Since its inception in August, the total value locked (TVL) on Coinbase's layer-2 network Base has increased to $397.32 million. With a TVL of $358.96 million as of the time of writing, Base has surpassed the Solana network.
According to data from DefiLlama, the network's TVL climbed by a staggering 97.21% over the previous month, which has been substantial for Base during the past 30 days.
Comparatively, throughout the same period, Solana's TVL has dropped by 9.64%.
The main portion of TVL on the network is made up of two Base native projects.
Decentralized social media platform Friend.tech comes in second with a TVL of $36.53 million, followed by decentralized exchange Aerodrome Finance in first place with a TVL of $97.83 million.
When Aerodrome was introduced on August 28, among other things, users may deposit liquidity to earn the platform's native AERO tokens. Aerodrome's TVL soared on August 31 after failing to attract sizable deposits for the first couple of days, with $150 million pouring in on that one day.
Its TVL peaked at $200 million on September 2, but since then, the initial excitement seems to have subsided, with the TVL falling by around 51% from its peak.
The platform Friend.tech was introduced on August 11 and allows users to tokenize their social networks by purchasing and selling "Keys." The site had a huge increase in September despite being declared "dead" in late August owing to declining user activity and payments.
According to DefiLlama, during the previous month, Friend.tech's TVL climbed by 540%, with the majority of that growth occurring following a pump that began on September 9 coupled with a rebound in daily trading volume.
Looking farther down the list, multinetwork decentralized financial systems like Compound, Curve, and Uniswap often account for Base's TVL.
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