Coinbase: Base TVL Rises Over 100%, Approaches $1 Million

Lavina Daryanani
Source: Decrypt

In Q1 2023, Coinbase announced the testnet launch of its native Ethereum layer 2 network, Base. The solution is built on OP Stack, in association with Optimism. Towards the end of June, Watcher Guru reported that the team had fulfilled 4/5th of the criteria for the mainnet launch. On July 13, the Base mainnet opened its doors for builders. However, the network has not been launched for the public yet. That is slated to happen in August. A recent blog post published by the team clarified,

We’re asking everyone to hold on publicly exposing their user-facing dApps until early August when we’ll open Base to the world.”

Base started receiving traction after it allowed early builders to deploy apps on the mainnet. As a result, inflows started mounting. On July 13, only $400,364 worth of funds were locked in Base. The number has already doubled and is now on the verge of hitting the $ 1 million mark. At press time, Base’s TVL reflected a value of $963,480, up by over 140%.

Source: L2 Beat

Given Base’s association with Optimism, even the latter protocol registered TVL growth and became the largest gainer. At press time, around $900 million worth of funds were locked on the protocol.

Also Read: Coinbase: Base is 80% Ready for Mainnet Launch

dApp Launches on Coinbase’s Base

To celebrate the earliest builders on Base, the team introduced the Genesis Builder NFT. The token is designed by artist Klara Vollstaedt, whose work The Fall was featured in a Christie’s NFT sale. Several other dApps and bridges have been launched on Base, with the latest launch happening yesterday.

Source: Dune Analytics

Also Read: 10 Reasons Why Coinbase’s Ethereum L2 ‘Base’ Is a “Big Deal”

The aforementioned projects have also been successful in onboarding users and fostering transactions on the network. Launched on 18 July, L2Marathon has around 1806 users. Around 211 of them were added over the past 24 hours, while in the same duration, a total of 284 transactions took place. Given the positive response received so far, more launches can be expected to take place going forward.

Source: Dune Analytcis

Also Read: Base: Coinbase Announces New Ethereum L2 Network’s Testnet Launch