Coinbase’s Base records 25% increase in TVL following massive USDC minting

Coinbase’s Ethereum-based layer2 platform, Base, has remained elevated over the past seven days, recording an impressive performance in total value locked. L2Beat data shows Base TVL increased by 25.15% within the last week to $556 million.

Source – L2Beat

Base outshining zkSync Era

Base network’s significant surge in TVL has seen it outpacing zkSync Era’s $435 million TVL. The former maintained uptrends following USD Coin issuance on the platform on 4 October, leading to a notable 470.55% surge to 159 million stablecoins.

Stablecoin issuer Circle launched USDC on the Base network last month to bolster USD Coin’s functionality by making it a native asset on more blockchains. The strategy alleviates the need for bridging via Ether tokens.

Base dominating the DeFi space

Crypto exchange Coinbase collaborated with Optimism to develop Ethereum layer2 Base to ensure an economically efficient, user-friendly, and secure atmosphere for app development. Meanwhile, the platform has made upward strides since its introduction.

Invezz.com reported how Base climbed through the ranks to surpass Solana in total value locked. Moreover, the platform attracted substantial funds and projects following its official launch on 9 August. It attracted around 139 projects as of 14 August, covering multiple domains, including DAOs, wallets, NFTs, and DeFi.

Compatible with Coinbase and all Ethereum Virtual Machine wallets, Base is quickly rising as a massive competitor within the decentralized finance sector.

Moreover, Coinbase’s Paul Grewal revealed the possibilities of launching a digital coin on Base.

In an interview with Decrypt, Coinbase Chief Legal Officer Paul Grewal hinted at the potential for the Base network to issue tokens in the future but emphasized that the focus now is on regulatory clarity.

— Blockrewire/News (@blockrewire) September 22, 2023

That would enhance the network’s use cases within the DeFi market. Coinbase’s Base is ready to dominate the market, and developments such as CoCa Cola’s attention would boost its long-term performance.

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