declining to 908,000 by September 22.

Written by
Don Blankenship

Don Blankenship, a crypto writing maestro, captivates with his astute analyses of blockchain phenomena. Synthesizing the dynamic world of digital currencies into insightful prose, Don's articles are a beacon for enthusiasts and professionals. His expertise establishes him as a definitive voice in crypto journalism.

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