|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cryptocurrency News Articles
Base Hits A Milestone of Over $2 Billion In TVL Driven By Aerodrome
Sep 30, 2024 at 09:59 am
Tech Report is one of the oldest hardware, news, and tech review sites on the internet. We write helpful technology guides, unbiased product reviews, and report on the latest tech and crypto news.
Base Surpasses $2 Billion In TVL For The First Time Amidst Rising Memecoin Demand
Layer two network on the Ethereum blockchain, Base, has surpassed $2 billion in total value locked (TVL) for the first time. This growth represents a 370% year-to-date (YTD) increase.
This move marks a milestone feat for Base, which also emerged as the second-largest optimistic rollup in terms of deposit, closely after Arbitrum.
Base Hits A Milestone of Over $2 Billion In TVL Driven By Aerodrome
According to data from DeFiLlama, the layer two network Base raised its TVL to over $2.08 billion for the first time. The trend of flows showed that Base reached the $1 billion TVL on February 27, about 226 days after its debut in August 2023.
Base’s TVL stood at almost $430 million in January. So, the current value represents a 370% year-to-date growth.
Notably, the decentralized exchange Aerodrome is the major contributor to Base’s TVL growth. The DEX accounts for over $1 billion of the network's total deposits.
Uniswap follows closely, accounting for about $220 million in deposits. With its increasing adoption rate, Base ranks as the second-largest optimistic rollup in deposits. It closely follows Arbitrum, which boasts over $2.5 billion in TVL.
Although Arbitrum leads in TVL, Base has shown dominance in other metrics. Based on user activity, active addresses, and daily transactions, Base is the top-performing optimistic rollup.
The overall metrics indicate that Base keeps recording increasing adoption within the industry.
Memecoin Assets Potential Drive For Base Increased Adoption
Some analysts believe that the growing memecoin speculation could be a potential drive for Base’s significant feats.
The network has recorded a spike in its adoption rate with increasing users’ activity. The overall trend could suggest that Base is attracting participants from Solana.
Solana has proven its stance with a rise in memecoin trades within the past few months. It boasts of several memecoin projects with massive engagement as the frenzy on memecoin continued.
For instance, Dogwifhat (WIF) is a top-trending Solana-based memecoin that amassed a market cap of over $2.3 billion.
Other notable Solana-based memecoins are Book of Meme (BOME) and Slerf (SLERF), with market caps of $1.4 billion and $524 million, respectively.
However, some crypto community members think many are shifting to Base due to its attractive memecoin projects. Some prominent memecoin projects on Base include Degen (DEGEN), Brett (BRETT), Base God (TYBG), and others, which boast growing communities.
Though these projects still have smaller market caps than some Solana-based memecoins, they have the potential for explosive growth.
Coinbase, the crypto exchange behind Base, has made significant innovative moves that could boost the network’s adoption.
Recently, the exchange developed Smart Wallets to enable registered users to trade on Base without private keys or seed phrases.
Disclaimer:info@kdj.com
The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research!
If you believe that the content used on this website infringes your copyright, please contact us immediately (info@kdj.com) and we will delete it promptly.
-
- Ethereal Exchange Proposes Integration with Ethena Network to Launch Spot and Perpetual Exchange Built on USDe
- Sep 30, 2024 at 04:25 pm
- Ethereal Exchange has submitted a proposal to Ethena governance, seeking community approval to launch a new spot and perpetual exchange built on USDe and integrated into the Ethena hedging engine and liquidity.
-
- FTT Token Price Above $2 as the Broader Market Slows Down
- Sep 30, 2024 at 04:25 pm
- The FTT token is back in action as the broader market slows down as September concludes. With rising speculations that the $16 billion payment to FTX creditors will come soon, the market price concludes a long-coming resistance trendline.
-
- Swissquote Review: A Comprehensive Guide to the Online Brokerage Firm
- Sep 30, 2024 at 04:25 pm
- Swissquote is a renowned online brokerage firm that has gained significant traction in the retail trading market. This comprehensive review will guide you through these aspects to help you determine if Swissquote is the right broker for you.