{"id":547160,"date":"2023-08-14T17:00:07","date_gmt":"2023-08-14T17:00:07","guid":{"rendered":"https:\/\/uniquehot.com\/?p=547160"},"modified":"2023-08-14T10:32:28","modified_gmt":"2023-08-14T10:32:28","slug":"base-tvl-surges-900-in-2-weeks","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/coinbase\/base-tvl-surges-900-in-2-weeks\/","title":{"rendered":"Base TVL Surges 900% In 2 Weeks, What\u2019s Driving The Growth?"},"content":{"rendered":"<p class=\"p2\">Base, the Ethereum Layer 2 rollup developed by crypto exchange Coinbase, is already making a name for itself in the market. The blockchain\u2019s Total Value Locked (TVL) has been on a rapid rise over the last few weeks, rising triple-digits in just the last two weeks alone. So the question now is, what\u2019s driving the TVL growth?<\/p>\n<h2 class=\"p2\">Meme Coins, Rugs, And Newcomers<\/h2>\n<p class=\"p2\">Unlike other <a href=\"https:\/\/uniquehot.com\/matic\/polygon-labs-unveils-major-upgrade-to-sidechain-with-zkevm-validium-layer-2\/\">Layer 2<\/a> networks, Base seemed to have gotten its big break with the growing trend of meme coins being launched on the network. The most notable of these was the <a href=\"https:\/\/uniquehot.com\/news\/29-meme-coins-bald-rugged-base-investors-lose-millions\/\">BALD meme coin<\/a> which went from less than $100,000 in market cap to over $50 million in a matter of days. As the popularity of BALD ramped up, so did the popularity of Base and decentralized finance (DeFi) traders clamored to bridge to the blockchain.<\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/uniquehot.com\/altcoin\/regulatory-pressure-mounts-on-worldcoin-can-wld-price-recover\/\">Regulatory Pressure Mounts On Worldcoin, Can WLD Price Recover?<\/a><\/div>\n<p class=\"p2\">The rug deployer rugged the project not long after, making off with over $9 million in liquidity. Following this, there were speculations of former FTX CEO and founder Sam Bankman-Fried Nverbeing the mastermind behind BALD, although nothing came from these accusations.<\/p>\n<p class=\"p2\">However, instead of the blockchain\u2019s first big project rugging being a deterrent, it seems to have had the opposite effect. More developers have moved to launch their projects on the blockchain seeing the potential. This includes the likes of <a href=\"https:\/\/uniquehot.com\/news\/defi\/sushiswap-burns-5-million-per-year-but-will-it-rebrand-in-2023\/\">SushiSwap<\/a>, <a href=\"https:\/\/uniquehot.com\/analysis\/uni\/why-the-uniswap-uni-token-is-almost-worthless\/\">Uniswap<\/a>, and <a href=\"https:\/\/uniquehot.com\/news\/compound-comp-bears-take-full-control-as-price-dips-20-in-7-days\/\">Compound<\/a>, among others, which have all provided support for the Base network.<\/p>\n<p class=\"p2\">New projects such as Alien Base, SwapBased, and Krav have also been gaining ground with their TVL growing rapidly during this time as well. So for Base, it has been able to turn a negative situation into a positive one.<\/p>\n<h2 class=\"p2\">Base Joining The Layer 2 Blockchain Race<\/h2>\n<p class=\"p2\">In the last two weeks, the Base TVL has grown from $13 million to more than $130 million, <a href=\"https:\/\/defillama.com\/chain\/Base?volume=true\" rel=\"nofollow\">data<\/a> from DefiLlama shows. This represents an almost 900% increase in TVL during this time, making it the fastest-growing Ethereum Layer 2 blockchain in terms of TVL.<\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/uniquehot.com\/analysis\/lunc\/terra-classic-lunc-chances-of-revival\/\">Terra Classic (LUNC) Chances Of Revival Grow Slimmer, Here\u2019s Why<\/a><\/div>\n<p class=\"p2\">Base\u2019s rapid growth has already put it in the race with other Layer 2s. However, when put in comparison against other established Layer 2 networks, Base still has a long way to go. It is currently the 5th-largest Layer 2 in terms of TVL, lagging well behind the likes of <a href=\"https:\/\/uniquehot.com\/news\/is-arbitrum-promise-fading-downtime-metrics-decline-raise-arb-price-alarms\/\">Arbitrum<\/a>, <a href=\"https:\/\/uniquehot.com\/news\/when-will-polygon-matic-rebound-analyzing-this-months-recovery-potential\/\">Polygon<\/a>, and <a href=\"https:\/\/uniquehot.com\/avalanche\/avalanche-foundation-commits-50-million-to-tokenized-asset-purchases\/\">Avalanche<\/a>.<\/p>\n<p class=\"p2\">Nevertheless, Base\u2019s bull case continues to grow with over $203 million already bridged to the blockchain and <a href=\"https:\/\/bitcoinist.com\/coinbase-newly-launched-layer-2-network-records\/\" rel=\"nofollow\">daily active users sitting above 100,000<\/a> over the last four days. Given Coinbase\u2019s backing and Base\u2019s growing popularity, it may not be long until it becomes one of the most prominent Layer 2 blockchains in the space.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-medium\" src=\"https:\/\/www.tradingview.com\/x\/1m7qfkSp\/\" alt=\"DeFi\/Ethereum market cap ration chart from Tradingview.com (Base)\" width=\"2884\" height=\"1746\"><\/p>\n<pre style=\"text-align: center\">DeFi makes up 19.14% of the Ethereum market cap | Source: <a href=\"http:\/\/Tradingview.com\" rel=\"nofollow\">Market Cap DeFi\/Ethereum on Tradingview.com<\/a><\/pre>\n<div class=\"disclaimer-shortcode\"><a href=\"https:\/\/twitter.com\/BestOwie\" rel=\"nofollow\">Follow Best Owie on Twitter<\/a> for market insights, updates, and the occasional funny tweet\u2026 Featured image from iStock, chart from TradingView.com<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Base, the Ethereum Layer 2 rollup developed by crypto exchange Coinbase, is already making a name for itself in the market. The blockchain\u2019s Total Value Locked (TVL) has been on a rapid rise over the last few weeks, rising triple-digits in just the last two weeks alone. So the question now is, what\u2019s driving the TVL growth? Meme Coins, Rugs, And Newcomers Unlike other Layer 2 networks, Base seemed to have gotten its big break with the growing trend of meme coins being launched on the network. The most notable of these was the BALD meme coin which went from less than $100,000 in market cap to over $50 million in a matter of days. As the popularity of BALD ramped up, so did the popularity of Base and decentralized finance (DeFi) traders clamored to bridge to the blockchain. Related Reading: Regulatory Pressure Mounts On Worldcoin, Can WLD Price Recover? The rug deployer rugged the project not long after, making off with over $9 million in liquidity. Following this, there were speculations of former FTX CEO and founder Sam Bankman-Fried Nverbeing the mastermind behind BALD, although nothing came from these accusations. However, instead of the blockchain\u2019s first big project rugging being a deterrent, it seems to have had the opposite effect. More developers have moved to launch their projects on the blockchain seeing the potential. This includes the likes of SushiSwap, Uniswap, and Compound, among others, which have all provided support for the Base network. New projects such as Alien Base, SwapBased, and Krav have also been gaining ground with their TVL growing rapidly during this time as well. So for Base, it has been able to turn a negative situation into a positive one. Base Joining The Layer 2 Blockchain Race In the last two weeks, the Base TVL has grown from $13 million to more than $130 million, data from DefiLlama shows. This represents an almost 900% increase in TVL during this time, making it the fastest-growing Ethereum Layer 2 blockchain in terms of TVL. Related Reading: Terra Classic (LUNC) Chances Of Revival Grow Slimmer, Here\u2019s Why Base\u2019s rapid growth has already put it in the race with other Layer 2s. However, when put in comparison against other established Layer 2 networks, Base still has a long way to go. It is currently the 5th-largest Layer 2 in terms of TVL, lagging well behind the likes of Arbitrum, Polygon, and Avalanche. Nevertheless, Base\u2019s bull case continues to grow with over $203 million already bridged to the blockchain and daily active users sitting above 100,000 over the last four days. Given Coinbase\u2019s backing and Base\u2019s growing popularity, it may not be long until it becomes one of the most prominent Layer 2 blockchains in the space. DeFi makes up 19.14% of the Ethereum market cap | Source: Market Cap DeFi\/Ethereum on Tradingview.com Follow Best Owie on Twitter for market insights, updates, and the occasional funny tweet\u2026 Featured image from iStock, chart from TradingView.com<\/p>\n","protected":false},"author":541,"featured_media":547165,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[88391],"tags":[88746,87903,89111,89112,1393,84310],"class_list":["post-547160","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-coinbase","tag-bald","tag-base","tag-base-layer-1","tag-base-tvl","tag-coinbase","tag-tvl"],"acf":[],"yoast_head":"\n<title>Base TVL Surges 900% In 2 Weeks, What\u2019s Driving The Growth?<\/title>\n<meta name=\"description\" content=\"Base Total Value Locked (TVL) has been on a rapid rise over the 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