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Base Network Loses 16% TVL in a Week, But Its Remarkable Comeback Leaves Rivals in the Dust

Jack Evans
Oct 3, 2023 at 06:37 pm

In the volatile world of cryptocurrencies, where fortunes can change overnight, Base Network recently faced a significant setback. Its Total Value Locked (TVL) plummeted by a staggering 16.92%, hitting a low of $445 million within a single week. This steep decline in TVL was mainly attributed to a sharp reduction in its USDC holdings, which dropped from a robust 160 million to a mere 29.84 million by September 29, as revealed by Dune Analytics data.

The situation seemed dire for Base Network, and many speculated about its ability to recover from this setback. However, the crypto arena is no stranger to surprises, and Base Network had a surprise of its own up its sleeve. In less than a month, it not only rebounded but also outperformed one of the crypto space's notable players, Solana (SOL), accumulating a TVL approaching $400 million. Simultaneously, data from DeFi Llama painted a gloomy picture for Solana, with its TVL showing signs of decline, further highlighting Base Network's impressive resurgence.

Recent statistics from DeFi Llama underscored the brewing rivalry between Solana and Base Network. Solana's TVL experienced a decline of 9.64%, with its current valuation at $358.96 million. This dip indicated that Solana was grappling with its own challenges and struggling to maintain its market position.

In stark contrast, Base Network showcased an astonishing feat, boosting its TVL by an incredible 97.21% and surpassing Solana. This rapid and substantial expansion caught the attention of the broader cryptocurrency community, sparking discussions and speculative conversations about Base Network's future prospects.

While Base Network may have experienced a momentary setback, its remarkable comeback has turned heads and disrupted the crypto status quo. As the cryptocurrency landscape continues to evolve, it's clear that Base Network is a force to be reckoned with, showcasing resilience and determination that can reshape the fortunes of even the most dynamic digital assets. In this ever-changing crypto arena, it's not just about the fall—it's about the extraordinary rise that follows.

Read more: Chainalysis Adapts to Market Conditions: Streamlines Workforce for Sustainable Growth

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