The Base blockchain, an Ethereum-based layer-2 solution, has been widely used in decentralized finance (DeFi), where the TVL was estimated to be $2.17 billion as of October 3, 2024. TVL stands for total value locked, which measures the number of assets that investors deposit into decentralized projects and reflects the community’s confidence in the given project.
Decentralized Exchanges (DEXs): AERO and UNI
The top protocols on Base regarding TVL are AERO, which has $1.08 billion (55.04%), and UNI, the governance token for Uniswap, with $195.30 million (9.95%). AERO controls the majority of trading on Base, which is designed for fast and secure token exchange. Through Uniswap, UNI also demonstrates the prevalence of automated liquidity in Base.
Lending Protocols: AAVE, MORPHO, and WELL
Lending protocols are among the most popular products that people use on Base as part of decentralized finance. AAVE dominates this category, with $136.71 million (6.97%) in TVL focused on decentralized lending and borrowing services.
MORPHO comes next at $102.44 million or 5.22% TVL, which aims to improve capital productivity. WELL, another lending platform, which occupies $84.51 million (4.31%) of TVL, positions itself as focusing on UX and capital efficiency.
Yield and Farming: EXTRA and BIFI
Base has witnessed the utmost activity in yield farming and aggregation, with EXTRA and BIFI leading in this sector. EXTRA, a farming platform is at $135.10 million (6.88%) in TVL. BIFI is a yield aggregation protocol with $ 75.86 million (3.87%) in the TVL.
Collateralized Debt and Staking: OVN and OGN
For OVN, TVL stands at $61.58 million with 3.14% possession through their CDP system, enabling borrowers to get loans against the staked assets. OGN concentrates on staking with TVL of $ 50.90 million or 2.59% which allows users to earn some revenue put funds on hold in the given network.
Real World Assets (RWA): Anzen
Anzen has $39.90 million (2.03%) of the TVL and strongly invests in Real World Assets (RWA). Anzen also brings real-life assets into the defi finance world by tokenizing them and letting the users invest in something beyond tokens. Base is quickly establishing itself as a critical player in the DeFi space. The diverse set of platforms showcases the growing trust and utility of Base.
