The L2 blockchain Base has surpassed $400 million in TVL (Total Value Locked) within a month of its public mainnet launch.
According to data from DeFiLlama, Base has total of 101 protocols and a TVL of $417 million. It is ranked 8th among largest blockchain networks by TVL.
The Ethereum layer 2 network has several leading DeFI protocols deployed on it including Uniswap, Curve, Aave and others. Aerodrome is currently the largest protocol with $197 million of assets valuation.
Developed by the Coinbase exchange, Base was launched on July 3 for developers while it opened publicly on August 9. It has gained significant traction in the decentralized finance ecosystem within less than a month.
Base has also been at the center of controversy with several rug pulls taking place on it including the BALD memecoin, Magnate Finance and SwirlLend.
Also read: PancakeSwap Launches on Coinbase Ethereum Layer 2 Base
