Base blockchain’s DeFi TVL surges as Aerodrome inflows rise
Base is seeing strong inflows in its ecosystem as demand rises.
The total value locked (TVL) has surged to over $420 million.
Aerodrome has seen inflows in its ecosystem soar.
Base, the recently launched layer-2 network, is seeing strong traction even as the crypto winter continues. On-chain data shows that the amount of cash deposited in Base’s ecosystems has jumped.
Data by DeFi Llama shows that the total value locked (TVL) in its ecosystem surged to over $420 million, making it the 10th biggest chain in the world. It has become bigger than some of the oldest chains like Cronos, Kava, Klaytn, Cardano, Fantom, and Algorand.
Base has attracted over 100 DeFi applications. Aerodrome, the biggest dApp in its ecosystem, stands at over $121 million. The other important DeFi applications in the ecosystem are friend.tech, Compoind, Curve DEX, Stargate, and Beefy.
For starters, Base is a layer-2 network that makes it possible for developers to build decentralised applications (dApps). Developers are already building applications in all industries like gaming, social media, and infrastructure.
An Ethereum layer-2 network is one that supercharges the performance of applications. It is a sidechain that reduces transaction costs and boosts its speeds. Base is able to handle over 10,000 transactions per second (tps) at much lower costs. It competes with the likes of Optimism, Polygon, and Arbitrum.
The most recent Base news is that the developers launched Pessimism, an open-source monitoring system that enhances the security of Base by detecting and responding to threats.
Introducing Pessimism, an open source monitoring system designed to enhance security of Base (as well as the broader OP Stack and Ethereal ecosystem) by quickly detecting and responding to a myriad of protocol threatshttps://t.co/erocaQOkbz
— Base 🛡️ (@BuildOnBase) September 19, 2023