<\/p>\n
Coinbase-backed Base<\/a> has seen a substantial drop in decentralized finance activities on the network, with the total value of assets locked (TVL) dropping by around 30% in the last two months.<\/p>\n Data from DeFillama shows that the Ethereum (ETH<\/a>) layer2 network\u2019s TVL has dropped by more than 30% to $284.59 million from its September peak of $411.5 million.<\/p>\n This means that investors have removed more than $100 million worth of their assets from protocols operating on the network despite the improved market conditions recorded during the period.<\/p>\n The recent downturn marks a notable reversal of fortune for this blockchain network, which gained considerable prominence within the industry upon its public debut<\/a> in August.<\/p>\n During that period, CryptoSlate <\/em>reported<\/a> that Base ranked among the top 10 networks regarding trading volume. The rise of memecoins, such as Bald,<\/a> and the growth of the decentralized social protocol Friend<\/a>.Tech<\/a>\u00a0drove its widespread adoption.<\/p>\n However, the network has recently witnessed a decline in its TVL and trading activity.<\/p>\n To provide context, data<\/a> from DeFillama reveals that just three of the top 10 protocols on the network experienced growth in their TVL over the past week. The majority of these protocols reported double-digit losses.<\/p>\n Furthermore, examining decentralized exchanges<\/a> (DEX) trading volume highlights<\/a> that the layer-2 network has slipped from its position among the top 10 chains by trading volume.<\/p>\n Base\u2019s network activity appears to have also suffered compared to Ethereum<\/a><\/span> and rival layer-2 networks. Its daily average transactions per second (TPS) of 3.11 lags behind Ethereum and other layer-2s, including Arbitrum<\/a> and Optimism<\/a>, which is above 7 TPS, L2beat data<\/a>\u00a0shows.<\/p>\n However, these declines do not mask Base popularity among other layer-2 networks.<\/p>\n