Coinbase’s Base Network Hits Record TVL as DeFi Apps Surge

Coinbase’s Layer‑2 network, Base, has reached a record-high total value locked (TVL), driven by a flood of DeFi applications and surging lending activity. This milestone underscores Base’s growing role as a powerhouse in Ethereum scaling and decentralized finance.

Record TVL and The Driving Forces

On February 10, 2026, Base’s TVL stood at approximately $3.99 billion, following a recent pullback of around 8.9% in 24 hours—a normal cooldown after a sharp run-up. Stablecoins alone comprise $4.69 billion on the network, outpacing Base’s TVL and signaling ample liquidity ready to fuel the DeFi ecosystem. Meanwhile, bridged-in assets total $12.46 billion, underscoring users’ confidence in moving value into the network.

Lending dominates Base’s DeFi activity. Morpho, the leading protocol, controls nearly $2.02 billion—just over half of Base’s total TVL. Daily activity remains strong, with around 429,000 daily active addresses, reflecting robust and consistent engagement.

Why This Matters Now

This milestone is important for several reasons. First, Base’s liquidity and usage figures position it as one of the most capitalized and actively used Layer‑2 networks. The convergence of deep lending, massive stablecoin pools, and developer growth signals that Base has entered a mature phase of adoption.

DeFi stakeholders now have significant reason to build or increase exposure to Base—its infrastructure, fee model, and integration with Coinbase are clearly attracting both capital and developer interest.

Broader Context: Base’s Ascent in Perspective

Historical Growth Trajectory

Since its launch in mid-2023, Base has seen a meteoric rise. TVL scaled from near-zero in July 2023 to a peak of $5.348 billion on October 4, 2025. Monthly average TVL surged 44-fold over 26 months, from $0.113 billion to nearly $5 billion by October 2025.

Transaction and User Activity

Transactions on Base grew from just 0.258 million in June 2023 to a staggering 103 million in November 2025—a nearly 400-fold rise. Monthly active users peaked at 34.58 million in June 2025; even after a drop, with around 9.52 million active in November, the network remains highly engaged.

These metrics reflect sustained and diversified usage—covering DeFi, gaming, SocialFi, and wallets—while developers continue to deploy at scale.

What’s Fueling DeFi Migration to Base

Several factors underpin the surge in applications and liquidity to Base:

• Lending Ecosystem Maturity: Morpho’s dominance shows investors and developers are treating Base as a core lending hub, not just a novelty chain.

• Ample Liquidity via Stablecoins: With nearly $4.7 billion in stablecoins available, DeFi projects have easy access to foundational liquidity to build products.

• Scalable, Low-Cost Infrastructure: Base’s efficient transaction mechanics and integration with Coinbase enable both seamless user onboarding and developer deployment.

• Expanding Developer Ecosystem: Growth in contract deployments and dApp activity fuels innovation and attracts interoperability partners.

What’s Next for Base and DeFi on Its Network

As DeFi activity deepens on Base, market watchers should keep an eye on:

• Lending Sector Diversification: Will other protocols emerge to challenge Morpho’s dominance? How will yield rates and asset diversity evolve?

• DEX and Yield Protocol Growth: With existing liquidity pools, new DEXs and yield aggregators may gain traction if they can meet user demand for efficiency and innovation.

• Ecosystem Expansion: Will gaming, SocialFi, or tokenized real-world assets grow to become significant parts of the TVL mix?

• Market Sensitivity: Given recent volatility, TVL may fluctuate. How resilient will Base remain to market swings, especially in a broader crypto downturn?

In Summary

Coinbase’s Base network has hit a significant milestone—nearly $4 billion in TVL, with over half of that locked in lending via Morpho. Combined with towering stablecoin liquidity and close to half a million daily active users, Base is emerging as a formidable DeFi hub on Ethereum.

Its long-term ascent—from $0 in mid‑2023 to multi‑billion dollar TVL and ecosystem maturity by early 2026—highlights the power of seamless infrastructure, Coinbase backing, and developer engagement.

Looking ahead, Base’s strength will be tested by sustained innovation, diversification of DeFi protocols, and resilience to market cycles. But for now, its growth story stands as one of the clearest real‑time narratives in Layer‑2 adoption.

Let me know if you’d like numbers broken down by protocol, comparisons with Arbitrum or Optimism, or coverage of particular dApp migrations.