Base, one of the secure networks, is back in the game, hitting TVL of around $400 Million in a month. The news is flashed by DeFi Llama Data, reporting a decline in Solana’s TVL and an upsurge in Base’s TVL. The ups and downs in the network completely shocked the crypto industry.
Let’s uncover the whole news.
How Base Is Back in the Game
A report from DeFi Llama stirred the crypto marketplace. The news was related to Base and Solana, two giant players in the industry. Solana and Base give tough competition to each other, mainly in terms of TVL.
TVL is a metric used to analyze the total value of the cryptocurrency that is staked or locked in a specific Decentralized Finance (DeFi) platform or any other relevant platform. A higher TVL represents the fairness and trustworthiness of the platform.
Solana’s TVL has declined by 9.64% in the past month, sitting at $358.96 Million. Solana is a decentralized, scalable, and energy-efficient blockchain platform that uses a proof-of-stake mechanism to offer smart contract functionality. In the past month, the blockchain network has not been performing well.
Coinbase’s Layer 2 network, BASE, on the other hand, just rocked the crypto landscape with its outstanding performance. The platform’s TVL increased by 97.21%, hitting around $400 Million in TVL, surpassing Solana.
Both networks are giants in the market, holding the largest shares of TVL. The rapid waves in the network thus shook crypto land. However, the environment also holds some strong competitors, including decentralized exchange (DEX) Aerodrome Finance and decentralized social media (DeSo) application Friend.tech holding TVL of $97.83 Million and $36.53 Million.
Based on the data from DeFi Llama, platforms launched in recent years are gaining much more popularity and hikes in the crypto space, and Friend.tech and Aerodrome Finance best represent this. In addition, the waves in the listing also represent the enhanced interest of individuals in the crypto ecosystem.
As per the data from BaseScan, Base hit a new peak in terms of daily transactions, touching $1.88 Million on September 14.
Rivalry Between Solana and Base
Solana and Base are on their way to booming the crypto market with their outstanding performances. Let’s take a look at the complete performance of both platforms.
The current value of BASE, the native token of Base, is $0.000001782 with a 24-hour trading volume of $8313.48.
SOL, the native coin of Solana, is standing at $19.45 with a market cap of $8 Billion and a total volume of $151 Million in the past 24 hours.
Base, one of the most efficient, user-friendly, and secure networks, surpassed Solana in terms of TVL. Both platforms are popular names on the list, holding the largest share considering TVL. Within a month, Base sat at a TVL of around $400 Million whereas Solana reached $358.96 Million. Other players, including Friend.tech and Aerodrome Finance, are also performing well.