Base’s total value locked crosses $2 billion for the first time amid sustained user activity

Reported by The Block: Base has surpassed a total value locked of $2 billion for the first time — a 370% increase year-to-date.

The decentralized exchange Aerodrome is the largest contributor to the TVL growth, with over $1 billion in deposits.

Base, a Layer 2 Ethereum network incubated by Coinbase, has seen its total value locked cross the $2 billion mark for the first time, positioning it as the second-largest optimistic rollup by deposits after Arbitrum.

According to DeFiLlama data, Base’s TVL stands at $2.08 billion, up from about $430 million at the start of the year, marking a 370% growth year-to-date

Base is an optimistic rollup that processes transactions off the main Ethereum blockchain and only periodically posts transaction data on-chain. This method significantly lessens the burden on the Ethereum blockchain, thereby increasing its throughput. Its mainnet launch occurred in August 2023.

Decentralized exchange Aerodrome has been the most significant contributor to Base’s increase in TVL over the past year, with over $1 billion in deposits at the time of writing, followed by Uniswap, which holds $220 million.