Coinbase’s Base Network Surpasses Solana in Total Value Locked

Coinbase’s Base network is making waves with its meteoric rise in transaction volume and influence.

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  • Base has witnessed a surge in transactions and unique addresses, leaving a story to be uncovered.
  • Base has achieved a significant milestone by outstripping Solana in Total Value Locked.
  • FriendTech has played a pivotal role in igniting Base’s recent surge in activity.

Base, Coinbase’s Layer-2 blockchain network, has been on fire lately, witnessing a remarkable surge in transactions and new addresses in the past two months. The emergence of the new social application, FriendTech, has enabled Base to surpass the likes of Solana, one of its more established competitors.

Base Boasts Higher TVL than Solana in dApp Boom

Base has not merely witnessed a surge in transactions and unique addresses; it has also surpassed Solana in terms of Total Value Locked (TVL). Presently, Base boasts an impressive TVL of approximately $374.43 million, which significantly eclipses Solana’s $306.93 million.

This development underscores a growing trend wherein increasing users and developers opt to harness Base for their decentralized applications and various financial endeavors.

Base Neutrality Principles Introduced for New Blockchain Platform

Base stands as a Layer-2 network constructed upon the Ethereum framework, a collaborative effort between Coinbase and Optimism, with its incubation overseen by Coinbase. Its core mission is to deliver expeditious transaction processing, enhanced scalability, and reduced gas fees. 

Recently released to the public on the mainnet, Base has garnered notable attention for its rapid expansion. Coinbase recently introduced a set of “Base Neutrality Principles.” This set of principles is aimed at ensuring decentralization and neutrality for their nascent blockchain platform. 

On the Flipside

  • While Base has surpassed Solana’s TVL, Solana has been contending with its fair share of issues, which might not be fully reflected in the TVL figures.
  • While Base aims to reduce gas fees, it’s worth considering whether this could lead to scalability challenges or security trade-offs in the future.

Why This Matters

Base’s exponential growth and its surpassing of Solana in Total Value Locked signify a pivotal moment. This development not only solidifies Base’s position as a potent Layer 2 solution but also underscores the escalating trend of decentralization and innovation, shaping the future of the crypto world.

To learn more about the recent outage that drew comparisons between Base and Solana, read here:
Base Draws Solana Comparisons After First Major Outage

To stay updated on the Coinbase CEO’s call for DeFi firms to consider legal action against regulators for setting a precedent, read here:
Coinbase CEO Urges DeFi Firms to Sue Regulators for Precedent

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This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Author
Kyle Calvert

Kyle Calvert is a cryptocurrency news reporter for DailyCoin, specializing in Ripple, stablecoins, as well as price and market analysis news. Before his current role, Kyle worked as a student researcher in the cryptocurrency industry, gaining an understanding of how digital currencies work, their potential uses, and their impact on the economy and society. He completed his Masters and Honors degrees in Blockchain Technology within Esports and Business and Event management within Esports at Staffordshire University.