Base Surpasses Tron with $6.6B TVL in 2025: A Deep Dive into Ethereum’s Rising Star

• How Did Base Eclipse Tron in TVL?
• What’s Driving Base’s Network Effects?
• Celebrating Two Years: By the Numbers
• FAQs: Base’s Rise Explained

In a landmark moment for decentralized finance, Base—Coinbase’s LAYER 2 blockchain—has overtaken Tron to claim the fifth spot in total value locked (TVL), hitting $6.6 billion. Fueled by explosive growth in DeFi lending, strategic integrations like Morpho’s BTC-backed stablecoin loans, and Coinbase’s retail-friendly infrastructure, Base’s 8,781% YoY TVL surge reflects Ethereum’s scaling momentum. But can it catch Arbitrum? Here’s the data-packed breakdown.

How Did Base Eclipse Tron in TVL?

Base’s ascent wasn’t accidental. According to DeFiLlama, Morpho and Aave now dominate 60% of Base’s lending TVL, with Morpho alone adding $1 billion post-Coinbase integration. "Users flocked to borrow stablecoins against Bitcoin—it unlocked liquidity without selling," noted a Morpho spokesperson. Bernstein analysts highlight Coinbase’s stock potential (target: $510) as institutional interest grows. Meanwhile, DeFi-wide lending volumes spiked 52% since January, hitting $73 billion—proof that 2025’s bull run is built on smart contracts, not just speculation.

Source: L2BEAT | Base trails only Arbitrum among ethereum rollups

What’s Driving Base’s Network Effects?

YO Protocol’s co-founder Mehdi Lebbar nailed it: "Coinbase’s 110M users created instant demand." The Base mobile app (a rebranded Coinbase Wallet) became a growth engine—when it launched in July, Morpho saw "record volumes overnight." But Base isn’t alone; Binance’s BNB Chain ($9.3B TVL) proves exchange-backed chains work. Still, Base’s edge? Ethereum’s Phase 1 decentralization status, which Vitalik Buterin calls "critical for long-term tracking." That credibility helped Base become a hub for perpetual DEXs—where traders chase low fees ($0.005 avg).

Celebrating Two Years: By the Numbers

Base’s second anniversary wasn’t just CAKE and confetti:

• TVL: $4.46B (up 8,781% YoY)
• Users: 1.25M monthly (1280% increase)
• Peak Day: 3.59M users in June
• Transactions: 7.5M daily (2000% surge)

Yet August 5 revealed growing pains—a 30-minute outage due to sequencer lag. Developers pledged infrastructure upgrades, but as the BTCC team notes, "Scaling while decentralizing is Ethereum’s ultimate stress test."

FAQs: Base’s Rise Explained

Why did Base’s TVL surpass Tron?

Three factors: 1) Coinbase’s retail integration, 2) Morpho’s $1B BTC-collateralized loans, and 3) Ethereum’s rollup momentum post-Dencun upgrade.

How does Base compare to Arbitrum?

Base trails Arbitrum One in TVL but leads in fee reduction (down 50% YoY) and user growth. Arbitrum dominates institutional DeFi, while Base excels at retail onboarding.

Will Base’s outages hinder growth?

Short-term hiccups. The team fixed the sequencer issue, and Phase 1 status ensures Ethereum’s security. As Lebbar says, "Adoption breeds resilience."