Layer 2 Base Surpasses Solana in Total Value Locked (TVL) as it Gains Momentum

Coinbase’s Layer 2 blockchain network, Base, has witnessed a remarkable surge in both transactions and unique addresses over the past two months. Recent data from IntoTheBlock suggests that this surge in activity can be largely attributed to the newfound popularity of the social app FriendTech.

Notably, Base hasn’t just experienced a significant uptick in transaction volume and the number of unique addresses. It has also managed to outperform the widely recognized Solana in terms of Total Value Locked (TVL). According to data from DeFiLlama, Base’s TVL now stands at approximately $375.04 million, significantly surpassing Solana’s $306.33 million.

Source: DefiLLama

Base, which operates as a Layer 2 network on Ethereum, is a project that has been developed through a collaboration with Optimism and incubated by Coinbase. The primary objective behind Base’s creation is to provide users with faster transaction processing, improved scalability, and reduced gas fees. Although it is currently in the testnet phase, its rapid growth has not gone unnoticed, and the crypto community is eagerly awaiting its mainnet launch.

The recent surge in Base’s popularity can be attributed in large part to the burgeoning social app FriendTech. FriendTech has swiftly become a prominent topic of discussion among both users and investors. By leveraging Base’s infrastructure, FriendTech has introduced a unique blend of social networking and blockchain technology.

The integration of Base’s Layer 2 technology into FriendTech’s platform has facilitated seamless and efficient transactions within the app, significantly enhancing the user experience. Users can now engage in social interactions while efficiently managing digital assets, all thanks to Base’s high-performance capabilities.

The remarkable increase in transactions and unique addresses on Base can be primarily attributed to the growing user base of FriendTech. As more users embrace FriendTech as their preferred social app, the demand for Base’s infrastructure has surged, leading to a substantial increase in network activity.

Perhaps one of the most noteworthy achievements of Base in recent times is its overtaking of Solana in Total Value Locked (TVL). Solana, known for its speed and scalability, has long held a prominent position in the blockchain landscape. However, Base’s surge in popularity has seen it surpass Solana in terms of TVL, underscoring the community’s confidence in the network.

Base’s ability to provide faster transactions and lower gas fees, combined with the advantages of the Layer 2 solution, has resonated strongly with users and developers. This accomplishment not only highlights the potential of Layer 2 solutions but also solidifies Base’s position as a formidable contender in the blockchain space.

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