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Coinbase will store USDC on Base as TVL surges to $1 billion

Coinbase is advancing its storage strategy for corporate and customer U.S. Dollar Coin (USDC) balances using Base, the Ethereum (ETH) layer 2 solution it helped develop.

Base is built on the Optimism (OP) Stack and aims to leverage its open source technology to improve the efficiency of managing and securing funds.

Max Branzburg, vice president and head of consumer products at Coinbase, Announced by This transition will result in lower transaction fees and faster settlement times, while maintaining Coinbase’s current user experience standards. Brandsburg expressed enthusiasm for the company’s ongoing shift to blockchain technology and encouraged other companies to consider similar transitions.

The response from the community has been overwhelmingly positive, says Base contributor Jesse Pollak Agree with this move and expressed its eagerness to continue supporting Coinbase’s blockchain integration.

Highlight the growth of the base

Related news shows that Base’s total value locked (TVL) has increased significantly, with user deposits exceeding $1 billion, according to Defi Llama data. This marks a significant increase from the beginning of the month, when TVL was $470 million.

A large part of this growth can be attributed to Aerodrome, a decentralized exchange that has seen a significant increase in activity since early February. Aerodrome contributes nearly $507 million of Base’s TVL — about half.

Additionally, Base outperformed other optimistic aggregation solutions in terms of volume growth, although platforms such as Arbitrum also reported significant growth. On the contrary, the OP mainnet has seen a more stable and moderate increase in daily transaction volume.

Coinbase launched Base back in late August 2023 as a new layer 2 scalability solution designed to allow for large-scale decentralized application adoption. In late November 2023, Coinbase also launched a new open source on-chain payments protocol designed to improve the company’s commerce products for merchants.

The new agreement is billed as a way to provide “instant settlements, low fees and broad asset support” to merchants using its services.

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