Coinbase’s layer-2 solution, Base, has overtaken Solana (SOL) in the total value locked (TVL) metric.
Since its inception in August, Base has amassed a commendable $397.32 million in TVL, surpassing Solana’s $358.96 million, according to data from DefiLlama.
In the last month alone, Base has witnessed a substantial surge, registering a notable 97.21% growth in its TVL.
Conversely, during the same period, Solana’s TVL has experienced a dip of 9.64%.
A significant portion of Base’s TVL can be attributed to two primary projects.
The decentralized exchange, Aerodrome Finance, leads the pack with a TVL of $97.83 million. Following closely is the decentralized social platform Friend.tech, with a TVL standing at $36.53 million.
Aerodrome Finance, which was introduced to the market on August 28, empowers users to provide liquidity in return for its proprietary AERO tokens, among other features.
While its initial uptake was somewhat measured, a substantial inflow was observed on August 31, with a staggering $150 million entering the platform just on that day. However, as the initial enthusiasm waned, the TVL of the project declined by about 51%.
On the other hand, Friend.tech, which was unveiled earlier on August 11, provides users with the capability to monetize their social connections by trading “Keys.”
While Friend.tech encountered some hurdles towards the end of August, it witnessed a notable uptick in September.
According to DefiLlama, there was a staggering 540% growth in Friend.tech’s TVL over the last month. This increase was largely attributed to a surge that initiated on September 9, coinciding with a spike in daily trade volume.
Diving deeper, it’s evident that a significant portion of Base’s TVL stems from cross-network decentralized finance entities, including the likes of Compound, Curve, and Uniswap.
Additionally, Base marked a significant achievement this month by recording a zenith of 1.88 million daily transactions on September 14. This outperformed competing networks such as Optimism and Arbitrum, which together registered close to 880,000 transactions on that very day.
As of the latest data, the daily transactions on Base have tapered to around 908,000. However, its historic peak remains unparalleled.
Coinbase Pushes for Regulatory Clarity in the US
Recently, Coinbase has been actively pushing for beneficial amendments in US crypto-related legislation.
Just this week, the exchange initiated a media campaign urging crypto enthusiasts to reach out to their congressional representatives via its platform. The purpose is to emphasize the importance of clear crypto regulatory guidelines.
In addition to this, during mid-August, Coinbase announced the inception of an advocacy group dedicated to advancing the crypto community’s interests.
Named the Stand with Crypto Alliance, this autonomous nonprofit organization is geared towards garnering backing for legislation that lays down a clear regulatory structure for digital currencies in the US.
Earlier in the year, Coinbase took legal action against the SEC, urging the agency to set forth definitive guidelines for the cryptocurrency domain.
However, amidst its efforts for clearer regulations, the exchange has not been without its controversies.
In June, the SEC initiated legal proceedings against Coinbase, alleging that the platform functioned as an unlicensed securities exchange, broker, and clearing agency.
