The Ethereum L2 project, Base, incubated by Coinbase, has recently achieved an astonishing milestone with a Total Value Locked (TVL) approaching $1 billion. The majority of assets are concentrated in the DEX – Aerodrome.
Base’s deposited funds have significantly increased. Since early March, the TVL has nearly doubled from a stable $470 million to $970 million.
The core of Base’s growth lies in the decentralized exchange (DEX) – Aerodrome, which now accounts for nearly half of Base’s TVL, contributing $424 million. The TVL of this DEX has surged from $125 million in early February to over $420 million, benefiting from increased user activity and the soaring value of its native token, Aero.
Looking at the liquidity pools in Aerodrome, most of the concentration is in WETH-USDC, followed by USDC-AERO. In the past 30 days, the value of AERO has grown by 1392%, driving the TVL of Aerodrome. Another significant asset is the synthetic stablecoin DOLA, which is generated by collateralizing assets in other protocols. It can easily “boost” the locked value within a single blockchain ecosystem. However, the value source still comes from the collateralized assets.
Aerodrome was launched on Base in September 2023 as a fork of Velodrome Finance. Following the success strategy on the OP mainnet, Aerodrome has since driven a significant volume of transactions on Base, fueling its explosive growth.
With both parties focusing on promoting user participation and utilizing strategic DeFi rewards, the surge in TVL may attract more ecosystems to cultivate on Base.
Aerodrome
Base
L2
OP
Further reading:
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