Crypto exchange Coinbase's Base network registered 25% increase in TVL
Crypto exchange Coinbase's Base network registered 25% increase in TVL
Base, a Layer-2 network based on the Ethereum blockchain, saw high activity on the Decentralized Finance (DeFi) marketplace last week, resulting in a 25.23% increase in the value of blockchain assets.
The total value of assets (TVL) on the Base network reached $558 million.
According to Coingape, the main impetus for the growth was the minting of its own USDC on October 4, which caused the assets to increase to $159 million USDC, a surge of 470.55%.
The Base network represents the Ethereum Layer-2 solution and was jointly developed by the Coinbase exchange and Optimism. The developers set the following goals for Base: to provide a secure, inexpensive, and user-friendly network for users suitable for the creation of various apps. Base is compatible with the Coinbase wallet and all EVM (Ethereum Virtual Machine) wallets.
On the launch of Base on August 9, Coinbase users and Circle account holders were unable to transfer USDC directly from their exchange accounts to the Base network. At the time, the developers offered users an interim solution for USD transactions, which is a USDC bridge option, USDbC.
Last month, Circle, a USDC issuer, launched stablecoins on the Base platform. This led to the expansion of USDC's functionality by introducing stablecoin on additional blockchains as its own token, excluding Ethereum.
The Base platform is successfully gaining ground in the DeFi space. Leading players have taken notice and started working with the platform, most notably soft drink giant Coca-Cola, which launched its NFT collection "Masterpiece" on the Base platform.
Coinbase's Head of Legal, Paul Grewal, announced the possibility of launching its own digital token on the Base platform, which could significantly increase the utility of the network.
Further reading: OKX reduces the range of available altcoins for UK clients.
