The full worth locked (TVL) in Base, the Ethereum Layer 2 (L2) community developed by Coinbase, has greater than doubled over the previous yr.
Base’s TVL has elevated from $3.9 billion to $8.4 billion during the last 12 months, in keeping with knowledge from Token Terminal. The surge has made Base the main L2 blockchain by ecosystem TVL – this refers back to the whole U.S. greenback worth of belongings deposited in functions throughout a blockchain. For context, Ethereum’s ecosystem at present holds $213.9 billion in TVL.
Prior to now month alone, Base’s TVL has grown by almost 16%, in keeping with knowledge from Token Terminal. Arbitrum One at present holds the second-highest TVL amongst L2 networks, adopted by Polygon PoS in third.
Base Ecosystem TVL
The leap in Base’s TVL exhibits that extra customers are trusting and utilizing the community. One key driver behind this, in keeping with consultants, is that Binance.US now helps ETH and USDC on Base. That integration, introduced earlier this yr, makes it simpler for individuals to make use of the community with out shifting belongings via Ethereum’s mainnet.
Token Terminal notes that the highest six protocols on the Base community account for 93% of the overall ecosystem TVL. These protocols embody Morpho, Aerodrome, and Uniswap, amongst others. And of the highest functions on Base, most have backing from both Coinbase (Circle) or Coinbase Ventures (Morpho, Aerodrome, Uniswap, Fluid, Euler, and so forth.), the Token Terminal report famous.
Stablecoins Enhance TVL
Moreover, roughly 45% of the overall ecosystem TVL comes from stablecoin collateral deposits, primarily in Circle’s USDC and EURC. USDC is at present the second-largest stablecoin by market capitalization at almost $61 billion, in keeping with DeFiLlama.
The stablecoin market has skilled a large surge lately as institutional curiosity grows and rules ease. The sector’s market cap stands at round $245 billion, a virtually $3 billion enhance up to now week alone. Tether’s USDT leads with a $153 billion market cap.