ADVFN Logo

We could not find any results for:
Make sure your spelling is correct or try broadening your search.

Trending Now

Toplists

It looks like you aren't logged in.
Click the button below to log in and view your recent history.

Registration Strip Icon for charts Register for streaming realtime charts, analysis tools, and prices.

COMPUSD Compound

0.00000000
0.00 (0.00%)
- - Realtime Data
Name Symbol Market Market Cap ($) Algorithm
Compound COMPUSD Crypto 507,624,590 Not Mineable
  Price Change Price Change % Current Price Bid Price Offer
  0.00 0.00%
High Price Low Price Open Price Prev. Close 52 Week Range
23.27 - 86.00
Exchange Last Trade Size Trade Price Currency
Cryptocurrency - - USD
Price x Volume Volume Base Symbol Related Pairs
- - COMP COMPEUR COMPGBP COMPBTC

Base TVL Surges 900% In 2 Weeks, What’s Driving The Growth?

14/08/2023 6:00pm

NEWSBTC


Base, the Ethereum Layer 2 rollup developed by crypto exchange Coinbase, is already making a name for itself in the market. The blockchain’s Total Value Locked (TVL) has been on a rapid rise over the last few weeks, rising triple-digits in just the last two weeks alone. So the question now is, what’s driving the TVL growth? Meme Coins, Rugs, And Newcomers Unlike other Layer 2 networks, Base seemed to have gotten its big break with the growing trend of meme coins being launched on the network. The most notable of these was the BALD meme coin which went from less than $100,000 in market cap to over $50 million in a matter of days. As the popularity of BALD ramped up, so did the popularity of Base and decentralized finance (DeFi) traders clamored to bridge to the blockchain. Related Reading: Regulatory Pressure Mounts On Worldcoin, Can WLD Price Recover? The rug deployer rugged the project not long after, making off with over $9 million in liquidity. Following this, there were speculations of former FTX CEO and founder Sam Bankman-Fried Nverbeing the mastermind behind BALD, although nothing came from these accusations. However, instead of the blockchain’s first big project rugging being a deterrent, it seems to have had the opposite effect. More developers have moved to launch their projects on the blockchain seeing the potential. This includes the likes of SushiSwap, Uniswap, and Compound, among others, which have all provided support for the Base network. New projects such as Alien Base, SwapBased, and Krav have also been gaining ground with their TVL growing rapidly during this time as well. So for Base, it has been able to turn a negative situation into a positive one. Base Joining The Layer 2 Blockchain Race In the last two weeks, the Base TVL has grown from $13 million to more than $130 million, data from DefiLlama shows. This represents an almost 900% increase in TVL during this time, making it the fastest-growing Ethereum Layer 2 blockchain in terms of TVL. Related Reading: Terra Classic (LUNC) Chances Of Revival Grow Slimmer, Here’s Why Base’s rapid growth has already put it in the race with other Layer 2s. However, when put in comparison against other established Layer 2 networks, Base still has a long way to go. It is currently the 5th-largest Layer 2 in terms of TVL, lagging well behind the likes of Arbitrum, Polygon, and Avalanche. Nevertheless, Base’s bull case continues to grow with over $203 million already bridged to the blockchain and daily active users sitting above 100,000 over the last four days. Given Coinbase’s backing and Base’s growing popularity, it may not be long until it becomes one of the most prominent Layer 2 blockchains in the space. DeFi makes up 19.14% of the Ethereum market cap | Source: Market Cap DeFi/Ethereum on Tradingview.com Follow Best Owie on Twitter for market insights, updates, and the occasional funny tweet… Featured image from iStock, chart from TradingView.com

1 Year Compound Chart

1 Year Compound Chart

1 Month Compound Chart

1 Month Compound Chart

Your Recent History

Delayed Upgrade Clock

By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions

Support: +44 (0) 203 8794 460 | support@advfn.com