Base, the Layer 2 Ethereum network developed by Coinbase, has crossed the $2 billion mark in total value locked (TVL) for the first time. This milestone represents a 370% growth in TVL since the beginning of the year, positioning Base as the second-largest optimistic rollup by deposits, following Arbitrum.
Aerodrome Plays a Significant Role in Base’s Growth
According to DeFiLlama data, Base’s TVL currently stands at $2.08 billion, a significant increase from $430 million at the start of the year. The decentralized exchange Aerodrome has been a major contributor to this growth, with over $1 billion in deposits. Uniswap follows with $220 million in TVL.
Base’s Unique Rollup Approach
Base operates as an optimistic rollup, processing transactions off the main Ethereum chain and posting data back to the blockchain periodically. This method reduces congestion on Ethereum, allowing for higher throughput and more efficient transaction processing. The sustained increase in user activity, including active addresses and daily transactions, reflects Base’s growing popularity in the Ethereum ecosystem.
Source: The Block
