Several protocols are already “living” on the newly released Base, a Layer 2 network for Ethereum developed by Coinbase.
Under these The first five are characterized by the total blocking value (TVL), according to the information: BaseSwap, Stargate, SushiSwap V3, RocketSwap Base and Beefy Data by DeFillama.com, a DeFi project tracker.
Base has been publicly available since yesterday and aims to increase Ethereum’s scalability by moving transactions from the main chain to a side chain. To do this, the network uses the rollups protocol, which compresses various transactions on the sidechain and then stores them on the mainchain. This allows Base to process more transactions per second than Ethereum’s main network.
Base started with over 100 apps and service providers availablesuch as reported CryptoNews.
The first protocol on the list is BaseSwap, whose base TVL is $29 million. This is a decentralized finance (DeFi) protocol running on Ethereum that aims to facilitate token exchanges and liquidity between different crypto assets.
Its main goal is to allow users to take advantage of arbitrage opportunities and make profits by adjusting exchange rates between stablecoins.
In second place is Stargate with a base TVL of $6 million. This is a platform that enables interoperability between different blockchains by implementing the Inter-Blockchain Communication (IBC) standard website.
IBC enables that Communication and transfer of assets between different networks independently within the Cosmos ecosystem, facilitating the creation of bridges between blockchains and promoting collaboration and the exchange of information and values between different networks.
Third by TVL is SushiSwap V3 with $5 million. This automated decentralized exchange (DEX) operates on the Ethereum network. SushiSwap V3 allows liquidity providers to adjust price curves of liquidity pools. This means market makers have more control over how exchange rates are adjusted based on price range, which can lead to revenue optimization.
missile swap base
In fourth place is RocketSwap Base with a TVL of $4.07 million. Its mission is to facilitate the exchange of digital assets and provide liquidity services.
In missile swap base Smart contracts and advanced algorithms are used Allow users to exchange P2P (peer-to-peer) without relying on central intermediaries. Users can directly and quickly exchange digital assets such as ERC-20 tokens. Additionally, the protocol also allows participants to provide liquidity to the various exchange pairs, thus generating rewards in the form of fees and ecosystem-owned tokens.
Beefy comes in fifth and last on this list with $4 million. This is a protocol that allows its users to earn passive income from their cryptocurrencies. Beefy does that offer a variety of investment strategies such as staking and lending. Thanks to its own smart contracts, the platform can automatically reinvest profits to increase performance.