Base Moves to No. 2 with $5.7 Billion in DeFi Total Value Locked
Key Facts
Base moved to second place among decentralized finance blockchains, overtaking Solana, according to a ranking based on DeFiLlama data updated at 13:37 UTC on November 10, 2026. The ranking showed total value locked on Base at $5.7 billion, compared with $5.0 billion on Solana, which ranked fourth. Ethereum ranked first at $41.5 billion, while BSC came third at $5.1 billion. That put Base ahead of Solana in this snapshot, but behind Ethereum and BSC in total value locked. The ranking reflects a point-in-time view of the blockchains at that time, not a permanent result or a fixed ranking.
A separate comparison of Base and Solana, with data published at 06:43 UTC on the same day, showed a narrower gap between the networks: $5.73 billion for Base and $5.06 billion for Solana. Base accounted for 53.1% of the combined total value locked on the two networks, according to the page carrying the comparison. These figures differ from the later ranking snapshot, which showed $5.7 billion for Base and $5.0 billion for Solana, highlighting changes in reported balances during the day and differences in page update times. Base’s move into second place therefore relates to the 13:37 snapshot, while the morning comparison measured the gap between the networks using the figures published at that time. In both snapshots, Base’s value was higher than Solana’s.
At the sector level, a DeFiLlama dashboard showed total value locked in decentralized finance at $78.924 billion on November 10. The market capitalization of stablecoins stood at $289.796 billion on the same day. These indicators place Base’s move to second within a broader market, but do not by themselves explain why the blockchain rankings changed or how each network performed. The figures measure the value of locked assets and the total stablecoin market on that date. In a snapshot of Base’s DeFiLlama page, total value locked was about $5.664 billion, down 1.24% on the day.
Activity data on Base showed decentralized exchange trading volume of $970.32 million over 24 hours, while trading volume over 7 days reached $7.716 billion. Weekly volume rose 3.42%, according to a snapshot of the network’s page published on November 10. These figures put trading activity alongside the value of locked assets, two separate measures of network activity and the amount of liquidity held on it. The reported data do not establish whether this activity drove Base’s move to second place in the ranking. Daily total value locked was also lower, despite the increase in weekly trading volume.
Coinbase said in its third-quarter earnings presentation that Base ranked first among layer-2 networks by DeFi total value locked at the end of the quarter. That ranking covers layer-2 networks and does not compare Base with all blockchains; the November 10 snapshot, by contrast, places it second among the blockchains in the ranking shown. Coinbase also said average borrowing and lending balances on Base rose from $610 million in the third quarter of 2025 to $1.866 billion in the third quarter of 2026. This provides context on the growth of lending and borrowing balances across quarters, without establishing that this growth caused Base to overtake Solana in the November snapshot. Base also said it processed more than $17 trillion in stablecoin transaction volume during 2025, and that its 2026 strategy focuses on global markets, payments, stablecoins and the developer community.
The snapshot came a day after a broad decline in cryptocurrency prices, with Reuters reporting on November 9 that the market had fallen to its lowest levels in more than two months. Bitcoin fell more than 2% to $73,708, while Ether dropped about 5% to $2,223, its lowest level since August. Reuters linked the moves to concerns about tighter regulation following the U.S. midterm elections. The price action provides recent market context for the blockchain ranking, but does not establish its effect on total value locked on Base or Solana. The reported figures did not specify a date for the next ranking update.