According to DeFi Llama data, Solana’s total value locked (TVL) dropped by 9.64% in the last month to $358.96 million, while Base’s TVL rose sharply to $397.32 million.
Coinbase’s layer 2 network, Base, has seen its total value locked (TVL) grow to $397.32 million in just about a month and a half since its August launch. This now puts Base ahead of the Solana network, which has $358.96 million in TVL currently.
In the last 30 days, Base has experienced a remarkable 97.21% increase in its TVL, as per DeFi Llama data. In contrast, Solana’s TVL has dropped by 9.64% during the same period.
Top 10 chains in terms of TVL. Source: DeFi Llama
Two projects native to Base have the largest portions of the network’s total value locked (TVL).
1. Aerodrome Finance, a decentralized exchange (DEX), is in the top position with a TVL of $97.83 million. It was launched on August 28 and allows users to deposit assets to earn AERO tokens and offers other features. While it didn’t attract many deposits in its first days, it saw a massive surge on August 31 with $150 million added in a single day. However, its TVL has since decreased by about 51% from its peak.
2. Friend.tech, a decentralized social media (DeSo) app, ranks second with a TVL of $36.53 million.
Aerodrome TVL since launch. Source: DeFi Llama
Friend.tech, which launched on August 11, allows users to tokenize their social networks by buying and selling “Keys.” In late August, it faced criticism for declining user activity and high fees, but it made a remarkable comeback in September.
According to DeFi Llama, Friend.tech’s total value locked (TVL) increased by a staggering 540% in the past month. Most of this growth occurred after a surge that began on September 9, coinciding with a significant increase in daily trading volume.
Further down the list, Base’s TVL is primarily attributed to multi-network DeFi platforms like Compound, Curve, and Uniswap.
Friend.tech TVL since launch. Source: DeFi Llama
Base achieved a new record in daily transactions, reaching 1.88 million on September 14, as reported by BaseScan. This number significantly surpassed competing chains like Optimism and Arbitrum, which together had nearly 880,000 transactions on the same day.
Base daily transactions. Source: Base Scan
The all-time high for Base’s daily transactions still stands, but it has since dropped to around 908,000 as of September 22.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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