Base, a Layer 2 Ethereum network built by Coinbase, has witnessed a surge in its total value locked, soaring to nearly $1 billion. This surge represents a doubling of the network's deposits since the beginning of March, from $470 million to an impressive $970 million, as reported by DeFiLlama.

Aerodrome, a decentralized exchange, is a major contributor to Base's TVL growth, representing nearly half of the network's TVL at $424 million. Aerodrome experienced a TVL increase from $125 million in early February to over $420 million due to increased user activity and a rise in the value of its native Aero token.

In September 2023, Velodrome Finance's development team introduced Aerodrome on Base as a forked version of their decentralized exchange on the OP Mainnet. This move has increased swapping activities on the Base network, in line with Velodrome's decentralized finance philosophy that includes incentives and vote-escrowed governance.

Since its public launch in early August 2023, the Base mainnet has rapidly ascended to become the fourth most valuable Layer 2 blockchain in terms of TVL, trailing behind networks such as Arbitrum, Optimism, and Blast. The Layer 2 network recently experienced a surge in daily users and transactions, achieving record highs shortly after the Dencun upgrade.

Image Source: Base