Base’s Rapid Ascent: 136,000 Daily Users and $175 Million TVL in Ethereum’s L2 Defi Space

Base, the Ethereum furniture 2 (L2) scaling solution supported by Coinbase, has experienced implicit $175 cardinal funneled into its decentralized concern (defi) protocol since its creation. The bulk of worth locked comprises 75,244 ether and astir $26 cardinal worthy of the USDC stablecoin.

Coinbase’s Base Grows to $175 Million TVL

As 1 of the pioneer publicly-listed firms to roll out its ain L2 blockchain, Coinbase’s Base has witnessed accordant growth. On July 30, 2023, regular progressive Base users reached 55,417 and surged to an all-time precocious of 136,047 conscionable 11 days later. This surpassed L2 Optimism’s 114,736 regular progressive users connected the aforesaid day.

Unlike Coinbase’s Base protocol, Optimism’s usage besides benefited from the Worldcoin motorboat since its autochthonal plus WLD resides connected the L2 network. At 9:00 a.m. (ET) connected Friday, August 11, 2023, the full worth locked (TVL) wrong Base was astir $175,915,994 based connected Dune Analytics metrics.

Dune data shows the Base TVL chiefly consists of ETH and USDC with 75,244 ETH and 26,075,940 USDC secured successful Coinbase’s layer. About 6,428,425 DAI is besides circulating connected Base on with 2,183 CBETH — Coinbase’s liquid staking Ethereum derivative token.

Data from defillama.com reveals that connected August 11, Base’s TVL would person ranked beneath Cardano’s TVL, if it were listed. At that clip Cardano’s TVL stood astatine $179.17 cardinal dispersed crossed 24 defi protocols and encompassing 36,160 users. Surpassing Bitcoin’s worth locked astatine $171.73 cardinal — Base’s TVL lags compared to Arbitrum and Optimism with respective TVLs of $849.42 cardinal and $1.928 billion.

Base’s daily transaction count peaked astatine 607,699 connected July 30 and achieved 579,752 transfers connected August 10. Coinbase’s defi solutions person go salient fixtures successful the ecosystem arsenic the company’s liquid staking derivative protocol holds the second-largest fig of ether locked, nether Lido Finance.

What bash you deliberation astir the maturation Base has seen since it launched? Share your thoughts and opinions astir this taxable successful the comments conception below.