A lot of USDC stablecoins were created on the Base platform, and this has led to a lot of activity, making the DeFi TVL (Total Value Locked) go up.
Coinbase’s Base platform, an Ethereum-based Layer-2 network, has been making a big impact in the world of decentralized finance (DeFi) lately.
In the past week, the Total Value Locked (TVL) in the Base network increased by 25.23%, reaching $558 million. This growth allowed it to surpass zkSync Era, which had $435 million locked. The main reason for this surge was the creation of a significant amount of native USDC tokens on the network on October 4th, resulting in a remarkable increase of 470.55%, totaling 159 million USDC.
USDC Now Available on the Base Platform
Last month, the company that makes the USDC stablecoin, Circle, made an important announcement. They said they were launching USDC on the Base platform. This was a strategic move by Circle to make USDC even more useful. By putting USDC directly on the Base platform, they made it possible to use USDC without having to go through other cryptocurrencies like Ethereum.
When the Coinbase Base network started on August 9, people who used Coinbase and had Circle accounts couldn’t send USDC directly to the Base network. Instead, they had to use a different version of USDC called “USDbC” for their transactions in U.S. dollars.
Base Emerges as a Strong Competitor in the DeFi Sector
Base is like a special part of Ethereum called Layer 2. It was made by Coinbase, a cryptocurrency exchange, and a company called Optimism. They made it to be safe, cost-effective, and easy to use for creating things on the blockchain.
People are starting to notice Base in the world of DeFi (Decentralized Finance). After it started in early August, big companies began trying it out. Even Coca-Cola released some special digital art on Base, known as NFTs.
Last month, a person from Coinbase talked about the idea of making a new digital token on Base. This could make Base even more useful for DeFi.
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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