The Base blockchain, developed by Coinbase, continues to solidify its dominance in the DeFi landscape. Despite a slight 1.73% decline in total value locked (TVL) over the last 24 hours, the network maintains an impressive $4.96 billion in DeFi assets, a strong indicator of its long-term momentum and ecosystem resilience.
This dip appears to be more of a healthy consolidation rather than a reversal, following months of exponential growth that saw Base’s TVL surge from under $1 billion in early 2024 to nearly $5 billion by Q4 2025, according to data from DeFiLlama.
Base Chain Performance Snapshot (24-Hour Metrics)
- Total Value Locked (TVL): $4.96B (-1.73%)
- Stablecoin Market Cap: $4.61B
- Chain Revenue (24h): $247,009
- App Revenue (24h): $1.67M
- DEX Volume (24h): $2.30B
- Perpetuals Volume (24h): $996.9M
- Active Addresses (24h): 704,699
- Bridged TVL: $17.56B
DeFi Ecosystem Stability: Volumes and User Activity Stay High
While the 24-hour data shows a mild pullback in Base’s TVL, other key indicators point to sustained health across the ecosystem. Daily decentralized exchange (DEX) trading volume exceeded $2.3 billion, signaling consistent liquidity flow, while perpetuals markets recorded nearly $1 billion in daily activity.
More importantly, over 700,000 active addresses were logged in a single day, a figure that underscores strong user retention and developer adoption.
Such engagement levels are rare even among top-tier blockchains, and they place Base in the same competitive bracket as Arbitrum, Optimism, and BNB Chain, which dominate Layer-2 DeFi ecosystems.
Revenue and Fee Growth Reflect Maturing Activity
Base’s app revenue ($1.67 million) and chain fees ($250,789) in the past 24 hours demonstrate growing financial sustainability across its network. The platform continues to benefit from a wide range of DeFi, NFT, and social apps, including on-chain projects like Friend.tech, Aerodrome, and BaseSwap, all of which contribute to rising transaction throughput and fee generation.
The $3.57 million in app fees over the same period also signals increasing developer success in building user-centric applications with real traction, a strong indicator of an evolving ecosystem that’s moving beyond speculative yield farming into practical use cases.
TVL Chart Analysis: Growth Trend Intact
The TVL chart from DeFiLlama highlights an overall upward trajectory since mid-2024, with only periodic corrections along the way. Base’s liquidity inflows have consistently rebounded after short-term dips, suggesting investors remain confident in the chain’s scalability, low transaction costs, and tight integration with Coinbase’s ecosystem.
If current growth patterns persist, Base could surpass the $6 billion TVL mark before the end of 2025, cementing its position as one of the leading Ethereum Layer-2 networks.
Conclusion: Base Consolidates but Momentum Remains Bullish
Base’s slight decline in TVL should not be mistaken for weakness. The network’s underlying metrics, strong trading volume, record-high active users, and solid revenue figures, show that the DeFi engine on Base is far from cooling down.
As macroeconomic conditions stabilize and on-chain activity continues expanding, Base remains well-positioned to lead the next phase of DeFi growth, where utility, liquidity, and scalability define winners.
