Coinbase’s BASE Shows Teeth As TVL Nears Solana

Ethereum-based Layer 2 network “Base” has put on an impressive performance yet again, with its Total Value Locked (TVL) coming close to one of the most notable blockchains.

Coinbase’s layer 2 blockchain network, Base, has seen an upward trajectory movement since it was introduced to the public, outperforming some of the notable blockchains in the crypto market. The network is now drawing close to Solana in terms of TVL, indicating remarkable growth within the network.

Data from DeFiLlama shows that the blockchain network now sits a little above $407 million in TVL, while Solana sits a little above $650 million in TVL. The uptick in Base’s TVL is due to the significant number of users and developers currently settling on Base for their decentralized applications (dApps) and other financial protocols. 

The blockchain network also managed to surpass Solana in terms of transaction volume and number of unique addresses. In the past two months, the blockchain network has experienced an immense increase in transaction volume and number of unique addresses more than that of Solana. Data from IntoTheBlock shows an impressive increase of 1.88 million daily transactions on September 16, 2023.

Base’s immense increase in transaction volume and number of unique addresses can be traced back to the growing user base of Base’s Friend.tech, a social platform that allows users to buy and sell shares in public figures.

“In just 2 months, Coinbase’s Base L2 has skyrocketed, topping the charts in transactions and unique addresses. Much of this growth is fueled by the new social app, FriendTech,” IntoTheBlock stated on X.

Base operates as a layer 2 network on Ethereum that came about due to the combined effort from Coinbase and Optimism. Incubated by Coinbase, Base was created to provide its users with a faster transaction process, improved scalability, and lower gas fees.

Currently, Base surpassing Solana in transaction volume, and the number of unique addresses is one of the most impressive achievements of the blockchain network, due to Solana being one of the most notable blockchains in the crypto ecosystem known for its speed and scalability.

During the first week of its mainnet launch, the blockchain network also surpassed Cardano in terms of TVL, transaction speed, and number of successful transactions. The blockchain saw more successful transactions in one week than Cardano’s successful transactions in one month.

You can’t rule out Friend.tech when talking about Base’s achievement in the crypto market. The social app is well-known among users and investors and has become an eminent topic of discussion in the community.

During its official launch on August 10, 2023, the invite-only social app recorded over 4,400 ETH ($8.1 million) in trading volume in just 24 hours after its launch. The social app has also reportedly accumulated more than 130,000 daily users since its release. Base also saw a surge in Transactions Per Second (TPS) as more investors engaged in the social app.