You can check the website statistics yourself or request them from us at [email protected]
On this platform, only organic high-quality traffic
Bitcoin
$ 30,725

Base Network Outstrips Solana’s TVL as Summer Lull Draws to a Close

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.

Related Posts

Leave a Reply

Confirm now and stay with our news

What we write about

I want to save money. Will cryptocurrency work?

Cryptocurrency is essentially virtual money that operates in a decentralized manner, not through a bank but directly on multiple independent computers.

Every cryptocurrency has two main components: the units of digital exchange called “coins” and the network within which the exchange takes place. These units can be transferred between wallets and exchanged on exchanges. The networks in which these coins exist are called blockchains, which translates to “chains of blocks.”

Latest Articles

EUBOF Advises EU On Blockchain And AI Integration
27.05.2024By
Arbitrum Community Supports Proposal to Allocate 200M ARB to Web3 Game Development
27.05.2024By
Normie Team Negotiates 90% Fund Return After $41.7M Market Cap Plunge
27.05.2024By

Latest news

EUBOF Advises EU On Blockchain And AI Integration
27.05.2024
Arbitrum Community Supports Proposal to Allocate 200M ARB to Web3 Game Development
27.05.2024
Normie Team Negotiates 90% Fund Return After $41.7M Market Cap Plunge
27.05.2024
Cristiano Ronaldo Teams Up with Binance for New NFT Collection Despite Ongoing Legal Battle
27.05.2024
Ethereum Layer 2 TVL Sets a New All-Time High at $47 Billion
27.05.2024
Bitcoin White Paper Returns to Bitcoin.org After Craig Wright Fails to Prove He is Nakamoto
27.05.2024
“I Am Very Positive and Open Minded To Cryptocurrency”: Trump
27.05.2024
Nearly 40% of Institutional Investors Had Crypto Exposure in 2023, Survey Reveals
24.05.2024
Forex and Crypto Investment Fraud Busted in Malaysia, Ten Arrested and Millions Seized
24.05.2024
Dormant Dogecoin Whale Becomes Active Again After A Decade
24.05.2024