Coinbase's Ethereum-based layer2 platform, Base, has been making exemplary progress over the past seven days, with a 25.15% growth in its total value locked (TVL). According to L2Beat data, Base TVL has surged to $556 million, exceeding that of zkSync Era's $435 million. This tremendous success has been attributed to the recent launch of USD Coin (USDC) on the platform back on October 4th, prompting a huge 470.55% spike to 159 million stablecoins. Developed by Coinbase and Optimism, Base was created with the intent to provide developers a secure and user-friendly environment to create applications. This ambition has evidently been achieved, as it succeeded in overtaking Solana's total value locked and quickly drew interest from 139 projects all over the market, ranging from wallets, DAOs, NFTs to DeFi. Additionally, Base's compatibility with Coinbase, as well as other Ethereum Virtual Machine wallets, increases its accessibility and encourages more investors to take an interest in it.

Moreover, Paul Grewal, Coinbase Chief Legal Officer, has suggested the potential of a digital coin launch on Base in future. Whilst he emphasised the need for regulatory clarity a token-launch like this, it would undoubtedly widen the utilisation of Base in the DeFi sector. There has even been confirmation of attention from companies like Coca Cola, indicating that the platform is set to make a long-term impact.

As Coinbase's Base continues its solid performance in the decentralized finance market, its future looks to be an increasingly prosperous one.



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