Coinbase's Base Ecosystem Boasts $6.27 Billion in Deposited Capital

Coinbase's Base ecosystem has gained significant traction since its announcement in September 2025. With no official release date or distribution quota for a potential Base token, the network has attracted $6.27 billion in deposited capital and boasts fees as low as hundredths of a cent. According to data from DefiLlama, this places Base third among the 329 networks counted, behind Ethereum and Solana.

The majority of the deposited capital, $4.42 billion, sits in Morpho Blue, a lending protocol on the network. Two risk managers also hold significant amounts, steering capital into lending markets along with Aave V3. The Base ecosystem is primarily used for lending, with trading being a secondary function.

Aerodrome (AERO) is the largest decentralised exchange on Base, holding $374 million in deposited capital compared to Uniswap's $325 million. AERO has seen a 68 percent increase in value over the past 30 days, although it remains significantly below its record price of 2.21 euros.

The simplicity and low fees of the Base network have drawn users, but the lack of clarity on the potential token release has led some to question the motivations behind their investment.