Aerodrome leads Base’s surge in total value locked to near $1 billion
Base saw a significant increase in total value locked (TVL), reaching nearly $1 billion. The TVL has doubled from the amount recorded at the beginning of March, which was $470 million. Nearly half of Base’s TVL is attributed to Aerodrome, contributing $424 million.
According to DeFiLlama, the network’s TVL stands at $970 million . Decentralized exchange Aerodrome accounts for nearly half of Base’s TVL, contributing $424 million. Aerodrome’s TVL surged from $125 million in early February to now over $420 million, following an uptick in user activity on the exchange and a major spike in the value of its native Aero token.
The development team at Velodrome Finance (a decentralized exchange on OP Mainnet) introduced Aerodrome on Base as a forked version in September 2023.
Its aim is to improve liquidity on Base to process a large portion of on-chain swaps on the network. This approach is similar to its strategy on OP Mainnet with Velodrome, which involves using a set of decentralized finance incentives and vote-escrowed governance.
The Base mainnet became publicly available in early August 2023 and has since risen to become the fourth most valuable Layer 2 blockchain in terms of TVL, trailing other networks like Arbitrum, Optimism, and Blast. The Layer 2 network recorded a sudden spike in daily users and transactions, reaching record highs shortly after the Dencun upgrade.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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