The total value locked (TVL) in the Base network, supported by Coinbase, has surpassed $2 billion for the first time. This success has propelled Base to second place among Layer 2 (L2) solutions and sixth among all blockchains by total locked value. At the beginning of the year, Base’s TVL was only around $430 million, and by the end of September, it had grown an impressive 370%.

Contributions from Aerodrome and Uniswap

A significant driver of this growth has been the decentralized exchange (DEX) Aerodrome, where more than $1 billion is locked. Uniswap takes second place with $221 million, despite a decline in its DEX market share from over 50% to 36% since the beginning of October 2023. New players like Aerodrome and Orca have started to take market share, impacting Uniswap’s position.

Success Factors and Future of L2 Solutions

The sharp rise in Base’s TVL reflects the growing interest in Layer 2 solutions, which help blockchains scale and offer higher throughput. Coinbase’s backing has played a crucial role in adding trust to the network, attracting new capital. Base plans to expand its functionality and develop integrations with other protocols, likely further increasing its market share.