Base, Coinbase’s Ethereum Layer 2 network, has stacked up roughly $4 billion in total value locked and turned itself into the go-to chain for spot trading major crypto assets. The network now leads Layer 2 competitors in onchain BTC and ETH trading volumes while processing the lion’s share of USDC payment flows.
Base simultaneously ranks second across the broader DeFi landscape in lending TVL, a metric that measures how much capital is parked in borrowing and lending protocols.
The USDC engine driving Base’s dominance
Base’s growth story is almost entirely denominated in USDC. The Circle-issued stablecoin accounts for 89-90% of the total stablecoin supply on the network.
Coinbase and Circle share deep roots, with Coinbase being a co-founder of the Centre consortium that originally governed USDC.
