Base Surpasses Solana ($SOL) in Total Value Locked as Coinbase’s Layer-2 Solution Gains Traction

The layer-2 Ethereum scaling solution unveiled by Nasdaq-listed cryptocurrency exchange Coinbase earlier this year, Base, has been seeing the total value locked (TVL) on its smart contracts rise rapidly, to the point it now surpassed the TVL on Solana ($SOL).

According to data from decentralized finance tracking platform DeFiLlama, Base currently has a total value locked of around $370 million, while the total value locked on the Solana network is of around $310 million. Base’s TVL also means it’s above other competitors such as Crypto.com’s Cronos, Kava, Pulsechain, and Cardano.

The largest project on Base by total value locked is the decentralized exchange Aerodome, with $110 million worth of digital assets locked on its smart contracts. It’s followed by the popular social platform friend.tech, and by cross-chain platform Stargate with $35 million and $23 million respectively.

Lending protocol Compound comes in fourth place with $22 million of total value locked. Data from Dune analytics, as reported by Bitcoin.com, shows a staggering total of $426.81 million has been bridged to Base, with ether (ETH) accounting for the lion’s share after 143,467 ETH equating to $232 million were moved to the platform.

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On the stablecoin front, around 115,993,548 USDC has been moved to Base, constituting 27.2% of the assets. Moreover, Coinbase’s proprietary wrapped ether derivative token, CBETH, comprises 10% of the total value, and other notable cryptocurrencies such as DAI and CRV have also been bridged.

Currently, Coinbase’s layer-2 blockchain hosts 123 protocols and is estimated to have over 60,000 active users. Its total value locked is notably still far behind those of other major networks, with Polygon ($MATIC) having $780 million in total value locked, for example.

Ethereum is the leading blockchain by the metric, and currently has over $21.1 billion worth of digital assets locked on its smart contracts. It’s followed by TRON, which has $6.6 billion in total value locked, and the BNB Chain with $2.86 billion in value locked.

Featured image via Unsplash.

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• Source: https://www.cryptoglobe.com/latest/2023/09/base-surpasses-solana-sol-in-total-value-locked-as-coinbases-layer-2-solution-gains-traction/