2023-09-05 10:02:30 ET
Base, the new layer-2
network by Coinbase
, is gaining traction among developers even as the crypto industry faces major headwinds.
The network has attracted many developers, with Friends.tech being the most popular. The controversial social network has continued gaining traction, attracting more than a million users.
Meanwhile, Base has seen its activity in the decentralised finance (DeFi) industry jump. Data compiled by DeFi Llama
that the total value locked (TVL) in its ecosystem has skyrocketed to an all-time high of over $464 million. This increase makes it the 10th biggest blockchain in the world.
Most notably, Base, which is a few months old, has overtaken some well-known blockchains in the industry. For example, it is bigger than Crypto.com’s Cronos, which has a TVL of $374 million. It is also bigger than Cardano, whose ADA token was once worth over $90 billion. Other notable blockchains are Kava, Klaytn, and Fantom.
Base has attracted hundreds of developers in the DeFi industry. The biggest dApp in its ecosystem is Aerodrome, a DEX with over $170 million in its assets. Other notable names in its ecosystem are Beefy, Compound, Overnight Finance, and Stargate. DeFi heavyweights like Curve and Uniswap have also deployed in Base.
Still, it is too early to predict whether Base will be successful in the long term. In the past, we have seen many chains gain popularity and then lose traction over time.
For example, at its peak, Cronos had a TVL of over $4 billion as Tectonic and MM Finance gained market share. Similarly, Algorand was a top player in DeFi, helped by the popularity of AlgoFi, which shut down recently.
Base blockchain’s DeFi TVL soars as it overtakes Cardano, Cronos
appeared first on