The total value locked (TVL) on the Ethereum Layer 2 network Base has more than doubled over the month, exceeding $400 million. Due to the robust growth, Base took ninth place in the ranking of the largest networks in TVL, ahead of Solana.
According to on-chain analytics by DefiLlama, the performance of Base, Ethereum’s L2 protocol, grew by 111% over the month, reaching $400 million. The number of active users of the network is over 68,500. 123 protocols were launched based on Base.
On September 6, the network’s total value locked (TVL) reached a record $411.5 million, surpassing the previous record of $410.6 million set on September 4. As of 12:00 p.m. (GMT+3) on September 25, the network’s TVL stands at $337.4 million.
Most of the funds, almost $94 million, are locked in smart contracts of the decentralized cryptocurrency exchange Aerodrome Finance (AERO), which has grown more than 40-fold over the month. The second place in TVL is held by the Friend.tech DeSo protocol with $39.2 million, and the third place is shared by the cross-chain protocol Stargate and the decentralized exchange Curve with $24 million and $23 million, respectively.
Base’s strong growth in just one month after launch has allowed the network to take ninth place in the ranking of the largest blockchain networks in terms of TVL, ahead of Solana, Cardano, and others. Solana’s TVL has declined by 12% over the past month and as of this writing stands at $312.5 million, which is $25 million less than Base’s. However, given that only 108 protocols generate activity on the Solana network, their average productivity is higher than that of 123 protocols on Base.
According to BaseScan, on September 14, the number of daily transactions on Base reached a record 1.88 million, which is well above some of the networks that are ranked higher. For example, the similar indicator of Arbitrum and Optimism, which occupy the fourth and sixth places in the rating by TVL level, amounted to only about 880,000 transactions.
Base, the Level 2 protocol for Ethereum, was launched in August 2023. A week later, almost 1 million new users joined the network, and this figure has already exceeded 1.5 million, Dune Analytics reports. The developers also recently launched the Pessimism security monitoring system.
