Ethereum and US Dollar Coin transaction volume increases by $557 million on Binance.US integration
Hittin' the Gas Pedal: Base TVL Skyrockets After Binance.US Integration
Base, the blockchain developed by Coinbase, is seeing a massive boost in Total Value Locked (TVL) over the past 24 hours due to a key integration. This surge in popularity comes amid shifting winds in the US as President Trump's pro-crypto stance sparks bold moves among sector players.
Base Flashes Green with a 20% TVL Increase
According to DefiLlama, the TVL for Base has soared by $557 million. Moving from $2.778 billion on Thursday to $3.335 billion at the time of writing, the TVL has seen a significant 20% surge in the last 24 hours.
This spike in TVL suggests a substantial increase in assets staked, locked, or deposited within the Base blockchain. With a higher TVL, user activity, trust, and adoption grow as users commit capital to the protocol.
Meanwhile, this surge follows a notable announcement from Binance.US, the American arm of the world's largest crypto trading platform by volume.
Binance.US Goes All-In on Base
According to the announcement, Binance.US now supports Base. This integration enables Ethereum (ETH) and Circle's USDC (USD Coin) stablecoin transfers on the Layer-2 network.
"Excited to announce that Binance.US now supports Base! Deposit and withdraw Ethereum (ETH) and USDC via Base, starting today," the announcement reads.
Binance.US highlighted that more assets would join the platform on the Base network, indicating a strong interest in building the integration. Consequently, users can deposit and withdraw ETH and USDC directly to and from Binance.US without bridging them through Ethereum's mainnet.
For the exchange, this integration brings potential benefits such as enriched accessibility for its users. Specifically, Binance.US users can now interact with Base's ecosystem without incurring the high costs and congestion issues associated with Ethereum's mainnet.
Base: Lightning Fast and Easy on the Pockets
As an L2 scaling solution, Base offers faster and less expensive transactions compared to Ethereum's mainnet. While Ethereum processes transactions at approximately 13.2 TPS, Base's off-chain transaction processing method significantly reduces fees, making it more affordable for users.
In essence, this integration empowers Binance.US users to participate in DeFi activities at a fraction of the usual cost.
Binance.US Rises from the Ashes
This development occurs only months after Binance.US resumed USD deposits and withdrawals via bank transfer following a two-year hiatus. The hiatus was a result of a high-profile SEC lawsuit and intensifying regulatory pressure beginning in 2023. However, with recent shifts in political rhetoric towards crypto, exchanges appear to be Catalyzing growth in the sector.
"We've weathered the storm, and now our goal is to help crypto flourish while empowering all Americans with choices," said Binance.US interim CEO Norman Reed.
This sentiment echoes Kraken's recent move to list BNB, potentially signifying broader token adoption in the United States -- a promising sign for the crypto-verse overall.
- The surge in TVL for Base, a blockchain developed by Coinbase, is a testament to the growing popularity of decentralized finance (DeFi) and cryptocurrency technology in the US.
- With Binance.US now supporting Base, users can transfer Ethereum (ETH) and Circle's USDC stablecoin on the Layer-2 network, fostering increased interaction with the Base ecosystem.
- The integration of Base into Binance.US has resulted in a significant decrease in gas fees, making it more affordable for users to participate in DeFi activities.
- The integration of Base on Binance.US signifies a shift in the crypto exchange business, as exchanges aim to provide improved accessibility and reduce costs associated with mainstream cryptocurrency platforms.
- The 20% surge in Base's Total Value Locked (TVL) suggests an increase in assets locked or staked within the Decentralized Finance (Defi) protocol.
- As Binance.US now supports Base, users can deposit and withdraw ETH and USDC directly to and from Binance.US without bridging them through Ethereum's mainnet.
- The Binance.US integration highlights the potential for Layer-2 scaling solutions like Base to offer faster transaction speeds and reduce congestion issues associated with Ethereum's mainnet.
- The integration of Base comes after President Trump's pro-crypto stance sparked bold moves among sector players, possibly signaling a shift in US crypto regulation.
- The spike in TVL for Base demonstrates the trust and adoption that users have in the Base protocol and the technology behind it.
- This integration comes at an interesting time for the crypto exchange business, with Binance.US resuming USD deposits and withdrawals via bank transfer and Kraken listing BNB, indicative of broader token adoption in the United States.
