Base Network Outstrips Solana's TVL as Summer Lull Draws to a Close
Coinbase's layer-2 network, Base, has surpassed Solana (SOL) in terms of total value locked (TVL).
Base's TVL has reached an impressive $397.32 million since its launch in August, outpacing Solana's TVL of $358.96 million, data from DefiLlama shows.
Over the past month, Base has experienced significant growth, with a remarkable 97.21% increase in TVL.
On the other hand, Solana has seen a decline of 9.64% in its TVL over the same timeframe.
The bulk majority of Base's TVL comes from two projects.
Decentralized exchange Aerodrome Finance holds the top spot with a TVL of $97.83 million, while the decentralized social media app Friend.tech ranks second with a TVL of $36.53 million.
Aerodrome Finance, launched on August 28, allows users to deposit liquidity to earn its native AERO tokens and offers other features.
Although it had a slow start, Aerodrome's TVL skyrocketed on August 31, with a massive $150 million pouring in on that day alone.
However, the project's TVL has since decreased by approximately 51% as the initial hype subsided.
Friend.tech, launched on August 11, enables users to tokenize their social networks through the buying and selling of "Keys."
Despite facing challenges in late August, the platform experienced a dramatic surge in September.
DefiLlama reports a 540% increase in Friend.tech's TVL over the past month, primarily driven by a pump that began on September 9 alongside a resurgence in daily trading volume.
Looking beyond the top projects, Base's TVL is predominantly contributed by multinetwork decentralized finance platforms such as Compound, Curve, and Uniswap.
Furthermore, Base has achieved a new milestone this month, reaching a peak of 1.88 million daily transactions on September 14, surpassing rival
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