Base TVL approaches the $1 billion mark, with the majority concentrated in DEX - Aerodrome.

An Ethereum L2 project, Base, incubated by Coinbase, has recently seen a remarkable leap in Total Value Locked (TVL), nearing the milestone of $1 billion, with the majority of assets concentrated in the DEX - Aerodrome.

Base TVL Shows Significant Increase in Deposits

Since early March, Base's Total Value Locked (TVL) has nearly doubled, soaring from a stable $470 million to $970 million.

DEX – Aerodrome Takes Center Stage, Platform Token Drives Appreciation

The core growth of Base lies in the decentralized exchange DEX – Aerodrome, which now accounts for nearly half of Base's total locked value, contributing $424 million. The TVL of this DEX has surged from $125 million in early February to over $420 million, benefiting from increased user activity and the soaring value of the native token Aero.

Looking at the liquidity pools in Aerodrome, most of them are concentrated in WETH-USDC, followed by USDC-AERO. In the past 30 days, the value of AERO has increased by 1392%, boosting Aerodrome's TVL. Next is the synthetic stablecoin DOLA, a stablecoin generated by collateralizing assets in other protocols, which can easily "boost" locked value for the ecosystem within a single blockchain, although the value sources all come from collateralized assets.

Aerodrome Originated from Velodrome Fork

Aerodrome made its debut on Base through a fork by the Velodrome Finance team in September 2023. Following the success of their strategies on the OP mainnet, Aerodrome has since driven significant trading volume on Base, fueling the explosive growth of Base.

With both parties focusing on promoting user participation and leveraging strategic DeFi incentives, the significant increase in TVL may attract more ecosystems to cultivate their presence on Base.