Base Sees $4.7 Billion Inflows Amid Record DeFi Activity in 2026

Base, the Ethereum Layer 2 network developed by Coinbase, has attracted $4.7 billion in net inflows since the start of 2026. This surge in funds arriving on the network aligns with record DeFi activity, driven by lending protocols, stablecoins, and tokenized stocks.

As of early October 2026, Base's total value locked (TVL) reached approximately $6.4 billion, with bridged value hitting $8.28 billion. This bridged value represents assets moved from other chains, primarily Ethereum mainnet. Lending protocols like Morpho have captured a significant portion of this activity.

The stablecoin market cap on Base stands at about $5.2 billion, with USDC making up roughly 84% of that total. Coinbase's involvement in the Centre consortium, which co-founded USDC with Circle, explains the dominance of this stablecoin on the network.

Tokenized stocks on Base saw $71 million in daily trading volume by October 2026. These blockchain versions of traditional shares offer around-the-clock trading and on-chain settlement, integrating seamlessly with stablecoins and DeFi positions. Base ranks among the top Layer 2 networks for transaction throughput and liquidity in 2026.

A closer look at Base's bridge activity reveals cumulative inflows of about $19.5 billion against outflows of $18.4 billion, resulting in a net of $1.1 billion. This discrepancy with the $4.7 billion year-to-date figure suggests differences in tracking methods, such as specific bridges or time windows.

Base operates as an Ethereum Layer 2, processing transactions off the main chain to reduce costs and increase speed while maintaining Ethereum's security. However, the concentration of USDC at 84% of the stablecoin supply poses a risk, as any disruption to USDC could significantly impact Base's liquidity.