Base Overtakes Solana as Crypto’s Second-Largest DeFi Chain
Coinbase-backed Ethereum layer 2 Base has held a lead over Solana in total value locked since October, widening the gap as its DeFi deposits grow and Solana’s capital base contracts.
Base has overtaken Solana to become the second-largest blockchain for decentralized finance by total value locked (TVL), marking the first sustained period since 2023 in which an Ethereum layer 2 has ranked above Solana on that measure. The shift places Base behind only Ethereum, while also moving it ahead of BNB Chain.
The numbers behind the flip
A post on X placed Base’s TVL at $5.76 billion when the crossover became apparent. Research data showed the network at approximately $5.664 billion on November 10, 2026, after a 1.24% decline over the previous 24 hours.
Solana’s TVL stood at approximately $4.989 billion on the same date, down 2.08% over the same period. Base first moved ahead of Solana on or around October 10 and has retained the lead since then.
The year-to-date comparison is more significant than the daily figures:
- Base: TVL increased roughly 28% through early November 2026.
- Solana: TVL fell approximately 36% over the same stretch.
- Ethereum: TVL remains above $41 billion, more than seven times Base’s total.
TVL can change with both capital flows and the market value of assets deposited in protocols. The data therefore points to a meaningful change in the relative size of the two ecosystems, but it does not by itself establish that Base has more users or greater transaction activity than Solana.
What is driving Base’s growth?
Base’s rise has been linked to three broad forces: inflows into lending protocols, strong stablecoin activity and support from the wider Coinbase ecosystem. Lending markets have reportedly attracted fresh deposits as their platforms improve, directly lifting the amount of capital counted in TVL.
Stablecoin activity adds another layer to Base’s expansion. Stablecoins can supply liquidity for lending, trading and other DeFi applications without exposing users to the same degree of price volatility as many native crypto assets. Coinbase’s ecosystem also gives Base an established distribution channel as it competes for users and capital.
Solana’s decline, by contrast, has been associated with falling asset prices and net capital outflows. Those pressures can reduce TVL even when applications remain operational and users continue to trade on the network.
What This Means
The Base-Solana flip is an important signal for DeFi capital flows, but it should not be read as a complete ranking of network health. Solana continues to outperform Base in several areas of trading volume and user engagement, while TVL measures capital parked in protocols rather than how actively that capital is used.
For Solana, the development raises the stakes around retaining liquidity, stablecoin deposits and lending activity. For Base, holding the second-place position will depend on whether its recent TVL gains represent durable deposits rather than market-driven repricing or temporary inflows. The gap with Ethereum also remains substantial, leaving the broader DeFi hierarchy led by Ethereum and followed by a closer contest between Base and Solana.