Ethereum

Base

Million

USDC

zkSync

<ul>
 <li>With this increase, it has surpassed the $435 million valuation of zkSync Era.</li>
 <li>The Base platform is rapidly becoming a formidable rival in the DeFi industry.</li>
</ul>
The decentralized finance (DeFi) market has been very active over the last week. And much of the momentum can be attributed to <a href="http://coinbase.com" target="_blank" rel="noopener noreferrer nofollow">Coinbase’s</a> Layer-2 network Base.
L2Beat reports that the Base network’s Total Value Locked (TVL) increased by 25.15 percent, in the previous week, to a total of $556 million. With this increase, it has surpassed the $435 million valuation of zkSync Era. On October 4th, the network’s native USDC was re-minted, causing a phenomenal 470.55% jump to a total of 159 million USDC.
<h3 class="wp-block-heading" id="h-growing-dominance">Growing Dominance</h3>
The debut of the USDC stablecoin on the Base platform was announced by <a href="https://thenewscrypto.com/usdc-expanding-on-polygon-next-week-boosting-adoption/" target="_blank" rel="noopener noreferrer nofollow">USDC</a> stablecoin issuer <a href="https://www.circle.com/en/" target="_blank" rel="noopener noreferrer nofollow">Circle</a> last month. Launching the stablecoin on new blockchains as a native token was a smart move by Circle to expand USDC’s usefulness. This method does away with the need for bridging using <a href="https://thenewscrypto.com/ethereum-price-consolidates-amid-looming-bearish-sentiment/" target="_blank" rel="noopener noreferrer nofollow">Ethereum</a> tokens.
Users of Coinbase and Circle who have USDC in their wallets were unable to make a direct transfer to the Base network on the day it debuted (August 9). Users of Base were forced to rely on a bridging version of USDC called USDbC in order to trade in U.S. dollars.
Base’s major objective is to facilitate the development of on-chain applications. By providing a safe, efficient, and user-friendly setting in which to do so. All Ethereum Virtual Machine (EVM) wallets, including the popular Coinbase wallet, are fully supported.
Moreover, the Base platform is rapidly becoming a formidable rival in the DeFi industry. Top market players immediately began testing the Base following its release in early August.&nbsp;
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Base Network’s TVL Soars 25% Surpassing $550 Million

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