Coinbase’s Base Surpasses Solana in TVL
Coinbase’s Layer 2 blockchain platform, Base, has exceeded Solana in total value locked (TVL) at $374.43 million, attributed to the success of the social app FriendTech.
Summary
- Coinbase’s Layer 2 blockchain platform, Base, has seen rapid growth recently, surpassing Solana with a total value locked (TVL) of $374.43 million.
- This growth is attributed to the new social app, FriendTech, which has significantly boosted activity on the Base network.
- Currently in its testnet phase, Base’s mainnet launch is highly anticipated, as it promises faster transactions, better scalability, and lower gas fees.
- Coinbase has introduced “Base Neutrality Principles” to maintain decentralization and neutrality on its blockchain platform.
Coinbase’s Layer 2 blockchain platform, Base, has been making significant strides lately, overtaking Solana in terms of total value locked (TVL). According to data from DefiLlama, Base’s TVL stands at an impressive $374.43 million, compared to Solana’s $306.93 million. This surge in activity has been largely attributed to the rising popularity of FriendTech, a social app that has captured the attention of the crypto community.
Developed in collaboration with Optimism, Base is built as a Layer 2 network on top of Ethereum. It aims to solve some of the core issues related to scalability and transaction fees on the Ethereum network. Currently in its testnet phase, Base has already received widespread attention, and its mainnet launch is eagerly awaited.
It is about a month when @BuildOnBase came live as a layer 2 blockchain owned by coinbase
We saw about 400% increase daily activity from the chain and a massive $372.32m TVL on the chain;
Pretty interesting, but what is happening on the chain?🧐
Aerodrome took the larger… pic.twitter.com/X06lS0jOd8
— Hardy (@Degen_Hardy) September 17, 2023
Base Neutrality Principles
As a measure to ensure the decentralization and neutrality of the Base blockchain, Coinbase recently introduced a set of “Base Neutrality Principles.” This highlights the company’s commitment to balancing the advantages and responsibilities of operating its own blockchain while being a publicly-traded entity.
One of the key drivers of Base’s growth is FriendTech, a new social app that has rapidly gained traction within the crypto space. The integration of FriendTech onto the Base platform has led to a spike in transactions and unique addresses, thereby attracting more users and developers to the network.
Future Prospects
The Base platform is not only gaining traction but also showing potential to compete with well-established blockchain networks. Its faster transactions, greater scalability, and lower gas fees make it a compelling choice for users and developers alike.
Conclusion
As Base continues its upward trajectory, it’s clear that it has become a formidable competitor in the blockchain space. With its impressive TVL, commitment to decentralization, and the upcoming mainnet launch, Base is well-positioned to offer a range of benefits for those looking to engage in decentralized applications and other crypto activities.
