Base, the layer 2 (L2) blockchain developed by Coinbase, has seen a significant increase in total value locked (TVL) over the past 24 hours following a major integration.
This comes amid regulatory changes in the United States, where President Trump's pro-cryptocurrency stance has inspired bold moves among industry players.
The core value of TVL increased by 20% with the addition of Binance.US support.
According to DefiLlama data, Base's TVL increased by $557 million. The value of U.S. bonds rose from $2.77 billion on Thursday to $3.33 billion at the time of writing, an increase of 20% over the past 24 hours.
The increase in TVL indicates a larger volume of assets deposited or locked on the Base blockchain. A rising TVL suggests an increase in user activity, trust, and adoption, with users committing capital to the protocol.
Meanwhile, this surge follows a notable announcement from Binance.US, the U.S. affiliate of Binance Exchange, which is the largest cryptocurrency trading platform in the world by volume metrics.
According to the announcement, Binance.US now supports Base. It allows the transfer of Ethereum (ETH) and Circle's stablecoin USDC (USD Coin) on the layer 2 network.
We are pleased to announce that the Binance.US platform now supports the Base platform! Starting today, you can deposit and withdraw Ethereum (ETH) and USDC through the Base platform.
The exchange noted that more assets will join Binance.US on the Base network, indicating interest in developing integration. Meanwhile, using the Base blockchain, users can deposit and withdraw ETH and USDC directly to and from Binance.US.
For the exchange, this integration may enhance accessibility. Specifically, Binance.US users can interact with the Base ecosystem without linking assets via the main Ethereum network. This comes amid concerns that the main Ethereum network is slow and costly.
As a layer 2 scaling solution, Base offers faster and cheaper transactions compared to the main Ethereum network.
Data on Etherscan shows that the Ethereum transaction production rate is around 13.2 TPS. This can lead to network congestion and higher gas prices during peak times.
On the other hand, Base processes transactions off-chain, aggregating them before sending them to Ethereum. This method achieves higher performance and significantly lower fees, making it more profitable for users.