{"id":549657,"date":"2023-09-01T00:00:02","date_gmt":"2023-09-01T00:00:02","guid":{"rendered":"https:\/\/wncen.com\/?p=549657"},"modified":"2023-08-31T18:32:30","modified_gmt":"2023-08-31T18:32:30","slug":"base-tvl-surges-by-76-amidst-new-defi-protocol-hype","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/coinbase\/base-tvl-surges-by-76-amidst-new-defi-protocol-hype\/","title":{"rendered":"Base TVL Surges By 76% Amidst New DeFi Protocol Hype"},"content":{"rendered":"

Base, an Ethereum layer 2 (L2) network developed by prominent cryptocurrency exchange Coinbase, has seen its total value locked (TVL) soar to new heights on Friday, August 31. This surge was triggered by the recent launch and growing hype around the decentralized exchange (DEX) platform Aerodrome.<\/span><\/p>\n

Total Value Locked on Base Reach $333 Million<\/span><\/h2>\n

The total decentralized finance (DeFi) deposits on Base have hit a new all-time high following a nearly 76% spurt in the past 24 hours. According to data from DefiLlama<\/a>, the network\u2019s TVL currently stands at $346.39 million, jumping from $196.8 million a day ago.<\/span><\/p>\n

\"Base\"<\/p>\n

Total Value Locked on the Base network | Source: DefiLlama<\/pre>\n
This sharp rise has seen Base leap into the top ten blockchains with the largest TVL, sitting above Solana in ninth position. However, Ethereum remains the dominant network in the decentralized finance space, with a total value of roughly $22.1 billion.<\/span><\/p>\n
\n
\ud83d\udca5 BREAKING: Total Value Locked on @BuildOnBase<\/a> has surpassed $300M and entered the top 10 blockchains with the largest TVL \ud83d\udd35\ud83d\ude80 pic.twitter.com\/KC7tClvA1g<\/a><\/p>\n
\u2014 Base Daily (@BaseDailyTK) August 31, 2023<\/a><\/p><\/blockquote>\n
Related Reading: Ethereum Holds Uptrend Support And Could Aim Fresh Rally To $1,800<\/a><\/div>\n
Interestingly, this latest feat only underscores the overall progress of Base since <\/span>opening its doors to the public<\/span><\/a> on August 9, 2023. The Coinbase-incubated network\u2019s TVL has swelled more than 733% since the public mainnet launch.\u00a0<\/span><\/p>\n
One of the notable catalysts of the Base\u2019s growth was the <\/span>short-lived hype of the social media platform Friend.tech<\/span><\/a>. However, activity on the decentralized app has since hit a snag, with trading fees dipping by more than 94%.\u00a0<\/span><\/p>\n
Aerodrome Drives An Inflow Of $170 Million To Base<\/span><\/h2>\n
As earlier mentioned, the latest resurgence in Base\u2019s DeFi deposits was triggered by the growing interest in the Aerodrome protocol, which recently launched on the blockchain.<\/span><\/p>\n
Aerodrome is a decentralized exchange developed by the team behind Velodrome, a popular DEX on the Optimism chain. The platform rewards users who provide liquidity and participate in protocol governance with its native token, AERO.<\/span><\/p>\n
Related Reading: Coinbase (COIN) And Bitcoin-Related Stocks Soar Following Grayscale\u2019s Victory<\/a><\/div>\n
Thanks to the AERO emissions, which began on August 30, Aerodrome has attracted more than $170 million in value to the Base network. Meanwhile, this has <\/span>reflected a significant 6,000%<\/span><\/a> rise in the protocol\u2019s TVL in the past 24 hours.\u00a0<\/span><\/p>\n
Despite the initial negative sentiment brewing around Base due to the BALD rug pull, and various DeFi protocol exploits, it appears that major cryptocurrency projects are continuing to expand to the layer 2 network.\u00a0<\/span><\/p>\n
PancakeSwap, the second-largest decentralized exchange, is one of the protocols to have recently joined the trend. The DeFi platform went live on the Base network on Thursday, 30th of August.<\/p>\n
\"Base\"<\/p>\n
The cryptocurrency market cap on the daily timeframe | Source: TOTAL chart on TradingView<\/a><\/pre>\n
Featured image from Pexel, chart from TradingView<\/div>\n","protected":false},"excerpt":{"rendered":"
Base, an Ethereum layer 2 (L2) network developed by prominent cryptocurrency exchange Coinbase, has seen its total value locked (TVL) soar to new heights on Friday, August 31. This surge was triggered by the recent launch and growing hype around the decentralized exchange (DEX) platform Aerodrome. Total Value Locked on Base Reach $333 Million The total decentralized finance (DeFi) deposits on Base have hit a new all-time high following a nearly 76% spurt in the past 24 hours. According to data from DefiLlama, the network\u2019s TVL currently stands at $346.39 million, jumping from $196.8 million a day ago. Total Value Locked on the Base network | Source: DefiLlama This sharp rise has seen Base leap into the top ten blockchains with the largest TVL, sitting above Solana in ninth position. However, Ethereum remains the dominant network in the decentralized finance space, with a total value of roughly $22.1 billion. \ud83d\udca5 BREAKING: Total Value Locked on @BuildOnBase has surpassed $300M and entered the top 10 blockchains with the largest TVL \ud83d\udd35\ud83d\ude80 pic.twitter.com\/KC7tClvA1g \u2014 Base Daily (@BaseDailyTK) August 31, 2023 Related Reading: Ethereum Holds Uptrend Support And Could Aim Fresh Rally To $1,800 Interestingly, this latest feat only underscores the overall progress of Base since opening its doors to the public on August 9, 2023. The Coinbase-incubated network\u2019s TVL has swelled more than 733% since the public mainnet launch.\u00a0 One of the notable catalysts of the Base\u2019s growth was the short-lived hype of the social media platform Friend.tech. However, activity on the decentralized app has since hit a snag, with trading fees dipping by more than 94%.\u00a0 Aerodrome Drives An Inflow Of $170 Million To Base As earlier mentioned, the latest resurgence in Base\u2019s DeFi deposits was triggered by the growing interest in the Aerodrome protocol, which recently launched on the blockchain. Aerodrome is a decentralized exchange developed by the team behind Velodrome, a popular DEX on the Optimism chain. The platform rewards users who provide liquidity and participate in protocol governance with its native token, AERO. Related Reading: Coinbase (COIN) And Bitcoin-Related Stocks Soar Following Grayscale\u2019s Victory Thanks to the AERO emissions, which began on August 30, Aerodrome has attracted more than $170 million in value to the Base network. Meanwhile, this has reflected a significant 6,000% rise in the protocol\u2019s TVL in the past 24 hours.\u00a0 Despite the initial negative sentiment brewing around Base due to the BALD rug pull, and various DeFi protocol exploits, it appears that major cryptocurrency projects are continuing to expand to the layer 2 network.\u00a0 PancakeSwap, the second-largest decentralized exchange, is one of the protocols to have recently joined the trend. The DeFi platform went live on the Base network on Thursday, 30th of August. The cryptocurrency market cap on the daily timeframe | Source: TOTAL chart on TradingView Featured image from Pexel, chart from TradingView<\/p>\n","protected":false},"author":590,"featured_media":548761,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[88391],"tags":[89283,87903,1393,54512,14473,89284],"class_list":["post-549657","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-coinbase","tag-aerodrome","tag-base","tag-coinbase","tag-defi","tag-dex","tag-velodrome"],"acf":[],"yoast_head":"\nBase TVL Surges By 76% Amidst New DeFi Protocol Hype<\/title>\n<meta name=\"description\" content=\"Base, an Ethereum layer 2 (L2) network developed by Coinbase, has seen its total value locked (TVL) soar to new heights on Friday, August 31.\" \/>\n<meta name=\"robots\" content=\"index, follow, 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While the digital asset industry was not his first choice, he has remained absolutely drawn since making a foray into the space over two years. Now, Opeyemi takes pride in creating unique pieces unraveling the complexities of blockchain technology and sharing insights on the latest trends in the world of cryptocurrencies. Opeyemi savors his attraction to the crypto market, which explains why he spends the better parts of his day looking through different price charts. \u201cLooking\u201d is a rather simple way to describe analyzing and interpreting various price patterns and chart formations. However, it appears that is not Opeyemi\u2019s favorite part - in fact, far from it. Being able to connect what happens on a price chart to on-chain movements and blockchain activities is what keeps Opeyemi ticking. \u201cThis emphasizes the intricacies of blockchain technology and the cryptocurrency market,\u201d he would say. Most importantly, Opeyemi thinks of any market insights as the gospel, while recognizing that he is only a messenger. When he is not clicking away at his keyboard, Opeyemi is most definitely listening to music, playing games, reading a book, or scrolling through X. He likes to think he is not loyal to a particular genre of music, which can be true on many days. However, the fast-rising Afrobeats genre is a staple in Opeyemi\u2019s Spotify Daily Mix. Meanwhile, Opeyemi is a voracious reader who enjoys a wide category of books - ranging from science fiction, fantasy, and historical, to even romance. He believes that authors like George R. R. Martin and J. K. Rowling are the greatest of all time when it comes to putting pen to paper. Opeyemi believes his reading of the Harry Potter series twice is proof of that. Indeed, Opeyemi enjoys spending most of his time within the four walls of his home. However, he also sometimes finds solace in the company of his friends at a bar, a restaurant, or even on a stroll. In essence, Opeyemi\u2019s ambivert (haha! been searching for an opportunity to use the word to describe myself) nature makes him a social chameleon who is able to quickly adapt to different settings. Opeyemi recognizes the need to constantly develop oneself in order to stay afloat in a competitive and ever-evolving market like crypto. For this reason, he is always in learning mode, ready to pick up the slightest lesson from every situation. Opeyemi is efficient and likes to deliver all that is required of him in time - he believes that \u201cwhatever is worth doing at all is worth doing well.\u201d Hence, you will always find him striving to be better. Ultimately, Opeyemi is a good writer and an even better person who is trying to shed light on an exciting world phenomenon - cryptocurrency. He goes to bed every day with a smile of satisfaction on his face, knowing that he has done his bit of the holy assignment - spreading the crypto gospel to the rest of the world.","sameAs":["https:\/\/www.linkedin.com\/in\/opeyemi-sule-027bb5227","https:\/\/x.com\/https:\/\/twitter.com\/fwOpeyemi"],"url":"https:\/\/wncen.com\/author\/oluwatosino\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Base TVL Surges By 76% Amidst New DeFi Protocol Hype","url":"http:\/\/wncen.com\/news\/coinbase\/base-tvl-surges-by-76-amidst-new-defi-protocol-hype\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/coinbase\/base-tvl-surges-by-76-amidst-new-defi-protocol-hype\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/08\/pexels-pixabay-73871.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/08\/pexels-pixabay-73871.jpg?fit=3000%2C2007"},"articleSection":"Coinbase","author":[{"@type":"Person","name":"Opeyemi Sule"}],"creator":["Opeyemi Sule"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["aerodrome","base","coinbase","defi","dex","velodrome"],"dateCreated":"2023-09-01T00:00:02Z","datePublished":"2023-09-01T00:00:02Z","dateModified":"2023-09-01T00:00:02Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Base TVL Surges By 76% Amidst New DeFi Protocol Hype\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/coinbase\\\/base-tvl-surges-by-76-amidst-new-defi-protocol-hype\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/coinbase\\\/base-tvl-surges-by-76-amidst-new-defi-protocol-hype\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/08\\\/pexels-pixabay-73871.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/08\\\/pexels-pixabay-73871.jpg?fit=3000%2C2007\"},\"articleSection\":\"Coinbase\",\"author\":[{\"@type\":\"Person\",\"name\":\"Opeyemi Sule\"}],\"creator\":[\"Opeyemi Sule\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"aerodrome\",\"base\",\"coinbase\",\"defi\",\"dex\",\"velodrome\"],\"dateCreated\":\"2023-09-01T00:00:02Z\",\"datePublished\":\"2023-09-01T00:00:02Z\",\"dateModified\":\"2023-09-01T00:00:02Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/08\/pexels-pixabay-73871.jpg?fit=3000%2C2007","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/549657","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/590"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=549657"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/549657\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/548761"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=549657"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=549657"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=549657"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}