Coinbase’s Base Surpasses Solana in Total Value Locked

Coinbase’s layer-2 network, Base, has recently surpassed Solana (SOL) in terms of total value locked (TVL). This achievement highlights the growing popularity and success of Base since its launch in August. According to data from DefiLlama, Base’s TVL currently stands at an impressive $397.32 million, while Solana’s TVL lags behind at $358.96 million.

Thanks to its exceptional growth over the past month, Base has witnessed a remarkable 97.21% increase in TVL. In contrast, Solana has experienced a decline of 9.64% during the same timeframe. These figures demonstrate the increasing adoption and utilization of Base by the crypto community.

So, how can the AI legalese decoder assist in this situation? The AI legalese decoder can analyze and interpret the legal implications of Base’s rise in TVL compared to Solana. By leveraging advanced artificial intelligence algorithms, the decoder can provide insights into potential legal and regulatory challenges that may arise as a result of this shift in value locked. This can help Coinbase and other stakeholders navigate the legal landscape more effectively and ensure compliance with existing regulations.

It’s worth noting that Base’s TVL primarily comes from two projects, namely Aerodrome Finance and Friend.tech. Notably, Aerodrome Finance holds the top spot with a TVL of $97.83 million, while Friend.tech ranks second with a TVL of $36.53 million.

Aerodrome Finance allows users to deposit liquidity and earn its native AERO tokens, offering various features. Although it had a slow start, Aerodrome’s TVL experienced a significant boost on August 31 when $150 million poured in on that single day. However, the project’s TVL has since decreased by approximately 51% as the initial hype subsided.

Friend.tech, on the other hand, enables users to tokenize their social networks through the buying and selling of “Keys.” Despite facing challenges in late August, the platform experienced a dramatic surge in September. DefiLlama reports a staggering 540% increase in Friend.tech’s TVL over the past month, driven primarily by a pump that began on September 9 alongside a resurgence in daily trading volume.

While Base’s TVL is mainly contributed by multinetwork decentralized finance platforms such as Compound, Curve, and Uniswap, it has achieved a new milestone in September. On September 14, Base reached a peak of 1.88 million daily transactions, surpassing rival chains like Optimism and Arbitrum, which had a combined total of almost 880,000 transactions on the same day. Although Base’s daily transactions have decreased to approximately 908,000 at present, it still holds the all-time high record.

Coinbase Pushes for Regulatory Clarity in the US

As of late, Coinbase has been actively advocating for positive changes in US legislation regarding the crypto sector. In line with this initiative, the exchange launched a new media campaign that encourages individuals interested in crypto to contact their congressional representatives through its platform. This campaign aims to emphasize the importance of regulatory clarity in the crypto space.

To further support the cause, Coinbase established an independent nonprofit organization called “Stand with Crypto Alliance.” The organization’s primary goal is to mobilize support for legislation that would create a regulatory framework for digital assets in the United States. Through these efforts, Coinbase aims to promote and protect the interests of the crypto community.

Additionally, earlier this year, Coinbase filed a lawsuit against the Securities and Exchange Commission (SEC) to compel the establishment of clear regulations for the cryptocurrency industry. However, it’s important to note that Coinbase has faced scrutiny, as the SEC sued the platform in June, accusing it of operating as an unregistered securities exchange, broker, and clearing agency.

Given these circumstances, the AI legalese decoder can play a crucial role in helping Coinbase navigate the legal complexities surrounding its recent developments. By analyzing the legal implications of Coinbase’s activities and regulatory challenges, the decoder can provide valuable insight and guidance, allowing Coinbase to make well-informed decisions and adhere to legal requirements.