<![CDATA[<figure class="image"><img src="https://cimg.co/news/125442/331307/sol-2-media-library-origi.jpeg" srcset="https://cimg.co/news/125442/331307/responsive-images/sol-2-media-library-origi___media_library_original_7680_4320.jpeg 7680w, https://cimg.co/news/125442/331307/responsive-images/sol-2-media-library-origi___media_library_original_1200_675.jpeg 1200w, https://cimg.co/news/125442/331307/responsive-images/sol-2-media-library-origi___media_library_original_900_506.jpeg 900w, https://cimg.co/news/125442/331307/responsive-images/sol-2-media-library-origi___media_library_original_720_405.jpeg 720w, https://cimg.co/news/125442/331307/responsive-images/sol-2-media-library-origi___media_library_original_600_338.jpeg 600w, https://cimg.co/news/125442/331307/responsive-images/sol-2-media-library-origi___media_library_original_300_169.jpeg 300w" width="7680" class="content-img" alt=""><figcaption>Solana. Source: Adobe</figcaption></figure><a href="https://cryptonews.com/reviews/coinbase/">Coinbase</a>'s layer-2 network,&nbsp;Base, has surpassed&nbsp;<a href="https://cryptonews.com/coins/sol-solana/">Solana (SOL)</a>&nbsp;in terms of total value locked (TVL).Base's TVL has reached an impressive $397.32 million since its launch in August, outpacing Solana's TVL of $358.96 million,&nbsp;<a href="https://defillama.com/chains">data from DefiLlama shows</a>.&nbsp;Over the past month, Base has experienced significant growth, with a remarkable 97.21% increase in TVL.On the other hand, Solana has seen a decline of 9.64% in its TVL over the same timeframe.The bulk majority of Base's TVL comes from two projects.&nbsp;Decentralized exchange&nbsp;Aerodrome Finance&nbsp;holds the top spot with a TVL of $97.83 million, while the decentralized social media app&nbsp;Friend.tech&nbsp;ranks second with a TVL of $36.53 million.Aerodrome Finance, launched on August 28, allows users to deposit liquidity to earn its native AERO tokens and offers other features.&nbsp;Although it had a slow start, Aerodrome's TVL skyrocketed on August 31, with a massive $150 million pouring in on that day alone.&nbsp;However, the project's TVL has since decreased by approximately 51% as the initial hype subsided.Friend.tech, launched on August 11, enables users to tokenize their social networks through the buying and selling of "Keys."&nbsp;Despite&nbsp;<a href="https://cryptonews.com/news/privacy-breach-at-friendtech-wallet-addresses-usernames-of-101000-users-exposed.htm">facing challenges in late August</a>, the platform&nbsp;<a href="https://cryptonews.com/news/friendtech-tvl-doubles-reach-over-20-million-after-being-pronounced-dead-1.htm">experienced a dramatic surge</a>&nbsp;in September.&nbsp;DefiLlama reports a 540% increase in Friend.tech's TVL over the past month, primarily driven by a pump that began on September 9 alongside a resurgence in daily trading volume.Looking beyond the top projects, Base's TVL is predominantly contributed by multinetwork decentralized finance platforms such as Compound, Curve, and Uniswap.Furthermore, Base has achieved a new milestone this month, reaching a peak of 1.88 million daily transactions on September 14, surpassing rival chains like Optimism and Arbitrum, which had a combined total of almost 880,000 transactions on the same day.&nbsp;As of today, Base's daily transactions have decreased to approximately 908,000, but the all-time high record remains intact.<h2 id="coinbase-pushes-for-regulatory-clarity-in-the-us">Coinbase Pushes for Regulatory Clarity in the US</h2>As of late, Coinbase has ramped up efforts to bring about positive changes in US legislation in the crypto sector.Earlier this week, the exchange&nbsp;<a href="https://cryptonews.com/news/coinbase-attempts-to-push-crypto-legislation-forward-in-us-with-latest-moves.htm">launched a new media campaign</a>, encouraging people who are interested in crypto to contact their congressional representatives through its platform to let them know crypto regulation clarity is an important issue for them.In mid-August, the exchange also&nbsp;<a href="https://cryptonews.com/news/coinbase-exchange-launches-stand-with-crypto-alliance-an-independent-pro-crypto-advocacy-group.htm">announced the launch</a>&nbsp;of a crypto advocacy group tasked with promoting the interests of the crypto community.Dubbed&nbsp;Stand with Crypto Alliance, the independent nonprofit organization aims to mobilize support for legislation that would create a regulatory framework for digital assets in the US.Furthermore, earlier this year, the company&nbsp;<a href="https://cryptonews.com/news/crypto-exchange-coinbase-sues-sec-demands-court-compel-response-rulemaking-petition-heres-latest.htm">filed a lawsuit against the agency</a>&nbsp;to compel the SEC to establish clear regulations for the cryptocurrency industry.&nbsp;Despite the push for regulatory clarity, the exchange has come under scrutiny.In June, the&nbsp;<a href="https://cryptonews.com/news/breaking-coinbase-sued-by-sec-just-day-after-binance-lawsuit-which-firm-next.htm">SEC sued</a>&nbsp;Coinbase, accusing the platform of operating as an unregistered securities exchange, broker, and clearing agency.&nbsp;&nbsp;
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Base Network Outstrips Solana's TVL as Summer Lull Draws to a Close

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Cryptonews.com

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