oinbase">Coinbase‘s Base layer-2 network has seen its total value locked (TVL) surge past rival Solana‘s to hit nearly $400 million.
Per DeFi Llama, Base’s TVL has jumped 97% in the past month to reach $397 million. Meanwhile, Solana’s TVL has dropped around 10% to $359 million in the same period.
The growth is driven by two Base-native DeFi projects – Aerodrome Finance and social token platform Friend.tech. Despite some cooling from its peak, Aerodrome accounts for nearly $100 million in Base’s TVL.
Friend.tech saw major growth in September, with TVL spiking 540% after initially being declared “dead” in August. Its renewed activity helped drive Base’s overall adoption.
Base also hit an all-time high of 1.88 million daily transactions in mid-September according to BaseScan data. That outpaced rival Optimism and Arbitrum’s chains combined.
The rapid growth indicates strong interest in Base just six weeks after its mainnet launch. As a layer-2 network backed by oinbase">Coinbase, Base is positioned to capture further share in the scaling solutions space.
The gains have allowed Base to overtake more established chains like Solana in a key DeFi metric – at least temporarily. It shows layer-2’s potential to disrupt the layer-1 landscape.
