Coinbase to store more corporate and customer USDC balances on Base as TVL tops $1 billion
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UPDATED: March 27, 2024, 4:08AM EDT
Quick Take
- Coinbase will store more client USDC on Base to take advantage of lower fees and faster settlement times.
- Base’s TVL has increased to over $1 billion.
Coinbase plans to store corporate and customer USDC balances on Base, the Ethereum Layer 2 it incubated, which is built on the open-source OP Stack. "This enables us to manage and secure customer funds with lower fees and faster settlement times, with no impact to the Coinbase user experience," Max Branzburg, Coinbase VP and Head of Consumer Products shared on X. "We are excited to continue to move our business onchain and hope other companies will follow our lead," he added. The move has largely been seen as a positive one, with Base contributor Jesse Pollak responding that it is "based" and that they're "excited to keep supporting Coinbase moving onchain." Base itself has seen a surge in total value locked. User deposits have topped $1 billion, per data from Defi Llama. The L2's TVL is now more than double what it was at the start of the month, when $470 million was recorded onchain. As The Block reported yesterday, decentralized exchange Aerodrome accounts for the lion's share of Base's TVL after surging since early February. Transaction counts on Base have surged more significantly than on other optimistic rollups, although Arbitrum has also experienced a significant surge. Meanwhile, OP Mainnet’s daily transaction count has seen a more muted increase. Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures. © 2023 The Block. 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.Base's TVL surges
About Author
Adam is the managing editor for Europe, the Middle East and Africa. He is based in central Europe and was a managing editor and podcast host at the crypto exchange OKX's former research arm, OKX Insights. Before that, he co-founded BeInCrypto.com, which he elevated into one of the leading crypto media brands at its peak as the editor-in-chief. Earlier, he served as the editor-in-chief at Bitcoinist.com. Before joining the blockchain and crypto industry, he worked for Looper.com, Grunge.com and SVG.com. He tweets via @XBT002 and can be emailed at [email protected].
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