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  • Writer's pictureConnie Chan

Base TVL Surges 76% on DeFi Protocol Hype


Base TVL Surges 76% on DeFi Protocol Hype
Base TVL Surges 76% on DeFi Protocol Hype

Base, a layer 2 (L2) network on Ethereum developed by Coinbase, a leading cryptocurrency exchange, experienced a significant increase in its total value locked (TVL) on August 31st. This was due to the launch of Aerodrome, a decentralized exchange (DEX) platform that has generated a lot of excitement in the crypto community. Base TVL Surges 76% on DeFi Protocol Hype


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Total Value Locked on Base Reach $333 Million

The decentralized finance (DeFi) deposits on Base have reached a new record high with a significant increase of nearly 76% in the last 24 hours, according to DefiLlama data. The network's total value locked (TVL) has surged to $346.39 million from $196.8 million just a day ago.

Total Value Locked on the Base network | Source: DefiLlama
Total Value Locked on the Base network | Source: DefiLlama

This sharp rise has seen Base leap into the top ten blockchains with the largest TVL, sitting above Solana in ninth position. However, Ethereum remains the dominant network in the decentralized finance space, with a total value of roughly $22.1 billion.

💥 BREAKING: Total Value Locked on @BuildOnBase has surpassed $300M and entered the top 10 blockchains with the largest TVL 🔵🚀 pic.twitter.com/KC7tClvA1g — Base Daily (@BaseDailyTK) August 31, 2023

Since opening to the public on August 9, 2023, Base has made significant progress. The network has experienced a 733% increase in TVL since its mainnet launch, which reflects its latest achievement. The growth of Base has been driven by various factors, including the hype surrounding Friend.tech, a social media platform. However, the activity on the decentralized app has hit a snag, and trading fees have decreased by over 94%.


Aerodrome Drives An Inflow Of $170 Million To Base

The recent surge in Base's DeFi deposits can be attributed to the growing interest in the Aerodrome protocol, which was recently launched on the blockchain. Aerodrome is a decentralized exchange created by the team behind Velodrome, a popular DEX on the Optimism chain. The platform rewards users with its native token, AERO, for providing liquidity and participating in protocol governance. Since the AERO emissions began on August 30, Aerodrome has attracted over $170 million in value to the Base network, leading to a significant 6,000% increase in the protocol's TVL in the past 24 hours. Despite initial negative sentiment due to the BALD rug pull and various DeFi protocol exploits, major cryptocurrency projects are continuing to expand to the layer 2 network. PancakeSwap, the second-largest decentralized exchange, is one of the protocols that recently joined the trend and went live on the Base network on August 30.


The cryptocurrency market cap on the daily timeframe | Source: TOTAL chart on TradingView
The cryptocurrency market cap on the daily timeframe | Source: TOTAL chart on TradingView


Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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