$370 million TVL: Base catches up with Solana

A lot is happening on Coinbase's 2-layer solution. No other network records more transactions per second. But how does this happen?

According to data from DeFiLlama, the Total Value Locked (TVL) of the Layer-2 Scale Base solution is US$ 370.50 million. This is the first time the value has exceeded Solana's US$310.25 million.

Base last 24 hours the most active network

With 13 average transactions per second (TPS) in the past 24 hours, it is also currently the most active blockchain network. It is even ahead of Ethereum with 11.6 TPS. The reasons for Base's recent growth are the strong interest in the Web3 social media platform Friend.tech, as well as the inclusion of key DeFi applications. These include the loan platform Compound Finance, the decentralized exchange Uniswap and the bridging service Starkgate.

Daily 16,000 users

Friend.Tech launched on Base in August 2023. On Sept. 13, Friend.tech's trading volume rose to nearly US$20 million and it now has 16,000 daily active users. On the platform, you can buy and sell tokens from yourself and influencers, for exclusive access to chat rooms. The project is considered controversial.

The TVL is a key figure in the DeFi industry. It measures the value of all crypto assets secured via smart contracts in a protocol. So TVL is not the same as market capitalization. Solana's market capitalization, for example, is $8.2 billion, according to Coinmarketcap.