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Coinbase Base Layer 2 Surging: Solana Struggles in TVL Against New Rival

Published September 25, 2023 2:13 PM
James Morales
Published September 25, 2023 2:13 PM
Key Takeaways
  • Base has overtaken Solana in terms of total value locked (TVL), DeFi Llama data shows.
  • Less than two months since its mainnet debut, Base’s TVL has soared to over $300M.
  • Meanwhile, Solana’s TVL has remained flat all year.

Among Ethereum scaling solutions, Base’s ascendancy to become one of the most popular platforms has been meteoric.

In terms of daily active users and total value locked (TVL), less than 2 months since launch, the newcomer has already overshadowed more established players.

Now, the Coinbase-incubated new blockchain is even taking on Layer 1 rivals and has even surpassed Solana’s TVL.

Base TVL Surpasses Solana

According to DeFi Llama  the TVL on Base more than doubled from $201.7M on August 31 to hit an all-time high of $211.5M a week later Since then, the figure has remained consistently above $335M.

Base vs Solana Total Value Locked (TVL), comparison
  Base vs Solana TVL

In fact, Base’s TVL has now overtaken Solana’s, which has remained flat for most of this year.

Since peaking at nearly $10B in 2021, the value of all assets on Solana has since collapsed, data  from DeF iLlama shows. Throughout 2023, Solana’s TVL has barely broken above $300M, despite SOL’s bullish performance in January and July.

Solana Still Wins on Stablecoins, for Now

Despite the new network’s surging TVL, Solana still trumps Base in one important aspect. 

While the value of all stablecoins on Base currently stands at just over $115M , the equivalent figure on Solana is more than 13 times larger, with around $1.522B  in stablecoins on the platform.

At present, the majority  of Base’s TVL comes from ETH and other Ethereum-based assets that have been bridged to the new chain. In contrast, popular stablecoins like USDT and USDC can be minted directly on Solana.

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