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

Coinbase’s layer-2 solution, Base, has eclipsed Solana (SOL) in the total value locked (TVL) stakes.

Since its inauguration in August, Base has amassed an impressive TVL of $397.32 million, outstripping Solana’s TVL, which stands at $358.96 million, as evidenced by data from DefiLlama.

Over the past 30 days, Base’s trajectory has been meteoric, registering a noteworthy 97.21% surge in its TVL.

Conversely, during the identical period, Solana has witnessed a dip of 9.64% in its TVL.

A substantial portion of Base’s TVL can be attributed to just two projects.

The decentralized exchange, Aerodrome Finance, occupies the premier position with a TVL of $97.83 million. Following closely is the decentralized social media platform, Friend.tech, boasting a TVL of $36.53 million.

Aerodrome Finance, which took flight on August 28, offers its users the opportunity to provide liquidity in return for its proprietary AERO tokens, alongside other functionalities.

Even though its initial days were tepid, Aerodrome experienced a significant uptick in TVL on August 31. A staggering $150 million flowed into the platform on that single day. However, post this spike, the project’s TVL witnessed a decline of around 51%, likely attributed to the cooling off of initial enthusiasm.

On the other hand, Friend.tech, introduced to the market on August 11, presents users with a novel proposition: the ability to tokenize their social engagements through the purchase and trade of “Keys.”

After grappling with some hurdles towards the end of August, the platform saw a notable upswing in its TVL come September.

DefiLlama has recorded a remarkable 540% ascent in Friend.tech’s TVL over the previous month. This surge can primarily be traced back to a significant boost that started on September 9, coinciding with a revived momentum in daily trade volume.

Diving deeper into the contributors to Base’s TVL, a significant portion is channeled from multinetwork decentralized finance entities such as Compound, Curve, and Uniswap.

Moreover, Base marked an important achievement this month. On September 14, the layer-2 solution recorded its highest ever daily transactions at 1.88 million. This feat overshadowed its counterparts, Optimism and Arbitrum, which jointly clocked almost 880,000 transactions that very day.

Although the current daily transaction figures for Base have tapered off to around 908,000, its peak transaction record remains unchallenged.

Coinbase Pushes for Regulatory Clarity in the US

Recently, Coinbase has intensified its initiatives to effect constructive shifts in U.S. regulatory policies concerning the crypto industry.

Just this past week, the exchange unveiled a novel media campaign. This initiative urges crypto enthusiasts to reach out to their congressional representatives via Coinbase, emphasizing the significance of clear regulatory guidelines for the cryptocurrency sector.

Earlier, in mid-August, Coinbase made public its intent to establish a dedicated advocacy group to champion the cause of the crypto community.

Named the Stand with Crypto Alliance, this autonomous nonprofit entity aspires to galvanize backing for legislative measures aimed at formulating a comprehensive regulatory architecture for digital assets within the U.S.

Additionally, earlier in the year, Coinbase took a legal stand against the Securities and Exchange Commission (SEC), filing a lawsuit in a bid to push the agency towards defining transparent guidelines for the cryptocurrency sector.

However, amidst this drive for clearer regulations, the platform hasn’t been immune to regulatory attention itself.

In June, the SEC took legal action against Coinbase, alleging that the exchange was functioning as an unregistered securities platform, broker, and clearing entity.

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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.”

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