Coinbase’s Base Network Hits $1.2B TVL on Aave, Joining Elite DeFi Ranks

Base, Coinbase's Ethereum Layer-2 scaling solution, has achieved a significant milestone by surpassing $1.2 billion in Total Value Locked (TVL) on Aave. This achievement places Base among the top decentralized finance (DeFi) networks, alongside Ethereum, Arbitrum, and Avalanche. The rapid growth of Base highlights its increasing dominance in the DeFi space, driven by its low fees, scalability, and support for major assets like wrapped staked ether (weETH), native ETH, and Coinbase's tokenized Bitcoin (cbBTC). As of July 2025, Base continues to solidify its position as a key player in the evolving cryptocurrency ecosystem.

Base Surpasses $1.2B TVL on Aave, Joins Elite DeFi Networks

Base, Coinbase's ethereum Layer-2 network, has eclipsed $1.2 billion in Total Value Locked (TVL) on Aave, entering the rarefied company of Ethereum, Arbitrum, and Avalanche. This milestone underscores Base's accelerating dominance in decentralized finance.

The protocol's growth is fueled by top assets including wrapped staked ether (weETH), native ETH, and Coinbase's tokenized Bitcoin (cbBTC). By leveraging low fees, scalability, and direct integration with Coinbase's ecosystem, Base is positioning itself as a magnet for DeFi liquidity and developer activity.

Block Joins S&P 500, Amplifying Bitcoin's Institutional Footprint

Block Inc. (NYSE: SQ), the fintech firm behind Cash App and Square, will join the S&P 500 index on July 23, replacing Hess Corp. The announcement triggered an 8.5% after-hours surge in Block's shares, building on a 3% gain during regular trading. This MOVE mirrors Coinbase's recent S&P 500 inclusion, which propelled its stock to record highs.

The inclusion grants Block automatic exposure to countless index-tracking funds, effectively mainstreaming its Bitcoin-centric strategy. The company holds 8,584 BTC—ranking 11th among public corporations—and is piloting real-time bitcoin payments for broad rollout in 2025. Block's ascent signals growing institutional acceptance of crypto-native business models, further eroding the barrier between traditional finance and digital assets.