Base Network's TVL Skyrockets to Nearly $1 Billion, Led by Decentralized Exchange Airfield

Base, an Ethereum Layer 2 network supported by Coinbase, has witnessed a remarkable surge in its total value locked (TVL) to almost $1 billion, reflecting a doubling of user deposits. Decentralized Exchange Airfield is a major contributor to Base's TVL, accounting for nearly half ($424 million) of the total.

Base Network's Total Value Locked Surges to Nearly $1 Billion

Coinbase's Ethereum layer 2 network, Base, has experienced a meteoric rise in its total value locked (TVL), a measure of user deposits on the protocol. Since early March, the network's TVL has doubled from $470 million to nearly $1 billion.

The Decentralized Exchange (DEX) Airfield plays a significant role in Base's TVL, contributing $424 million. Aerodrome's TVL has witnessed a substantial increase, from $125 million in early February to over $420 million today. This growth is attributed to an uptick in user activity on the exchange and a significant increase in the value of its native token, Aero.

The Velodrome Finance development team introduced Aerodrome on Base in September 2023 as a forked version. Since then, Aerodrome has facilitated a substantial portion of the trading volume on the Base network, employing a similar strategy to its success on OP Mainnet with Velodrome. This approach leverages a combination of decentralized financial incentives and block-vote governance.

Base's mainnet went live in early August 2023 and quickly ascended to become the fourth-largest layer 2 blockchain by TVL, trailing behind Arbitrum, Optimism, and Blast. The network experienced a surge in users and daily transactions, reaching record levels following the Dencun upgrade.

According to DeFiLlama, a leading data provider for decentralized finance, Base's TVL currently stands at $970 million. This remarkable growth demonstrates the increasing adoption of Base as a scalable and efficient platform for decentralized applications and financial services.

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