Base Protocol (BASE) TVL Surpasses $2B, Dominating Ethereum Layer-2 DEX and Lending Market

The Base blockchain, an Ethereum-based layer-2 solution, has been widely used in decentralized finance (DeFi), where the TVL was estimated to be $2.17 billion as of October 3, 2024.

The Base blockchain, an Ethereum-based layer-2 solution, has seen massive growth in decentralized finance (DeFi), with a total value locked (TVL) of $2.17 billion as of October 3, 2024.

The Base blockchain is designed for fast and secure token exchange, and this is reflected in the top protocols by TVL. AERO, the governance token for the decentralized exchange (DEX) of the same name, has the highest TVL at $1.08 billion (55.04%). UNI, the governance token for Uniswap, is also in the top 5 with $195.30 million (9.95%).

Together, AERO and UNI account for two-thirds of the TVL in the Base blockchain. This shows the strong demand for DEXs and the role of Base in facilitating fast and decentralized token trading.

Lending protocols are also popular products on Base. AAVE, a decentralized lending and borrowing service, has the third-highest TVL at $136.71 million (6.97%). AAVE is known for its diverse lending markets and high capital utilization.

Another lending protocol, MORPHO, is also in the top 5 with $102.44 million or 5.22% TVL. MORPHO aims to optimize capital productivity and provides traders with better entry and exit points for different strategies.

WELL, a decentralized lending platform, has a significant presence on Base with $84.51 million (4.31%) of TVL. WELL focuses on user experience (UX) and capital efficiency, offering high yields and optimal asset utilization.

Base has seen a lot of activity in yield farming and aggregation, and this is reflected in the top protocols by TVL. EXTRA, a decentralized yield farming platform, has $135.10 million (6.88%) in TVL.

EXTRA provides a range of yield farming strategies and enables users to optimize their capital efficiency. BIFI, a yield aggregation protocol, has also performed well with $75.86 million (3.87%) in TVL.

BIFI aggregates yields from multiple protocols and strategies, allowing users to maximize their returns. Both EXTRA and BIFI cater to the high demand for yield generation in DeFi.

For OVN, TVL stands at $61.58 million with 3.14% possession through their CDP system, enabling borrowers to get loans against the staked assets.

OGG concentrates on staking with TVL of $50.90 million or 2.59% which allows users to earn some revenue put funds on hold in the given network.

Finally, Anzen, a protocol that focuses on real world assets (RWA), has $39.90 million (2.03%) of the TVL. Anzen brings real-life assets into the defi finance world by tokenizing them and letting the users invest in something beyond tokens.