The total value deposited in various DeFi According to DeFiLlama data, contracts on the Coinbase-founded Base network hit a new all-time high of $301.2 million, up 53% overnight.
This increase in deposits on the Ethereum Layer 2 network can be attributed to incentives to drain liquidity on the newly established decentralized exchange Aerodrome.
Liquidity mining, also known as yield farming, refers to the incentives a project provides to users who join the platform. In this case, Areodrome essentially pays users to simply conduct business on the platform.
Aerodrome is a fork of Velodrome, a popular Optimism-themed decentralized exchange.
Aerodrome was also launched by the same team on August 29, introducing liquidity mining for its native governance token AERO.
The project earmarked 10% of Aerodrome’s initial token supply of 500 million tokens for liquidity mining. The team has also airdropped 40% of the original offer to Velodrome’s VELO token holders.
AERO emissions began on August 30th.
Shortly after, Aerodrom’s total liquidity surged from around $3 million to $144 million, according to DeFiLama data, as users rushed to farm AERO tokens.
The base ecosystem is still in its infancy
Base’s DeFi ecosystem is still in its infancy, with meme coins dominating activity and lending protocols Spirit According to DeFiLlama, liquidity is tight and total collateral is currently less than $1 million.
Ethereum Layer 2 saw significant usage due to social media app Friend.tech.
Daily transaction count on base. Source: Base Mainnet Explorer.
However, the daily transaction count on Base appears to have stalled, falling from a peak of 1.4 million on Aug. 21 to just over 400,000 transactions yesterday as activity on the social media app plummeted.
The total value bridged on the base layer 2 increased from $254.6 million to $311.7 million, according to L2Beat data, a 22% increase overnight.
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