Coinbase Boosts USDC Reserves on Base as TVL Soars Past $1B In a bid to enhance
security and streamline operations, Coinbase is amping up its storage of
USDC balances on Base, an Ethereum Layer 2 solution. This move, incubated by the exchange and built on the open-source OP Stack, promises
lower fees and
faster settlements for managing customer funds.
The Base ecosystem is witnessing a staggering surge in
total value locked (TVL), with user deposits crossing the monumental $1 billion mark. This impressive growth has more than doubled since the start of the month when it stood at $470 million.
While other rollups like Arbitrum are also experiencing increased transaction counts, Base's daily tally is outpacing them. Notably, decentralized exchange Aerodrome has played a pivotal role in driving this growth since early February.
Coinbase's Vice President, Max Branzburg, sees this as an opportunity for others to follow suit and bring their businesses onchain. With improved efficiency and a thriving community, the future looks bright for Base and its expanding TVL.
