Base Blazes Past $6 Billion in Total Value Locked Amid DeFi Slump
Base, Coinbase's Ethereum layer-2 network, has reached an all-time high in total value locked (TVL), surpassing $6.2 billion on September 22. This milestone makes Base the third-largest chain by TVL, trailing only Ethereum itself.
The rapid growth is remarkable, jumping from $5.3 billion to $6.2 billion in just a few days. In contrast, the TVL was previously fluctuating between $4.5 billion and $5.3 billion before this surge.
The broader DeFi landscape has been struggling, with total value locked across all protocols dropping significantly from its peak near $177 billion to around $83 billion in August.
Several factors are contributing to Base's momentum, including the Coinbase connection, user-friendly protocols, and lower gas fees compared to Ethereum's mainnet. The speculation factor also plays a role, with whispers about a potential future token launch potentially inflating engagement metrics.