Ethereum

Arbitrum

Base

Coinbase-backed <a href="https://cryptoslate.com/understanding-the-phenomenon-of-base/">Base</a> has seen a substantial drop in decentralized finance activities on the network, with the total value of assets locked (TVL) dropping by around 30% in the last two months. 
Data from DeFillama shows that the Ethereum (<a href="https://cryptoslate.com/coins/ethereum/">ETH</a>) layer2 network’s TVL has dropped by more than 30% to $284.59 million from its September peak of $411.5 million. 
<figure id="attachment_372514" aria-describedby="caption-attachment-372514" style="width: 100%" class="wp-caption aligncenter">
 <img decoding="async" class="size-full wp-image-372514" src="https://cryptoslate.com/wp-content/uploads/2023/11/Screenshot-2023-11-09-153514.jpg" alt="Coinbase Base TVL" width="1069" height="450" srcset="https://cryptoslate.com/wp-content/uploads/2023/11/Screenshot-2023-11-09-153514.jpg 1069w, https://cryptoslate.com/wp-content/uploads/2023/11/Screenshot-2023-11-09-153514-300x126.jpg 300w, https://cryptoslate.com/wp-content/uploads/2023/11/Screenshot-2023-11-09-153514-1024x431.jpg 1024w, https://cryptoslate.com/wp-content/uploads/2023/11/Screenshot-2023-11-09-153514-768x323.jpg 768w" sizes="(max-width: 1069px) 100vw, 1069px">
 <figcaption id="caption-attachment-372514" class="wp-caption-text">
 The total value of assets locked on the Base network (Source: DeFillama)
 </figcaption>
</figure> 
This means that investors have removed more than $100 million worth of their assets from protocols operating on the network despite the improved market conditions recorded during the period. 
The recent downturn marks a notable reversal of fortune for this blockchain network, which gained considerable prominence within the industry upon its <a href="https://cryptoslate.com/coinbases-ethereum-layer-2-chain-base-is-live-to-the-public/">public debut</a> in August. 
During that period, CryptoSlate <a href="https://cryptoslate.com/coinbase-newly-launched-base-network-transaction-volume-higher-than-cardano-others/">reported</a> that Base ranked among the top 10 networks regarding trading volume. The rise of memecoins, <a href="https://cryptoslate.com/obscure-meme-coins-surge-10000-on-coinbase-backed-base-network/">such as Bald,</a> and the growth of the decentralized social protocol <a href="https://cryptoslate.com/the-viral-growth-blueprint-that-made-friend-tech-the-fastest-growing-social-dapp/">Friend</a><a href="https://cryptoslate.com/the-viral-growth-blueprint-that-made-friend-tech-the-fastest-growing-social-dapp/">.Tech</a>&nbsp;drove its widespread adoption. 
However, the network has recently witnessed a decline in its TVL and trading activity. 
To provide context, <a href="https://defillama.com/chain/Base">data</a> from DeFillama reveals that just three of the top 10 protocols on the network experienced growth in their TVL over the past week. The majority of these protocols reported double-digit losses. 
Furthermore, examining <a href="http://cryptoslate.com/cryptos/dex">decentralized exchanges</a> (DEX) trading volume <a href="https://defillama.com/dexs/chains">highlights</a> that the layer-2 network has slipped from its position among the top 10 chains by trading volume. 
Base’s network activity appears to have also suffered compared to <a href="http://cryptoslate.com/coins/ethereum">Ethereum</a> and rival layer-2 networks. Its daily average transactions per second (TPS) of 3.11 lags behind Ethereum and other layer-2s, including <a href="https://cryptoslate.com/coins/arbitrum/">Arbitrum</a> and <a href="https://cryptoslate.com/companies/optimism/">Optimism</a>, which is above 7 TPS, L2beat <a class="sc-adb616fe-0 ePvUAp" href="https://l2beat.com/scaling/activity" target="_blank" rel="noopener">data</a>&nbsp;shows. 
However, these declines do not mask Base popularity among other layer-2 networks. 
Among Ethereum layer-2 protocols, Base currently stands as the third-largest network according to TVL, behind only Arbitrum and Optimism, per <a class="sc-adb616fe-0 ePvUAp" href="https://l2beat.com/" target="_blank" rel="noopener">L2Beat data.</a> 
Besides that, Lido DAO, the largest Ethereum liquid staking service provider, officially launched its Wrapped Staked Ether (wstETH) on the network as part of its expansion plans across layer-2 solutions. 
The post <a href="https://cryptoslate.com/coinbase-backed-base-tvl-decline-30-from-september-peak/">Coinbase-backed Base TVL decline 30% from September peak</a> appeared first on <a href="https://cryptoslate.com">CryptoSlate</a>.

Coinbase-backed Base TVL decline 30% from September peak

CryptoSlate

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