- Base is now the fifth largest blockchain by total DeFi deposits.
- Deposits on Base have reached $6.6 billion, overtaking Tron.
- The majority of Base’s total value locked comes from lending protocols like Morpho and Aave.
- The broader DeFi lending sector has grown by 52% since January, reaching about $73 billion.
- Coinbase’s launch of Base and its user base have driven the network’s growth, using tools like a dedicated Base app.
Coinbase’s blockchain network, Base, has become the fifth biggest platform in the decentralized finance (DeFi) space, surpassing Tron with more than $6.6 billion in deposits, according to DefiLlama data. This milestone reflects rapid activity in DeFi and growing interest from users looking for fast and affordable transactions.
Data shows that total value locked (TVL)—the amount deposited in DeFi protocols—on Base has surged, driven largely by lending and borrowing applications. A Morpho spokesperson told DL News that their integration with Coinbase allows users to borrow stablecoins using Bitcoin as collateral, contributing about $1 billion to Morpho’s TVL. Morpho currently holds over $2.5 billion, while Aave is the second largest lending protocol on the network. Together, both account for over 60% of Base’s DeFi deposits.
DeFi lending protocols overall have seen rapid expansion this year. Users have put around $73 billion into lending platforms, up 52% since January, based on DefiLlama statistics. Base is a layer 2 blockchain, meaning it runs on top of Ethereum, which helps lower transaction costs and speed up transfers. Coinbase launched Base in 2023 with support from Optimism, another Ethereum-based protocol, aiming to attract more users by focusing on efficiency.
Tron, launched in 2017, has also gained from increased DeFi lending activity. Its leading protocol, JustLend, holds around $5.2 billion in deposits, more than any single protocol on Base. While Base now leads Tron in total DeFi deposits, Tron still has higher stablecoin trading volumes.
Base’s growth is supported by a broad network of smaller projects. According to Mehdi Lebbar, co-founder of yield aggregator YO Protocol, “Coinbase’s vast user base provides a foundation for a thriving marketplace,” explaining their decision to build on Base.
< b>Coinbase has helped bring more users to Base through a dedicated mobile app, which contributed to significant growth. Other exchanges have used a similar approach: Binance launched its [BNB Chain](https://defillama.com/chain/bsc), now the third largest with $9.3 billion in deposits, and [crypto.com’s](http://crypto.com) [Cronos](https://defillama.com/chain/cronos) blockchain ranks 16th with $643 million.
Centralized exchange blockchains continue to play a rising role in the DeFi sector, as users seek out platforms offering speed, cost savings, and integration with major crypto firms.
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