Wednesday, May 29, 2024

Recent data reveals that Coinbase’s Layer Two (L2) blockchain, constructed atop the Ethereum network and employing Optimism’s open-source OP Stack, has experienced significant expansion over the last 41 days. As of August, the platform had a Total Value Locked (TVL) amounting to $175 million; however, this figure has since escalated by 111% to reach $370 million.

Persistent Expansion Witnessed in Layer Two Base Chain

Coinbase’s L2 blockchain, known as Base, currently ranks as the ninth-largest blockchain in terms of TVL, thereby outperforming Solana. According to statistics from defillama.com, the TVL of Base stands at approximately $370.29 million, while Solana trails with a TVL of $310.43 million.

Moreover, Base has surpassed other blockchain networks like Cronos, Kava, Defichain, Bitcoin, Fusion, Pulsechain, and Cardano in terms of its TVL size. Base’s locked value constitutes nearly 0.96% of the entire decentralized finance (DeFi) ecosystem’s $38.14 billion TVL.

Dune Analytics data indicates that since the inception of Base’s L2, the platform has facilitated the transfer of assets totaling $426.81 million. Of this sum, 143,467 ether accounts for 54.4% or $232.19 million. Additionally, roughly 115,993,548 USDC stablecoins have been transferred, making up 27.2% of the assets moved to Base.

In other assets, 25,276 units of CBETH, Coinbase’s ether-backed derivative token, comprise 10% of the total value transferred to Base. Various other cryptocurrencies like DAI, CRVUSD, THALES, and CRV have also been facilitated through this blockchain layer.

Protocol and User Metrics

Base’s Layer Two blockchain hosts 123 distinct protocols and claims a user base of approximately 61,319 active participants. Among these, Aerodrome, a decentralized exchange, holds the record for the highest total value locked on Base, amounting to $114.2 million.

Following Aerodrome, Friend.tech has locked in a total value of $35.08 million. Stargate, operating on 10 additional distinct blockchains, has recorded a total locked value of $24.6 million. Curve Finance, another entity on Base, has reported a TVL of approximately $24.6 million as of September 21.

NFT and Dapp Statistics

In the sphere of non-fungible tokens (NFTs), Base has seen 177,717 users mint a cumulative total of 58,970,276 NFTs. Metrics from Dappradar indicate that decentralized applications on Base have processed a total of $2.33 billion in value since the Layer Two blockchain was launched.

We invite you to share your analyses and viewpoints on the remarkable growth experienced by Base over the past 41 days in the comments section that follows.

Frequently Asked Questions (FAQs) about Coinbase’s Layer Two Blockchain Growth

What is the main focus of the article?

The article primarily focuses on the significant growth observed in Coinbase’s Layer Two (L2) blockchain, known as Base. It examines how the platform’s Total Value Locked (TVL) has surged by 111% in the past 41 days, reaching $370 million and surpassing other blockchains like Solana.

How does Base rank in terms of Total Value Locked (TVL)?

Base currently ranks as the ninth-largest blockchain in terms of TVL. It has outperformed Solana, with a recorded TVL of $370.29 million compared to Solana’s $310.43 million.

Which other blockchains has Base surpassed in terms of TVL?

Base has surpassed several other blockchains, including Cronos, Kava, Defichain, Bitcoin, Fusion, Pulsechain, and Cardano in terms of its TVL.

What percentage of the entire DeFi ecosystem’s TVL does Base account for?

Base’s locked value comprises about 0.96% of the overall decentralized finance (DeFi) ecosystem, which has a total TVL of $38.14 billion.

What types of assets have been bridged to Base since its launch?

Since its inception, Base has facilitated the transfer of a variety of assets, including 143,467 ether, roughly 115,993,548 USDC stablecoins, and 25,276 units of CBETH (Coinbase’s ether-backed derivative token). Other cryptocurrencies like DAI, CRVUSD, THALES, and CRV have also been moved to Base.

How many protocols and active users does Base’s Layer Two blockchain host?

Base’s L2 blockchain hosts 123 distinct protocols and claims a user base of approximately 61,319 active participants.

Which decentralized exchange has the highest total value locked on Base?

Aerodrome, a decentralized exchange, holds the record for the highest total value locked on Base, with a value of $114.2 million.

How many NFTs have been minted on Base?

A total of 58,970,276 non-fungible tokens (NFTs) have been minted by 177,717 users on Base.

What is the total value processed by decentralized applications on Base?

According to Dappradar metrics, decentralized applications on Base have processed a total of $2.33 billion in value since the Layer Two blockchain was launched.

More about Coinbase’s Layer Two Blockchain Growth

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9 comments

DecentralMike September 22, 2023 - 5:52 am

I used Aerodrome the other day and its smooth. Good to know they have the highest TVL on Base.

Reply
JennyCrypto September 22, 2023 - 10:32 am

123 protocols already? thats a lot of choice for DeFi users. Thx for the in-depth article!

Reply
SarahEcon September 22, 2023 - 11:29 am

With a total value processed of $2.33 billion, Base isn’t a small player anymore. Real game changer in the making.

Reply
RickM September 22, 2023 - 1:33 pm

NFTs minted also counts, its not just about liquidity. Good to see that covered.

Reply
BenTheTrader September 22, 2023 - 7:31 pm

Coinbase is making serious moves. First their IPO, now this. Whats next?

Reply
FinanceGuru101 September 22, 2023 - 9:24 pm

Interesting how Base has such a small slice of the overall DeFi pie and yet has managed to make a splash. Got my eyes on this one.

Reply
CryptoQueen September 23, 2023 - 12:12 am

its like every day theres something new in DeFi. 111% in 41 days? Crazy!

Reply
EllaTech September 23, 2023 - 2:42 am

What assets are ppl moving to Base? Seems like a lot of ether and USDC, but what about other tokens?

Reply
JohnDoe42 September 23, 2023 - 4:42 am

Wow, just wow. Didn’t expect Base to grow that fast. Solana’s got competition, huh.

Reply

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