Base, the Ethereum layer two (L2) scaling solution supported by Coinbase, has experienced over $175 million funneled into its decentralized finance (defi) protocol since its creation. The majority of value locked comprises 75,244 ether and nearly $26 million worth of the USDC stablecoin.
Coinbase’s Base Grows to $175 Million TVL
As one of the pioneer publicly-listed firms to roll out its own L2 blockchain, Coinbase’s Base has witnessed consistent growth. On July 30, 2023, daily active Base users reached 55,417 and surged to an all-time high of 136,047 just 11 days later. This surpassed L2 Optimism’s 114,736 daily active users on the same day.
Unlike Coinbase’s Base protocol, Optimism’s usage also benefited from the Worldcoin launch since its native asset WLD resides on the L2 network. At 9:00 a.m. (ET) on Friday, August 11, 2023, the total value locked (TVL) within Base was approximately $175,915,994 based on Dune Analytics metrics.
Dune data shows the Base TVL mainly consist
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