UPDATED: March 27, 2024, 9:19 a.m. EDT
Base, an Ethereum layer 2 network incubated at Coinbase, saw its total value locked (or user deposits) climb to nearly $1 billion – doubling the network’s deposits since early March, which stood at $470 million of dollars. The Decentralized Exchange Airfield accounts for nearly half of the base’s TVL, contributing $424 million.
Aerodrome’s TVL increased from $125 million in early February to over $420 million today, following an uptick in user activity on the exchange and a major increase in the value of its token Native aero.
The Velodrome Finance development team (a decentralized exchange on OP Mainnet) presented Aerodrome on Base in forked version in September 2023.
Since then, he has facilitated a large part of the exchanges on the Base network. This approach is similar to its strategy on OP Mainnet with Velodrome, which involves the use of a set of decentralized financial incentives and blocked-vote governance.
The basic mainnet became publicly available in early August 2023 and has since become the fourth most valuable layer 2 blockchain in terms of TVL, behind other networks like Arbitrum, Optimism and Blast. The Layer 2 network saw a sudden increase in users and daily transactions, reaching record levels shortly after the Dencun upgrade.
According to DeFiLlama, the network’s TVL stands at $970 million.
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