Base, Coinbase’s Layer 2 blockchain, now holds approximately $3.28 billion in lending total value locked, directly competing with Ethereum. Morpho’s deployment on Base has reached roughly $3.3 billion in TVL, nearly matching Ethereum’s own deployment. Curated USDC vaults on Base hold approximately $1.62 billion in TVL, representing 22.5% of the global curated vault market. Coinbase DeFi Earn, integrated with Morpho and Steakhouse Financial, has driven nearly $500 million in USDC deposits into Base, supporting over $1.3 billion in USDC borrowing primarily collateralized by cbBTC. A Morpho blog post cited $5 billion in total onchain finance activity tied to Base, underscoring the scale of financial activity flowing through this relatively young chain.
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