Base overtakes Solana to become the second-largest DeFi chain
Coinbase's Ethereum layer 2 network, Base, has surpassed Solana to become the second-largest blockchain for decentralized finance by total value locked, with $5.664 billion as of November 10, 2026.
The milestone was first noted on October 10, 2026, and has been sustained since. Base's TVL has grown approximately 28% year-to-date, while Solana's has fallen about 36% over the same period. Despite this ranking, Solana still leads in trading volumes and user engagement in several areas.
The numbers behind the flip
As of November 10, 2026, Base's TVL stood at approximately $5.664 billion, down 1.24% over the previous 24 hours. Solana's TVL was approximately $4.989 billion on the same date, down 2.08% over 24 hours.
Why Base is climbing and Solana is slipping
Base's growth has been attributed to three main factors: inflows into lending protocols, strong stablecoin activity, and support from the Coinbase ecosystem. Improvements to lending platforms have reportedly attracted fresh deposits, directly boosting TVL.
Solana's contraction, meanwhile, has been linked to falling asset prices and net capital outflows from the network.
What this means for DeFi capital flows
The October crossover marked the first sustained period since 2023 that an Ethereum layer 2 has outranked Solana on TVL. Base now ranks above both BNB Chain and Solana, though it still trails Ethereum by a wide margin. Ethereum holds over $41 billion in TVL—more than seven times Base's total.
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