Overnight DAI+

Base

Bald

Overnight USDT+

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 Neither the author, Tim Fries, nor this website, The Tokenist, provide financial advice. Please consult our&nbsp;<a href="https://tokenist.com/terms-of-service/" style="text-decoration:underline;color:#3c7b7b" target="_blank" rel="noreferrer noopener" class="deco-link">website policy</a>&nbsp;prior to making financial decisions.
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<p class="has-drop-cap">Base, an Ethereum layer 2 (L2) blockchain developed by crypto exchange Coinbase, saw its total value locked (TVL) <a aria-label="print a new all-time high (opens in a new tab)" href="https://defillama.com/chain/Base" target="_blank" rel="noreferrer noopener nofollow" class="deco-link">print a new all-time high</a> of nearly $320 million on August 31. The jump comes amid growing hype around the newly launched decentralized exchange (DEX) Aerodrome, which offers substantial incentives for new traders.&nbsp;</p> 
<h3 id="base-defi-desposits-soar-amid-aerodrome-hype">Base DeFi Desposits Soar Amid Aerodrome Hype</h3> 
<p>The total value locked across DeFi contracts on Coinbase’s Base blockchain network soared to a new all-time high on Thursday, according to data by DefiLlama. Notably, the new record high comes after TVL saw an overnight spike of more than 62%, taking the total figure to $319.6 million from $196.8 million a day ago.</p> 
<p>The sharp increase in total deposits on the network was primarily driven by the current liquidity mining incentives on Aerodrome, a new DEX built for Base. Essentially, liquidity mining is an incentive a project distributes to new platform users. In this instance, Aerodrome is paying users to conduct trades on the exchange.</p> 
<p>Launched as a fork of <a href="https://medium.com/@VelodromeFi/velodrome-v2-a-new-era-1bd84509fa23" target="_blank" aria-label="Velodrome (opens in a new tab)" rel="noreferrer noopener nofollow" class="deco-link">Velodrome</a>, a popular DEX on the Optimism network, Aerodrome aims to become a go-to liquidity solution on the Base blockchain. The DEX was rolled out on August 29 by the team behind Velodrome, which also added liquidity mining for the exchange’s native token, AERO.&nbsp;</p> 
<p>The team behind this venture allocated 10% of Aerodrome’s initial token supply of 500 million tokens for liquidity mining. Furthermore, it also airdropped 40% of that supply to token holders of VELO, a native governance token of Velodrome.&nbsp;</p> 
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<h3 id="bald-attracting-interest-despite-bald-fiasco">Bald Attracting Interest Despite BALD Fiasco</h3> 
<p>The resurgence in DeFi deposits on Base comes just weeks after the blockchain network debuted.&nbsp;</p> 
<p>The layer-2 chain, built with Optimism’s OP stack, witnessed a significant memecoin scam before the mainnet launch. In particular, a meme coin BALD, launched on Base at the end of July, turned out to be a major rug pull after deployers removed over $25 million in liquidity.&nbsp;&nbsp;</p> 
<p>However, the scam did little to deter major crypto projects from launching on Base, as seen in the Aerodrome case. Another Base-powered project that <a href="https://tokenist.com/base-activity-surges-on-hype-behind-new-social-platform/" rel="dofollow" class="deco-link">garnered significant interest</a> was the social Web3 platform Friend.Tech, which allows users to tokenize themselves and sell “shares,” to fans and followers. Nevertheless, this project later <a href="https://tokenist.com/friend-tech-climbs-defi-charts-but-has-some-massive-red-flags/" rel="dofollow" class="deco-link">became a subject of controversy due to privacy concerns</a>.&nbsp;</p> 
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<p><em><strong>Do you think Base could become one of the leading layer-2 solutions? Let us know in the comments below.&nbsp;</strong></em></p> 
<p>The post <a rel="nofollow" href="https://tokenist.com/base-tvl-jumps-62-overnight-as-new-defi-platform-takes-the-spotlight/">Base TVL Jumps 62% Overnight as New DeFi Platform Takes the Spotlight</a> appeared first on <a rel="nofollow" href="https://tokenist.com">Tokenist</a>.</p>

Base TVL Jumps 62% Overnight as New DeFi Platform Takes the Spotlight

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