Coinbase’s new layer-2 network, Base, has surpassed Ethereum killer Solana in total value locked (TVL) just six weeks after launch. As of Monday, Base has a total of $338.38 million TVL against Solana’s $313.96 million.
Base’s continued movement means it now sits as the eighth network in the TVL ranking, below Avalanche, Optimism, Polygon, Arbitrum, Binance Smart Chain (BSC), Tron, and Ethereum in that order. Total value Locked (TVL) is a metric that shows the amount of money staked or locked in on a network. Investors see blockchains with more TVLs as more trustworthy and investable than those with fewer TVLs.
Base Continues Shine
Despite its launch during an obvious market downturn, Base has managed to attract interest from users. The total number of users in Base hit 3.5 million after just three weeks from the mainnet launch. The network also attracted top-level projects like Pancakeswap, which launched on Base in August.
A good portion of Base’s volume has come from two of its projects, Friend.Tech and Aerodrome. Both protocols launched on August 11th and 28th, respectively, and have been significant in the continued rise of Base. Friend.Tech and Aerodrome account for roughly one-third of the entire TVL value of Coinbase-backed Base, holding up to $134 million between them.
More Dip for Solana
As with most networks, Solana has continued to struggle volume-wise. As the bear market persists, the Ethereum killer’s TVL dropped 9.64% from last month. Only Base and Tron have seen a significant increase in TVL recently, with others remaining flat.
A few days ago, Solana’s CEO, Anatoly Yakovenko, noted that he is not worried about the network’s recent struggles and what he branded “less decentralized competitors.” He said that the network still has an edge over competitors, especially in terms of decentralization.
