- Base TVL has risen more than 126% over the past month, climbing from roughly $405 million on February 25 to current levels.
- TVL has surpassed $913 million amid a meme coin surge and could reach $1 billion this week.
The Total Value Locked (TVL) on Base, the Ethereum layer-2 network launched by Coinbase, has climbed above $900 million, marking a fresh milestone for the chain.
DeFiLlama data showed Base’s TVL at just over $913 million on March 25, up more than 126% from about $405 million on February 25. Bridged TVL—assets moved onto Base from other chains—was valued at over $1.15 billion.
Base meme coins send TVL soaring
In recent weeks, meme coins on other chains—especially Solana—have dominated headlines, but Base-based meme tokens have also seen rapid growth. Their combined market capitalization jumped more than 400% in 24 hours to near $1 billion, according to on-chain metrics.
A buying frenzy has lifted tokens such as Toshi (TOSHI), Degen (DEGEN) and Mochi (MOCHI), each rising by more than 30% in the past 24 hours. That momentum has translated into higher protocol activity and increased liquidity locked on Base.
Blockchain analytics firm Nansen highlighted the TVL surge and noted Base is on track to reach $1 billion in TVL this week, reflecting strong short-term inflows and user engagement.
Base TVL is up over 25% from last week ($705m to $892.6m), with the network on the path to hit $1b TVL this week
it looks like @base szn is here pic.twitter.com/x5rRRxnw1s
— Nansen 🧭 (@nansen_ai) March 25, 2024
RWA tokens on the rise
Real-world asset (RWA) tokens have also played a meaningful role in Base’s growth. Improved throughput and lower transaction costs following protocol upgrades have made interacting with decentralized applications easier and cheaper, encouraging users and investors to explore RWA offerings on Base.
On-chain data points to a measurable contribution from RWA projects to overall TVL. For example, Tangible RWA recorded a roughly 28% jump in TVL, while Cygnus Finance saw nearly a 6% increase. These gains have added to Base’s aggregate locked value.
The broader RWA sector has seen increased interest as well, with market cap for RWA tokens rising by more than 25% to top $7 billion. Prominent projects in this space include Ondo Finance, Polymesh, Pendle and TokenFi, which attract capital seeking yield backed by real-world exposures.
Beyond meme coins and RWAs, other emerging narratives that could sustain or amplify Base’s bull cycle include artificial intelligence (AI)-related projects and Decentralized Physical Infrastructure Networks (DePINs). Both sectors are drawing developer attention and capital as builders experiment with novel use cases on layer-2 networks.