Have you ever pondered over what’s driving Base’s explosive 6-week growth? This layer 2 network on Ethereum, initiated by Coinbase in partnership with Optimism, has seen a rapid ascent in its total value locked (TVL) to a staggering $400 million in just six weeks. Surpassing even the Solana blockchain in TVL, Base’s popularity has soared in the crypto market.
A Meteoric Rise Despite Challenges
The journey of Base hasn’t been entirely smooth. Before its public debut, it encountered a few technical glitches, swiftly addressed by the developers. Recently, block production came to an unexpected halt for 45 minutes, adding to the list of challenges. Yet, none of these hurdles has deterred Base’s growth trajectory. As per DeFi TVL aggregator DefiLlama, Base’s TVL has witnessed a surge of +111% over the past month, reaching over $370.29 million.
Outshining Solana and Other Chains
Last week, Base’s growth trajectory took it past Solana in transaction volume. This upward trend continues, with Base now leading Solana, whose TVL has seen a 12.22% decline over the last month to $310 million. This achievement puts Base’s TVL ahead of other renowned chains like Cronos, Bitcoin, and Cardano. The crypto market cap is currently estimated at $1.03 trillion.
Factors Fuelling Base’s Growth
Base’s growth spurt was sparked by Aerodrome, a decentralized exchange that deposited $190 million on the network post-launch. Furthermore, the rise of Friend.tech, a decentralized social app, has significantly contributed to Base’s popularity. With a current TVL of $38.6 million, Friend.tech is among the projects native to Base with a substantial stake. Other projects like Stargate, Curve DEX, and Compound V3 also have a significant stake in TVL.
The future months will be pivotal in determining if Base can maintain its momentum and continue gaining mainstream traction. If the current trajectory persists, Base might surpass $500 million in TVL in the coming weeks, further solidifying its position as a leader in layer-2 scaling networks.
As per BaseScan, the daily transactions on Base reached a new peak of 1.88 million on September 14. To date, the layer-2 network has processed over 40.31 million transactions.
For crypto enthusiasts seeking to track this kind of explosive growth, cryptoview.io could be a handy tool. This application offers a comprehensive view of the crypto market, making it easier for users to keep a tab on their favorite cryptocurrencies.
Please note, investing in cryptocurrencies involves risk, and you should only invest what you can afford to lose.
