Coinbase’s BASE Rising in Dominance as TVL Approaches Solana

Ethereum-based Layer 2 Network “Base” Closes in on Solana in Total Value Locked

Ethereum-based layer 2 blockchain network, Base, has shown remarkable growth and performance, with its Total Value Locked (TVL) approaching that of Solana, one of the most notable blockchains in the crypto market.

Coinbase’s Base Outperforms Solana

Coinbase’s layer 2 blockchain network, Base, has surpassed expectations since its introduction, outperforming several prominent blockchains. The network is now coming close to Solana in terms of TVL, demonstrating its impressive growth.

Data from DeFiLlama reveals that Base’s TVL currently stands above $407 million, while Solana’s TVL is slightly over $650 million. Base’s significant increase in TVL can be attributed to a growing number of users and developers who prefer the network for their decentralized applications (dApps) and other financial protocols.

The blockchain network has also surpassed Solana in transaction volume and number of unique addresses. Over the past two months, Base has experienced a substantial surge in daily transactions and unique addresses, surpassing Solana’s figures. According to IntoTheBlock, there was an impressive increase of 1.88 million daily transactions on September 16, 2023.

The surge in Base’s transaction volume and number of unique addresses can be traced back to the growing user base of Friend.tech, a social platform that allows users to buy and sell shares in public figures. IntoTheBlock stated on X, “In just 2 months, Coinbase’s Base L2 has skyrocketed, topping the charts in transactions and unique addresses. Much of this growth is fueled by the new social app, FriendTech.”

Base operates as a layer 2 network on Ethereum, developed through the collaboration of Coinbase and Optimism. The network was created to provide users with faster transactions, improved scalability, and lower gas fees.

Base’s achievement in surpassing Solana in transaction volume and number of unique addresses is remarkable, considering Solana’s reputation for speed and scalability within the crypto ecosystem.

During the first week of its mainnet launch, Base also outperformed Cardano in terms of TVL, transaction speed, and number of successful transactions. The blockchain network witnessed more successful transactions in one week than Cardano in an entire month.

Friend.tech’s Impact on Base’s Success

Friend.tech has played a significant role in Base’s accomplishments in the crypto market. The invite-only social app gained popularity among users and investors, becoming an eminent topic of discussion within the community.

Within 24 hours of its official launch on August 10, 2023, Friend.tech recorded over 4,400 ETH ($8.1 million) in trading volume. The app has since accumulated more than 130,000 daily users. As more investors engaged in Friend.tech, Base saw a surge in Transactions Per Second (TPS).

Featured image from Tapchibitcoin, chart from Tradingview.com