Coinbase's Base platform, an Ethereum-based Layer-2 network, has seen a surge in Total Value Locked (TVL) of 25.23% over the past week, reaching $558 million and surpassing zkSync Era. This growth was primarily driven by the re-minting of native USDC on the network, resulting in a remarkable 470.55% surge to a total of 159 million USDC.

The launch of USDC stablecoin on the Base platform last month has enhanced its functionality by introducing the stablecoin on additional blockchains as a native token. Base, developed collaboratively by Coinbase and Optimism, is quickly emerging as a strong contender in the DeFi space, with top market players experimenting with the platform and the possibility of launching a digital token on the Base platform.