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 <p class="is-style-lead">Base Network’s TLV takes a hit, falling to $445 million, as zkSync Era gains momentum, fueled by dynamics in USDC and market competition.</p> 
 <p>Base Network’s Total Value Locked (TVL) has fallen dramatically by 16.92%, bottoming out at $445 million over the previous week. Base’s position has been ceded by layer-2 protocol zkSync Era, which now boasts a TVL of $477 million.</p> 
 <p>L2Beat statistics revealed that a major contributing factor to the erosion in Base’s TVL was a sharp decrease in its USDC holdings, which plunged from 160 million to just 29.84 million on Sept. 29, as indicated by Dune Analytics data.</p> 
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   <img decoding="async" src="https://cdn.thebittimes.com/images/2023/10/03/75a567f96c5bc65a26c7cd2850c0f643.webp" alt="Base network TVL" width="758" height="538"> 
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 <p>However, Base Network has shown signs of resilience despite the drawbacks. In under a month, it not only recovered but outperformed Solana (SOL), another noteworthy player in the crypto space, by amassing a TVL close to $400 million. Concurrently, data from DeFi Llama suggests Solana’s TVL is also in decline, further emphasizing Base Network’s comeback.</p> 
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 <p>Recent data from DeFi Llama has also spotlighted the rivalry between Solana and Base. Solana’s TVL has reportedly experienced a dip of 9.64%, currently standing at $358.96 million. This downturn indicates that Solana is going through a difficult period, struggling to maintain its position in the market.</p> 
 <p>Base Network, in contrast, has demonstrated remarkable gains, surging its TVL by 97.21% and surpassing Solana. This abrupt and substantial expansion has not gone unnoticed and has stirred discussions and speculation across the broader cryptocurrency community.</p> 
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/coinbase-s-l2-network-base-loses-over-16-tvl-in-a-week-tbt64867.html">https://thebittimes.com/coinbase-s-l2-network-base-loses-over-16-tvl-in-a-week-tbt64867.html</a></p>

Coinbase’s L2 network Base loses over 16% TVL in a week

TheBitTimes

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