A rival of the leading smart contract platform by volume is soaring as the protocol’s total value locked (TVL) hits a new all-time high. In a new announcement, Ethereum (ETH) competitor and layer-1 blockchain Sui Network (SUI) says that its TVL has surged by 500% during the last three months and a staggering 1350% during […]
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New data from decentralized finance (DeFi) tracker DeFiLlama reveals that surging altcoin Solana (SOL) is now the top traded digital asset on decentralized exchanges (DEXs) behind Ethereum (ETH). Solana’s trading DEX volume has soared by more than 25% in the past week for a total of $5.6 billion, catapulting it into the second highest traded digital […]
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As per DeFi Llama data, Solana’s TVL has decreased by 9.64% over the past month to sit at $358.96 million, while Base’s TVL has surged to $397.32 million.
The total value locked (TVL) on Coinbase’s layer 2 network Base has surged to $397.32 million in roughly a month and a half since launching in August. That figure now places Base ahead of the Solana network in terms of TVL, which has $358.96 million at the time of writing.
The past 30 days have been significant for Base, with data from DeFi Llama showing that the network’s TVL increased by a whopping 97.21% over the past month.
In comparison, Solana’s TVL has decreased by 9.64% over that same time frame.
Two Base-native projects account for the largest shares of the TVL on the network.
Decentralized exchange (DEX) Aerodrome Finance takes the top spot with a TVL of $97.83 million, while decentralized social media (DeSo) app Friend.tech ranks second with a TVL of $36.53 million.
Aerodrome was launched on Aug. 28 and it enables users to deposit liquidity to earn AERO tokens, among several other features. While it failed to pull in a significant amount of deposits on its first couple of days, Aerodrome’s TVL skyrocketed on Aug. 31 with $150 million piling in on that day alone.
Its TVL went on to reach as high as $200 million on Sept. 2, however the initial hype appears to have cooled since then, with the TVL decreasing by roughly 51% from its its peak.
Friend.tech launched on Aug. 11 and the platform enables users to tokenize their social networks via the buying and selling of “Keys.” Despite being pronounced as “dead” in late August due to tanking user activity and fees, the platform surged dramatically in September.
As per DeFi Llama, Friend.tech’s TVL increased by 540% over the past month, with most of that coming after a pump that started on Sept. 9 alongside a resurgence in daily trading volume.
Looking lower down the list, Base’s TVL is generally accounted for by multi-network DeFi platforms like Compound, Curve and Uniswap.
Cointelegraph also reported earlier this month that Base hit a new peak in terms of daily transactions, hitting 1.88 million on Sept. 14, according to data from BaseScan.
That figure placed it well ahead of rival chains like Optimism and arbitrum on the day, which had almost 880,000 combined.
Related: Coinbase sought FTX Europe acquisition after bankruptcy: Report
That all-time high remains intact for Base, with daily transactions decreasing to roughly 908,000 as of Sept. 22.
Magazine: Are DAOs overhyped and unworkable? Lessons from the front lines
From April 13 to May 1, TVL on decentralized exchanges declined by $1.66 billion while it increased on liquid staking protocols by $280 million.
Liquid staking solutions such as Lido and Rocket Pool now have more total value locked (TVL) than decentralized exchanges (DEXs), making them the top category of DeFi protocols, according to data from crypto analytics platform DefiLlama.
For the first time, the Liquid Staking category has surpassed DEXes in total value locked, making it the leading category in DeFi by TVL dominance pic.twitter.com/HQ0Ug8UweR
— DefiLlama.com (@DefiLlama) April 26, 2023
TVL is a metric that measures the dollar value of all cryptocurrencies locked within a protocol’s smart contracts.
Liquid staking protocols have just recently taken the top spot. On April 13, there was only $17.19 billion of crypto locked in liquid staking contracts, compared to $18.89 billion in DEXs, according to archived information. However, DEXs have experienced a $1.66 billion decline to $17.2 billion, while liquid staking solutions have experienced a $280 million increase to $17.47 billion, giving them the top spot.
Related: Podcaster apologizes for spreading Lido rumor
Liquid staking protocols are staking pools that stake crypto on behalf of users. These protocols also issue tokens to users that represent the person's deposited crypto. Because these tokens can be used in DeFi apps, liquid staking protocols allow users to both simultaneously stake their coins and use them in other applications.
According to DefiLlama’s May 1 data, Lido (stETH) is still the top staking protocol with $11.54 billion of cryptocurrency locked inside its contracts. Coinbase Wrapped Staked Ether (CBETH) is a distant second with $2.19 billion locked, and Rocket Pool (rETH) is third with $1.46 billion. The remaining protocols have less than $1 billion of TVL each but add up to $2.22 billion collectively.
Lido was the first liquid staking protocol, and it launched in 2020. Liquid staking has become more popular as Ethereum moved to proof-of-stake and allowed withdrawals.
Crypto hackers stole $21.41 million worth of digital assets from decentralized finance (DeFi) platforms in February, according to DeFi Llama. DeFi Llama, a total value locked (TVL) aggregator, notes that the exploited value in February was a steep increase from January, which only witnessed about $740,000 in hacks. Still, February’s $21.41 million total is just […]
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The developers behind the world’s largest decentralized crypto exchange (DEX) by trading volume are reportedly planning to raise hundreds of millions of dollars in a new funding round. According to a recent report by TechCrunch, anonymous sources say that Uniswap Labs, the team that created the Uniswap (UNI) DEX, is looking to raise between $100 […]
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A crypto protocol that helps investors earn interest is paving the way for mainstream institutions to enter the world of decentralized finance (DeFi). In a joint announcement, Aave (AAVE) says it’s partnering with blockchain security outfit Fireblocks to launch the world’s first permissioned DeFi platform. The new Aave Arc liquidity pool will utilize the firm’s […]
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