The Rise of Base Network and its Surpassing of Solana’s TVL
Coinbase’s layer-2 network, Base, has recently surpassed Solana (SOL) in terms of total value locked (TVL) according to data from DefiLlama. Base’s TVL stands at an impressive $397.32 million since its launch in August, outpacing Solana’s TVL of $358.96 million.
Base has experienced significant growth over the past month, with a remarkable 97.21% increase in TVL. Conversely, Solana has seen a decline of 9.64% in its TVL.
The bulk majority of Base’s TVL comes from two projects. Aerodrome Finance holds the top spot with a TVL of $97.83 million, while Friend.tech ranks second with a TVL of $36.53 million.
Aerodrome Finance, which was launched on August 28, allows users to deposit liquidity to earn its native AERO tokens and offers other features. Despite a slow start, Aerodrome’s TVL skyrocketed on August 31, with a massive $150 million pouring in on that day alone. However, the project’s TVL has since decreased by approximately 51% as the initial hype subsided.
Friend.tech, launched on August 11, enables users to tokenize their social networks through the buying and selling of “Keys.” The platform experienced a dramatic surge in September, with a 540% increase in TVL over the past month, primarily driven by a pump that began on September 9 alongside a resurgence in daily trading volume.
Looking beyond the top projects, Base’s TVL is predominantly contributed by multinetwork decentralized finance platforms such as Compound, Curve, and Uniswap.
Base has achieved a new milestone this month, reaching a peak of 1.88 million daily transactions on September 14, surpassing rival chains like Optimism and Arbitrum, which had a combined total of almost 880,000 transactions on the same day. As of today, Base’s daily transactions have decreased to approximately 908,000, but the all-time high record remains intact.
The Road to Regulatory Clarity: Coinbase’s Initiatives in the US
Aside from its success in TVL and daily transactions, Coinbase has also been actively pushing for regulatory clarity in the cryptocurrency industry in the United States.
In an effort to bring about positive changes in US legislation, Coinbase launched a new media campaign urging individuals interested in crypto to reach out to their congressional representatives through its platform and emphasize the importance of regulatory clarity in the crypto space.
Additionally, Coinbase established the “Stand with Crypto Alliance”, an independent nonprofit organization aimed at mobilizing support for legislation that would create a regulatory framework for digital assets in the US.
The company has also filed a lawsuit against the Securities and Exchange Commission (SEC) to compel the establishment of clear regulations for the cryptocurrency industry.
While Coinbase’s advocacy for regulatory clarity has been commendable, the exchange has faced some scrutiny. In June, the SEC sued Coinbase, accusing the platform of operating as an unregistered securities exchange, broker, and clearing agency.
Editor’s Notes:
It is no surprise that Base network has emerged as a strong contender in the crypto industry, surpassing Solana’s TVL and setting new records in daily transactions. This development showcases the potential and growing influence of layer-2 solutions.
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