Layer 2 Base, developed by Coinbase, overtook the Solana blockchain (SOL) in terms of total locked value (TVL) at the beginning of September and retains its advantage. In contrast, Solana’s TVL continues to fall. What is behind Base’s success, and will this trend be sustainable?
Base’s TVL exceeds Solana’s
While it’s only been a month since Base was launched on its mainnet, the layer 2 developed by the giant Coinbase has now overtaken the Solana blockchain (SOL) in terms of total locked value (TVL). At the time of writing, Base’s TVL has exceeded $370 million, compared with Solana’s $310 million.
Over the last 30 days, Base’s TVL has exploded, gaining 111%. Solana’s, on the other hand, lost just over 12% over the same period. According to DefiLlama data, DEX Aerodrome is responsible for this meteoric rise on Coinbase Layer 2.
Indeed, having landed on Base at the very end of August, its TVL hit $200 million in just a few days :
Evolution of DEX Aerodrome’s TVL from launch to present day
The second reason for this success is the growth of the friend.tech application. While the latter had experienced a significant loss of momentum at the end of August, it seems to be regaining some interest among the Base audience.
This can be attributed to the addition of new features that users are enthusiastic about, or also to the application’s business model, which can generate considerable earnings. Whatever the reason, friend.tech’s TVL has exploded over the last 30 days, climbing 544%:
TVL evolution of friend.tech from mid-August to today
This being said, on other important metrics, Solana continues to dominate. This is the case, for example, when we consider its number of daily transactions, or the number of active addresses compared to those of Base:
Evolution of the number of active addresses / number of daily transactions – Base (blue) and Solana (green)
What’s more, for the past 5 days or so, Base’s TVL seems to be on the decline again, while Solana’s seems to be on the rise. Will this trend soon be reversed? To be continued
