The base blockchain has surpassed Tron to become the fifth largest blockchain in TVL, clocking over $6.6 billion. A spokesman representing the Morpho Defi protocol said that Layer 2 blockchain is excellent at promoting borrowing and lending protocols.
Spokesman Added The integration of Morpho-Coinbase allowed users to borrow Stablecoins from their BTC holdings. Representatives from Defi Protocol also pointed out that the integration was a key factor in the deposits, and that it contributed about $1 billion to Morpho’s TVL at L2. Bernstein researchers hope that US listed crypto exchanges will increase the value of their stock to $510 (+60%) by taking advantage of recent gatherings in the crypto space.
Defillama’s data has been shown to be the second largest lending protocol in Aave, which is based on more than 60% of the lending protocol’s TVL. Defi Lending has skyrocketed 52% across the Defi ecosystem since January. Defi users have deposited approximately $73 billion since the start of the year. A spokesman for Coinbase emphasized that Crypto Exchange is attracting Defi users by prioritizing the delivery of fast and inexpensive transactions. Cryptopolitan It has been reported In April, L2 Solutions secured over $2.96 million in TVL, with Stablecoin’s liquidity accounting for around $3.8 billion.
Lebbar claims that the network effect drives L2 growth
Yo Protocol co-founder Mehdi Lebbar argued that the network effect has driven accelerated growth in the L2 blockchain. Having many small projects constituted the difference between that debt deposit and Tron. Lebbar also pointed out that Coinbase’s large community provides a thriving market base and explains why Yo was launched on Base.
Coinbase has driven users to the L2 blockchain via a dedicated mobile app, the brand of Crypto Exchange wallets. An Exchange spokesperson said it promoted a large amount of morpho to Morpho when it launched the base app in July. However, the spokesman added that the launch of the CEX-backed blockchain is not unique to Coinbase. According to Defillama, Binance launched the BNB chain in 2017.
As previously reported by Cryptopolitan, co-director of the Ethereum Foundation, Hsiao-Wei Wang, Disclosure In late April, the base received phase 1 status of a distributed network. Ethereum founder Vitalik Buterin said phase 1 status is important and will only track such chains in 2025. This upgrade has made the L2 one of the most valuable Dex and permanent Dex trading chains.
Base celebrates its second anniversary with great profits
Only the base trails arbitrum 1 with an Ethereum rollup. Source: L2Beat
Last week, protocol Celebrated It marks the second anniversary of Style and ranks second behind arbitrum in the Ethereum rollup. Chain observers also showed that the TVL for smart contract L2 had surged at 8781% year-on-year to around $4.46 billion.
Additionally, active users increased by 1,280% to 1.25 million over the same period. The highest number of daily users was 3.59 million, recorded in June. Additionally, transactions have increased by over 2000%, with the average number of daily transactions reaching 7.5 million.
On-chain data confirmed that the same time base network fees fell by nearly 50% over the last year. The price fell to $0.005, falling below $0.001 at certain times. However, the L2 infrastructure encountered a problem on August 5th, with the protocol halting block production for more than 30 minutes. The protocol developers have vowed to implement the fix so that it doesn’t happen again.
The L2 team has pledged to revamp their infrastructure following the outage of the network. They fixed an issue that caused high network activity to delay major sequencers. A configuration error prevented the system from transferring control to a backup. Therefore, the block could not be created. The network was completely shut down because the failed sequencer was unable to begin retrying the control transfer. Engineers had to manually disable the command system to prevent automatic switching.
