Coinbase’s Ethereum layer 2 now holds more DeFi capital than Solana, trailing only Ethereum itself
Base, the Ethereum layer 2 network built by Coinbase, has passed Solana to become the second-largest blockchain for decentralized finance, measured by total value locked.
A post on X put Base’s TVL at $5.76 billion at the time of the flip. Solana, long treated as Ethereum’s heir apparent, now sits a rung lower on the ladder.
Base first moved ahead of Solana on or around October 10, 2026, and it has held that lead since.
The numbers behind the flip
As of November 10, 2026, research data put Base’s TVL at approximately $5.664 billion. That figure was down 1.24% over the previous 24 hours.
Solana’s TVL stood at approximately $4.989 billion on the same date, down 2.08% over 24 hours.
The year-to-date trend is where the story gets sharper. Base’s TVL rose roughly 28% through early November 2026.
Solana’s moved in the opposite direction, falling about 36% over the same stretch.
Why Base is climbing and Solana is slipping
Base’s growth has been linked to three main drivers: inflows into lending protocols, strong stablecoin activity and support from the broader Coinbase ecosystem.
Lending protocols are the other engine. Improvements to these platforms have reportedly pulled in fresh deposits, which show up directly in TVL.
Solana’s contraction has been tied to falling asset prices and net capital outflows.
A crossover with some history
The October crossover marked the first sustained period since 2023 in which an Ethereum layer 2 has outranked Solana on TVL.
Base now ranks above both BNB Chain and Solana. It still trails Ethereum by a wide margin, however.
Ethereum holds over $41 billion in TVL. That is more than seven times Base’s total.
What this means for DeFi capital flows
Solana’s trading volumes and user engagement still beat Base in several areas.
TVL measures money parked in protocols, while volume and activity measure how busy a chain actually is.
Disclosure: This article was edited by Estefano Gomez. For more information on how we create and review content, see our Editorial Policy.