Base has moved past Solana into the second-largest blockchain by total value locked, according to on-chain data from DefiLlama. Base holds $6.21 billion in TVL compared to Solana's $6.19 billion, a margin of $20 million. The ranking shift occurred within 24 hours, with Base moving up one position from third place.
Solana has held the number two spot in chain TVL for most of the past two years, consistently ranking behind only Ethereum. Base, the Coinbase-incubated Ethereum layer 2, launched publicly in August 2023 and has since accumulated $6.21 billion across decentralized finance protocols built on its network. Capital has flowed between layer 2 systems as they mature.
TVL rankings measure the dollar value of assets locked in smart contracts on each blockchain. The metric has become a standard proxy for a chain's economic activity and developer ecosystem depth, though it does not capture all forms of usage. DefiLlama serves as the primary on-chain data tracker for these figures, with rankings updated continuously as deposits and withdrawals occur across protocols.
Base built its TVL largely through Aave, Compound, Uniswap and other major decentralized finance protocols that have deployed versions of themselves on the chain. Coinbase's backing and integration with its exchange infrastructure have attracted capital to the chain. The layer 2 also offers lower transaction fees and faster settlement times relative to Ethereum mainnet.
Solana's TVL has fluctuated over the past 18 months but has remained relatively stable around $6 billion to $7 billion. Network outages in 2024 and performance concerns prompted some developers to explore alternative layer 1 blockchains, though Solana has maintained a large developer base and continues to process substantial transaction volume.
Base now trails only Ethereum, which holds approximately $42 billion in TVL. Arbitrum, another leading Ethereum layer 2, ranks fourth at approximately $2.8 billion. Base held $1.2 billion in TVL at the start of 2025.
Base would need to retain its lead against Solana through the next 48 hours of protocol activity to solidify the ranking change, as TVL shifts hourly with market conditions and liquidity movements. DefiLlama updates its rankings in real time, so the position could reverse if capital flows out of Base protocols.
