Base Network’s TVL Soars 25%, Surpasses $555 Million, Leaving zkSync Era in the Dust

In the ever-evolving world of decentralized finance (DeFi), the past week has witnessed a flurry of activity, with one standout player taking the spotlight – Coinbase’s Layer-2 network Base. L2Beat, a prominent DeFi analytics platform, recently reported an impressive surge in Base network’s Total Value Locked (TVL), marking a significant milestone in its journey.

Base’s TVL soared by a remarkable 25.15 percent during the previous week, reaching a substantial total of $555 million. This surge propelled Base past the $412 million valuation of zkSync Era, making it a formidable contender in the Layer-2 ecosystem. However, the most astonishing leap came on October 4th when the network’s native USDC stablecoin underwent a jaw-dropping re-minting, skyrocketing by an astounding 470% to reach a total of 159 million USDC.

Source: L2Beat

The debut of the USDC stablecoin on the Base platform had been highly anticipated since it was announced by Circle, the issuer of the USDC stablecoin, just last month. This strategic move by Circle to introduce the stablecoin as a native token on new blockchains proved to be visionary. It eliminates the cumbersome process of bridging via Ethereum tokens, simplifying transactions and expanding the utility of USDC.

Initially, users of Coinbase and Circle holding USDC in their wallets faced limitations when attempting to make direct transfers to the Base network on its debut day, August 9th. They had to resort to utilizing a bridging version of USDC called USDbC to engage in U.S. dollar transactions on the Base network.

Base’s primary objective is to foster the development of on-chain applications by providing a secure, efficient, and user-friendly environment. It is particularly noteworthy that all Ethereum Virtual Machine (EVM) wallets, including the widely used Coinbase wallet, are fully supported on this platform.

Since its release in early August, the Base platform has rapidly gained traction, emerging as a prominent contender in the competitive DeFi industry. Top players in the market wasted no time in exploring the possibilities offered by Base, testament to its potential to disrupt and revolutionize the DeFi landscape.

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