Base Network’s Total Value Locked Reaches $2 Billion, Driven by Aerodrome’s Surge
Base, a Layer 2 Ethereum network from Coinbase, has seen its total value locked (TVL) surge to $2 billion, over five times its deposits from earlier this year.
This growth is largely driven by Aerodrome, a decentralized exchange that has increased its deposits from $120 million in January to more than $1 billion, accounting for over half of Base’s total TVL.
According to DeFiLlama, Aerodrome leads in TVL, volume, and fees, surpassing major platforms like Uniswap and Aave.
In September, it processed $9.02 billion in on-chain swap volume, rivaling Solana’s DEXs like Orca and Raydium. However, its volume is still below that of Uniswap and PancakeSwap.
READ MORE: Arbitrum One Hits 1 Billion Transactions, Dominates Layer 2 Market
Launched in September 2023 by the Velodrome Finance team, Aerodrome quickly became integral to on-chain swaps on Base. The platform employs a strategy similar to Velodrome’s on OP Mainnet, utilizing DeFi incentives and vote-escrowed governance.
Users are encouraged to stake the AERO governance token for veAERO, allowing them to earn a share of protocol fees proportional to their voting power. Both exchanges are built on the Solidly model, featuring Andre Cronje’s ve(3,3) design.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
