Base TVL Surpasses $400M, More Than 100 Protocols Deployed

Coinbase’s Ethereum layer2 blockchain has 101 protocols deployed within a month of its launch.

Last updated: February 12, 2024 4:35 AM

Published September 2, 2023 11:37 AM

Last updated: February 12, 2024 4:35 AM

Published September 2, 2023 11:37 AM

The L2 blockchain Base has surpassed $400 million in TVL (Total Value Locked) within a month of its public mainnet launch.

According to data from DeFiLlama, Base has total of 101 protocols and a TVL of $417 million. It is ranked 8th among largest blockchain networks by TVL.

The Ethereum layer 2 network has several leading DeFI protocols deployed on it including Uniswap, Curve, Aave and others. Aerodrome is currently the largest protocol with $197 million of assets valuation.

Developed by the Coinbase exchange, Base was launched on July 3 for developers while it opened publicly on August 9. It has gained significant traction in the decentralized finance ecosystem within less than a month.

Base has also been at the center of controversy with several rug pulls taking place on it including the BALD memecoin, Magnate Finance and SwirlLend.

Also read: PancakeSwap Launches on Coinbase Ethereum Layer 2 Base

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