Coinbase’s Base layer-2 network has surpassed Solana in terms of total value locked (TVL), according to data from DefiLlama. Base’s TVL has reached $397.32 million since its launch in August, outpacing Solana’s TVL of $358.96 million. Over the past month, Base has experienced significant growth with a 97.21% increase in TVL, while Solana has seen a decline of 9.64% over the same timeframe.
The majority of Base’s TVL comes from two projects. Aerodrome Finance holds the top spot with a TVL of $97.83 million, while Friend.tech ranks second with a TVL of $36.53 million. Aerodrome Finance allows users to deposit liquidity and earn its native AERO tokens, while Friend.tech enables users to tokenize their social networks through the buying and selling of “Keys”.
Base’s TVL is predominantly contributed by multinetwork decentralized finance platforms such as Compound, Curve, and Uniswap. Base has also achieved a new milestone, reaching a peak of 1.88 million daily transactions on September 14, surpassing rival chains like Optimism and Arbitrum.
Coinbase has been pushing for regulatory clarity in the US crypto sector. The exchange launched a media campaign encouraging people to contact their congressional representatives to highlight the importance of crypto regulation clarity. Coinbase also established the Stand with Crypto Alliance, an independent nonprofit organization advocating for legislation that would create a regulatory framework for digital assets in the US. The company has also filed a lawsuit against the SEC to establish clear regulations for the cryptocurrency industry.
Despite these efforts, Coinbase has faced scrutiny, including a lawsuit from the SEC accusing the platform of operating as an unregistered securities exchange, broker, and clearing agency.