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