Base

USDC

zkSync

Gains

<p style="text-align: justify">The <a href="https://en.coin-turk.com/ethereum-futures-etf-approval-boosts-eth-price-and-traders-face-liquidation/" data-wpel-link="internal" rel="noopener noreferrer nofollow">Ethereum</a>-based Layer 2 network, also known as the Base network, of the US-based cryptocurrency exchange Coinbase has continued its upward trend with a strong performance last week. With this momentum, the total value locked (TVL) in the Base network increased by 25.23% to reach $558 million.</p>
<h2 style="text-align: justify" id="zksync-era-left-behind">zkSync Era Left Behind</h2>
<p style="text-align: justify">According to data from L2Beat, the TVL of the Base network increased by 25.23% last week, reaching $558 million. With this increase, the Base network surpassed zkSync Era, which had a TVL of $435 million. The main driving force behind this increase was the issuance of USDC on the network on October 4, resulting in a significant increase of 470.55% to reach a total of 159 million USDC.</p>
<p style="text-align: justify"><img decoding="async" class="aligncenter size-full wp-image-264585" src="https://coin-turk.com/wp-content/uploads/2023/10/Coinbase-Kripto-Para-Borsasi-Base.jpeg" alt="" width="1400" height="700"></p>
<p style="text-align: justify">Last month, Circle, the issuer of the leading stablecoin USDC, announced that it would start issuing its stablecoin on the Base network. This issuance announcement was a strategic move by Circle to enhance the functionality of USDC by bringing the stablecoin as a native asset to other blockchains. This approach was significant as it eliminated the need for bridging through Ethereum-based tokens for Base.</p>
<h2 style="text-align: justify" id="base-gains-strength-in-the-defi-market">Base Gains Strength in the DeFi Market</h2>
<p style="text-align: justify">Base is an Ethereum Layer 2 solution jointly developed by the cryptocurrency exchange Coinbase and Optimism. The network’s main goal is to provide a secure, economically efficient, and user-friendly environment for the creation of applications on the chain. It is fully compatible with Coinbase Wallet and all Ethereum Virtual Machine (EVM) wallets.</p>
<p style="text-align: justify">Base network is emerging as a rapidly growing competitor in the <a href="https://en.coin-turk.com/bloodshed-continues-in-defi-protocols-this-defi-protocol-also-attacked-funds-lost/" data-wpel-link="internal" rel="noopener noreferrer nofollow">DeFi</a> space. Shortly after its launch in early August, leading players in the market started testing the platform. Beverage giant Coca-Cola introduced its ‘Masterpiece’ <a href="https://en.coin-turk.com/magic-eden-introduces-solanas-compressed-nfts-to-provide-cost-effective-and-scalable-digital-collections/" data-wpel-link="internal" rel="noopener noreferrer nofollow">NFT</a> collection on the Base platform shortly after.</p>
<p style="text-align: justify">Last month, Coinbase’s Chief Legal Officer, Paul Grewal, also mentioned the possibility of launching a cryptocurrency on the Base platform. Grewal’s mention of the possibility of a cryptocurrency launch could significantly enhance the benefits of the Base network in the DeFi market.</p> Continue Reading: <a href="https://en.coin-turk.com/coinbases-base-network-surpasses-zksync-era-with-impressive-tvl-growth/" data-wpel-link="internal" rel="noopener noreferrer nofollow">https://en.coin-turk.com/coinbases-base-network-surpasses-zksync-era-with-impressive-tvl-growth/</a>

Coinbase’s Base Network Surpasses zkSync Era with Impressive TVL Growth

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