The total value locked on Base rose to over $380 million, doubling since the launch of Aerodrome last month.
The total value locked on Base rose to over $380 million, doubling since the launch of Aerodrome.Connect/Create WalletNo wallet? No problem. You can set one up for free. We recommend Torus for first-time users.Base, a Layer 2 Ethereum network incubated at Coinbase, saw a significant increase in total value locked following the launch of a new decentralized exchange called Aerodrome., double the amount of network deposits recorded on Aug. 28 when Aerodrome launched.
"The growth has been extraordinary and is a validation of our thesis that ecosystem native DEXs can win," Alexander Cutler, co-founder of Aerodrome, said in an interview with The Block.Aerodrome on Base as a forked version earlier in the week, in collaboration with 20 launch partners. According to the development team, its aim is to boost liquidity on Base and process a large portion of transactions on the network. This approach is similar to its strategy on OP Mainnet with Velodrome, which involves using a set of decentralized finance incentives known as a"flywheel."
"Prior to our launch, the liquidity landscape on Base was fractured and the DeFi ecosystem incomplete. We’ve now helped to onboard over 20 partners to Base and they’ve helped bring an explosion of liquidity to fuel the ecosystem," Cutler added. © 2023 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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