Coinbase’s L2 Blockchain Base Skyrockets
Coinbase’s Layer two (L2) blockchain, built on Ethereum and Optimism’s OP Stack, has seen a significant growth in the past 41 days, increasing its total value locked (TVL) from $175 million to $370 million. This makes it the ninth-largest blockchain in terms of TVL by network, surpassing Solana’s TVL of $310.43 million, according to defillama.com statistics.
Base dominates the decentralized finance ecosystem with a value locked of around 0.96% of the $38.14 billion TVL, surpassing other decentralized finance tokens like Cronos, Kava, Defichain, Bitcoin, Fusion, Pulsechain, and Cardano.
Base L2 has bridged $426.81 million since its launch, with 143,467 ether accounting for 54.4% or $232.19 million. Around 115,993,548 USDC stablecoins have been bridged, accounting for 27.2% of assets moved to Base. 25,276 CBETH, Coinbase’s wrapped ether derivative token, represented 10% of the total value bridged. Other cryptocurrencies bridged include DAI, CRVUSD, THALES, and CRV. Base L2 has 123 protocols and 61,319 active users.
(With inputs from Shikha Singh)
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