Base, an Ethereum layer 2 (L2) network developed by prominent cryptocurrency exchange Coinbase, has seen its total value locked (TVL) soar to new heights on Friday, August 31. This surge was triggered by the recent launch and growing hype around the decentralized exchange (DEX) platform Aerodrome.
This sharp rise has seen Base leap into the top ten blockchains with the largest TVL, sitting above Solana in ninth position. However, Ethereum remains the dominant network in the decentralized finance space, with a total value of roughly $22.1 billion.
As earlier mentioned, the latest resurgence in Base’s DeFi deposits was triggered by the growing interest in the Aerodrome protocol, which recently launched on the blockchain.
Aerodrome is a decentralized exchange developed by the team behind Velodrome, a popular DEX on the Optimism chain. The platform rewards users who provide liquidity and participate in protocol governance with its native token, AERO.
Despite the initial negative sentiment brewing around Base due to the BALD rug pull, and various DeFi protocol exploits, it appears that major cryptocurrency projects are continuing to expand to the layer 2 network.
PancakeSwap, the second-largest decentralized exchange, is one of the protocols to have recently joined the trend. The DeFi platform went live on the Base network on Thursday, 30th of August.
