TVL on Coinbase’s Base Platform Surges by 25% in the Last Week

Crypto News- Coinbase’s Ethereum-based Layer-2 Network, known as the Base Platform, has been making significant strides in the world of Decentralized Finance (DeFi) over the past week.

TVL on Coinbase’s Base Platform Surges by 25% in the Last Week

Recent data provided by L2Beat highlights a remarkable 25.23% surge in the Total Value Locked (TVL) within Coinbase’s Base network in the past week, catapulting it to an impressive $558 million. This surge has propelled it ahead of zkSync Era, which previously held $435 million in TVL. The primary driving force behind this growth was the re-minting of native USDC on the network on October 4th, resulting in an astonishing 470.55% increase, with a total of 159 million USDC.

In a strategic move, Circle, the issuer of the USDC stablecoin, introduced USDC on the Base platform last month. This strategic decision was aimed at enhancing the usability of USDC by integrating it as a native token on additional blockchains, eliminating the need for bridging through Ethereum-based tokens.

Base represents an Ethereum Layer 2 solution that has been collaboratively developed by the cryptocurrency exchange Coinbase and Optimism. Its primary mission is to offer a secure, cost-effective, and user-friendly environment conducive to the development of on-chain applications. Importantly, it seamlessly integrates with all Ethereum Virtual Machine (EVM) wallets and the Coinbase wallet.

The Base platform is rapidly establishing itself as a formidable player in the DeFi sector. Shortly after its launch in early August, prominent players in the market began exploring the platform. Even beverage giant Coca-Cola made a splash by unveiling its ‘Masterpiece’ NFT collection on the Base platform.

Furthermore, there have been hints from Coinbase Legal Chief Paul Grewal about the possibility of launching a digital token on the Base platform. Such a move could significantly enhance the Base network’s utility within the DeFi ecosystem.