Coinbase Base Platform Sees 25% Jump In TVL
Over the past week, the decentralized finance (DeFi) market has seen significant movement driven by Coinbase’s Ethereum-based Layer-2 network, also known as the Base platform.
The Total Value Locked (TVL) in the Base network has increased by 25.23% over the last week, according to data from L2Beat, hitting $558 million. It has surpassed zkSync Era, which had $435 million, because to its growth. The re-minting of native USDC on the network on October 4th, which resulted in a phenomenal 470.55% increase to a total of 159 million USDC, was the main cause of this growth.
Coinbase Base network launched on August 9, allowing users and Circle account holders to transfer USDC directly from exchange accounts to the network. Instead, Base users used a bridged variant called “USDbC” for U.S. dollar transactions.
Base is an Ethereum Layer 2 solution developed by Coinbase and Optimism, aiming to provide a secure, efficient, and user-friendly environment for on-chain applications. It is compatible with all Ethereum Virtual Machine (EVM) wallets and the Coinbase wallet.
(With inputs from Shikha Singh)
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