With this increase, it has surpassed the $435 million valuation of zkSync Era.
The Base platform is rapidly becoming a formidable rival in the DeFi industry.
The decentralized finance (DeFi) market has been very active over the last week. And much of the momentum can be attributed to Coinbase’s Layer-2 network Base.
L2Beat reports that the Base network’s Total Value Locked (TVL) increased by 25.15 percent, in the previous week, to a total of $556 million. With this increase, it has surpassed the $435 million valuation of zkSync Era. On October 4th, the network’s native USDC was re-minted, causing a phenomenal 470.55% jump to a total of 159 million USDC.
Growing Dominance
The debut of the USDC stablecoin on the Base platform was announced by USDC stablecoin issuer Circle last month. Launching the stablecoin on new blockchains as a native token was a smart move by Circle to expand USDC’s usefulness. This method does away with the need for bridging using Ethereum tokens.
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