Coinbase’s Layer-2 network, Base, has surpassed Solana in daily transaction volume and Total Value Locked (TVL). According to DeFiLlama data, Base has reached a TVL value of $370 million, leaving Solana, which has a value of $310 million, behind as the 9th largest blockchain network.
Base Network Continues to Grow
The popularity of Friend tech, a Web3 social media platform, may be attributed to the significant attention garnered by Base. Moreover, the support of several prominent DeFi platforms for Base network has increased users’ appetite, especially for airdrop rewards. According to L2beat data, Base is the most active network compared to Ethereum and other Layer-2 networks, with an average transaction per second (TPS) of 15, while other networks average at 11 transactions.
Base’s TVL value surpassed $300 million for the first time, driven by investors seeking early liquidity opportunities after the launch of Aerodrome DEX. Popular DeFi protocols such as Compound Finance, Uniswap, and cross-chain bridge protocol Stargate, along with Aerodrome DEX, have contributed to the increase in TVL with their support for Base.
Friend tech Makes a Comeback
The social media platform Friend tech has been making headlines in the past two weeks. These developments have also led to increased transactions and activities on the Base network. According to DeFiLlama data, Friend tech ranks second in TVL value among the protocols on the Base network and holds the top position in terms of transactions and commission revenues.
According to data shared by Dune Analytics analyst CryptoKoryo, trading activities on Friend tech have particularly increased since September 9th. On September 13th, a new record was set with 539,810 transactions on the platform. Furthermore, the total value of assets deposited into the protocol reached $230 million, increasing by $100 million. Although the protocol faced several issues after its launch, updates and potential airdrop possibilities have attracted many users to engage with the platform.
