Ethereum

Velodrome Finance

Strong

Base

<p style="text-align: justify">You can also read this news on BH NEWS: <a href="https://en.bitcoinhaber.net/coinbases-base-network-experiences-explosive-growth-in-locked-value" rel="noopener noreferrer nofollow">Coinbase’s Base Network Experiences Explosive Growth in Locked Value</a><br></p>
<p style="text-align: justify"><a href="https://en.bitcoinhaber.net/binance-to-halt-nigerian-naira-transactions" rel="noopener noreferrer nofollow">Coinbase</a>‘s <a href="https://en.bitcoinhaber.net/ethereum-sees-a-quarter-of-its-supply-staked" rel="noopener noreferrer nofollow">Ethereum</a> Layer 2 platform, Base, has witnessed a remarkable surge in total value locked, nearly reaching the $1 billion mark. The boost in deposited funds has been predominantly driven by the decentralized cryptocurrency exchange Aerodrome, accounting for roughly half of Base’s overall TVL.</p>
<h2 id="decentralized-exchange-aerodrome-leads-with-strong-growth">Decentralized Exchange Aerodrome Leads with Strong Growth</h2>
<p style="text-align: justify">Aerodrome’s contribution stands at $424 million, making it the main source of Base’s TVL, which totals approximately $970 million. This growth is fueled by user engagement and the appreciating value of Aerodrome’s native token, Aero, which has escalated from $125 million to over $420 million in TVL since early February.</p>
<p style="text-align: justify">Launching as a clone on the Base network in September 2023 by the Velodrome Finance team, Aerodrome aims to enhance on-chain liquidity and facilitate network swaps. It employs decentralized <a href="https://en.bitcoinhaber.net/dwf-labs-invests-225000-in-lesser-known-altcoin-konnect-acquiring-6-million-kct-tokens" rel="noopener noreferrer nofollow">finance</a> incentives and governance through voting, mirroring its approach on the OP Mainnet.</p>
<h2 id="ethereum-s-dencun-update-spurs-layer-2-activity">Ethereum’s Dencun Update Spurs Layer 2 Activity</h2>
<p style="text-align: justify">The launch of Base’s mainnet in August 2023 and its subsequent growth post Ethereum’s Dencun upgrade have catapulted it above other Layer 2 networks in TVL rankings. This update resulted in a spike in daily users and transactions, setting new records for the platform.</p>
<p style="text-align: justify">The swelling of TVL and user traffic on Base underscores the escalating demand for Layer 2 solutions that provide enhanced scalability and reduced transactional costs within the Ethereum ecosystem. Backed by Coinbase and the triumph of projects like Aerodrome, Base is cementing its role as a formidable entity in the Layer 2 arena, delivering effective and economical decentralized exchange offerings to its users.</p>
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on BH NEWS: </span> <a href="https://en.bitcoinhaber.net/coinbases-base-network-experiences-explosive-growth-in-locked-value" rel="noopener noreferrer nofollow">Coinbase’s Base Network Experiences Explosive Growth in Locked Value</a></h5>

Coinbase’s Base Network Experiences Explosive Growth in Locked Value

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