Base, a Layer 2 Ethereum network incubated at Coinbase, saw a significant increase in total value locked (or user deposits) following the launch of a new decentralized exchange called Aerodrome.

According to DeFiLlama, the network’s TVL surpassed $380 million, double the amount of network deposits recorded on Aug. 28 when Aerodrome launched. Of Base's total TVL, Aerodrome accounts for more than $200 million.

The Base mainnet was made publicly available in early August and has now become the fourth most valuable Layer 2 blockchain in terms of TVL, following other networks such as Arbitrum One, Polygon, and OP Mainnet.

"The growth has been extraordinary and is a validation of our thesis that ecosystem native DEXs can win," Alexander Cutler, co-founder of Aerodrome, said in an interview …