Coinbase’s Base Overtakes Solana After Recording Over $530 Million TVL

• Base Network’s total value locked increased to $535 million. 
• Coinbase’s Chief Legal Officer, Paul Grewal, said they might launch new tokens. 

Base is a new layer 2 blockchain which intends to create a new network where people can build more solutions. So, they recently saw a massive increase in the TVL. 

Base Overtakes Solana With Over $530 Million TVL 

L2Beat 

• Base is a new layer 2 blockchain that is turning many heads with its massive ongoing development. So, according to new data from several sources, the total value locked (TVL) of the layer 2 protocol is now bigger than that of Solana. Base uses the Optimistic Rollup as part of the development technology. Furthermore, one of the most prominent crypto exchanges, Coinbase, is behind this new blockchain. 
• According to new data, this layer 2 protocol now has a bigger TVL than Solana. So, this is according to data from a layer 2 monitoring platform called L2Beat. At the time of writing, the TVL of Base on this platform is around $535 million. So, the market share at the time of writing is more than 5%. This is quite impressive for a layer 2 network that started around 2 months ago.  

Contrasting Data Around Base TVL 

DefiLlama 

• The data from L2Beat isn’t the only one about the Base layer 2 blockchain. So, according to other data from DefiLlama, the current TVL of this protocol is around $370 million. This is still bigger than that of Solana, which is still around $310 million. 
• Other data regarding this layer 2 network is also showing some massive increase. So, according to data from DefiLlama, the number of users on this platform is now more than 62,000. Solana doesn’t have public data on the number of users on their platform. 
• According to data from DefiLlama, it shows that the amount of total value locked on Solana is steadily decreasing. So, the platform is on a continuous downturn, which is quite concerning. There’s a decrease of more than 22% over a 1 month period on this platform. On the other hand, Base is having a perfect time in the amount of growth. So, there’s more than a 111% increase within a one-month period. This is nothing short of outstanding, considering the short period since this blockchain went live. So, the amount of stablecoin on this blockchain is also massive, with over $116.07m. 

Coinbase to Launch a Native Token 

• Coinbase’s Chief Legal Officer, Paul Grewal, during an interview with the press, said that he doesn’t rule out a Base Network token. So, he is saying that at one point, the platform might consider getting their own token. 
• “I think a token could be viable at some point in the future. It is not something we’ve ruled out entirely,” he said. 
• In conclusion, the new layer 2 network is moving in the right direction from all assessments. So, the recent increase in the TVL is one of the signs.

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