Coinbase’s Ethereum-based Layer-2 community aka the Base platform has been driving robust motion within the decentralized finance (DeFi) market over the past week.
Based on data from L2Beat, the Total Value Locked (TVL) within the Base community has surged by 25.23% over the previous week, reaching $558 million. This progress has allowed it to surpass zkSync Era, which stood at $435 million. The main driver of this enhance was the re-minting of native USDC on the community on October 4th, leading to a exceptional 470.55% surge to a complete of 159 million USDC.
USDC Launch on the Base Platform
Last month, USDC stablecoin issuer Circle introduced the launch of the stablecoin on the Base platform. The launch was a strategic transfer by Circle to boost the performance of USDC by introducing the stablecoin on extra blockchains as a local token. This strategy eliminates the need for bridging by means of Ethereum tokens.
When the Coinbase Base community was initially launched on August 9, Coinbase customers and Circle account holders had been unable to switch USDC instantly from their trade accounts to the Base community. Instead, Base customers needed to depend upon a bridged variant of USDC generally known as “USDbC” for conducting U.S. greenback transactions.
Base – A Strong Contender in DeFi Space
Base represents an Ethereum Layer 2 resolution collaboratively developed by the cryptocurrency trade Coinbase, along with Optimism. Its main goal is to furnish a safe, economically environment friendly, and user-friendly setting conducive to the creation of on-chain functions. It is absolutely appropriate with all EVM (Ethereum Virtual Machine) wallets in addition to the Coinbase pockets.
The Base platform is rapidly rising as a powerful contender within the DeFi house. Soon after the Base’s launch in early August, high market gamers began experimenting with the platform. Softdrink large Coca-Cola unveiled its ‘Masterpiece’ NFT collection on the Base platform quickly after.
Last month, Coinbase Legal chief Paul Grewal additionally spoke of the potential of launching a digital token on the Base platform. This would considerably enhance the utility of the Base community within the DeFi house.
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