As of September 1, the TVL in Base reached $380.4 million. L2 solution rose to ninth place, according to DeFi Llama.
Over the past week, TVL rose by 95.9%, and in the last 24 hours by 88.7%.
The initial driver of growth in Base’s TVL was short-lived hype around Web3-social network Friend.Tech.
Subsequently the baton passed to the decentralized exchange Aerodrome, whose team is known for the popular DEX Velodrome on Optimism.
The platform operates asAMM and positions itself as a liquidity hub within the protocol.
The developers aim to concentrate a substantial share of liquidity through AERO distribution.
The total supply is 500 million tokens: 450 million are locked for four years, 50 million are allocated as incentives. Eligible for distribution will be users who provide liquidity, execute swaps, or participate in governance.
Aerodrome allows AERO holders to lock tokens from one week to four years, receiving in return veAERO, the amount of which depends on the holding period.
veAERO are issued as NFTs and can be traded on external platforms. The tokens provide direct access to the ecosystem, sparing users from having to buy AERO.
veAERO enable participation in the platform’s governance and allow setting pool reward levels on the DEX.
The AERO issuance began on August 30. In under three days, the project’s TVL jumped to $202.8 million (53% of Base’s figure).
Velodrome suffered a $350,000 loss in August 2022, attributed by the exchange to a former team member.
Since launch on the Base network four incidents have been recorded, involving losses of user funds — LeetSwap, SwirlLend, Magnate Finance and RocketSwap, according to Immunefi.