Base Network TVL Drops Amidst USDC Burn, zkSync Era Takes Over
In Brief
The TVL of Base Network dropped 16.92% to $445 million in the last seven days, as zkSync Era ($477 million) overtook it.
According to data from L2Beat, Base Network’s TVL (Total Value Locked) experienced a significant drop of 16.92%, falling to $445 million in just a week. The decline allowed zkSync Era to surge ahead with a TVL of $477 million.
The substantial reduction in Base’s TVL is primarily attributed to the extensive burning of Base USDC on September 29, plummeting from 160 million to a mere 29.84 million within a day, as reported on Dune.
Despite the setback, Base has made a remarkable recovery. It surpassed Solana within a month by reaching a TVL of approximately $400 Million, and is clearly making its presence known. Data from DeFi Llama shows a decline in Solana’s TVL and a simultaneous rise in Base’s.
Exploring Base’s Dynamics
DeFi Llama reports have refocused attention on Base and Solana, two prominent players in the crypto industry consistently competing for a higher TVL.
TVL is a crucial metric measuring the total staked or locked value within a specific DeFi platform. Recent data reveals that Solana’s TVL has decreased by 9.64%, now resting at $358.96 million, signifying a challenging phase for the blockchain network.
Moreover, Base has made significant strides, increasing its TVL by 97.21%, eclipsing Solana. This sudden and substantial growth, along with the fluctuations between the two platforms, has sent ripples throughout the crypto community.
Emerging Platforms on the Horizon
However, it’s not just Base and Solana making headlines. Other platforms such as the decentralized exchange Aerodrome Finance and decentralized social media application Friend.tech have also made a mark. With TVLs holding at $97.83 Million and $36.53 Million respectively, these emerging platforms, as indicated by DeFi Llama data, exemplify the growing traction and interest in the crypto space.
In light of the data, the consistent shifts in TVL between Base and Solana highlight the ongoing competition and dynamic nature of the crypto world. The performance of emerging platforms like Aerodrome Finance and Friend.tech further underscore the expanding and diverse landscape of cryptocurrency, reflecting enhanced public interest and engagement in crypto investments and platforms.
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About The Author
Nik is an accomplished analyst and writer at Metaverse Post, specializing in delivering cutting-edge insights into the fast-paced world of technology, with a particular emphasis on AI/ML, XR, VR, on-chain analytics, and blockchain development. His articles engage and inform a diverse audience, helping them stay ahead of the technological curve. Possessing a Master's degree in Economics and Management, Nik has a solid grasp of the nuances of the business world and its intersection with emergent technologies.
More articlesNik is an accomplished analyst and writer at Metaverse Post, specializing in delivering cutting-edge insights into the fast-paced world of technology, with a particular emphasis on AI/ML, XR, VR, on-chain analytics, and blockchain development. His articles engage and inform a diverse audience, helping them stay ahead of the technological curve. Possessing a Master's degree in Economics and Management, Nik has a solid grasp of the nuances of the business world and its intersection with emergent technologies.
