Base Records $4.7 Billion in Net Inflows Since Start of 2026
The Coinbase-built Layer 2 network has seen significant capital inflows this year, driven by rising DeFi activity, stablecoin usage, and the growth of tokenized stocks.
Base, the Ethereum Layer 2 network developed by Coinbase, has recorded $4.7 billion in net inflows since January 1. This figure represents the total capital remaining on the chain after accounting for outflows.
The network has seen record levels of DeFi activity throughout 2026. Total value locked (TVL) on the chain reached an all-time high of approximately $6.2 billion on September 22, 2026, and stood at roughly $6.4 billion as of early October. Bridged value, which tracks assets moved from other chains like Ethereum mainnet, reached $8.28 billion.
Lending protocols, including Morpho, have captured a significant portion of this activity. Meanwhile, the stablecoin market cap on Base is approximately $5.2 billion, with USDC representing about 84% of that total.
Tokenized stocks have also contributed to the network's growth, reaching $71 million in daily trading volume as of October 2026. These blockchain-based versions of traditional shares allow for round-the-clock trading and on-chain settlement.
Data regarding bridge activity shows cumulative inflows of about $19.5 billion against $18.4 billion in outflows, resulting in a net of about $1.1 billion. The discrepancy between this figure and the $4.7 billion year-to-date total suggests that different trackers may account for variables like native asset issuance or specific bridge windows differently.
Research indicates that TVL is growing at a faster rate than stablecoin inflows, suggesting that price appreciation of assets already on the network is contributing to the TVL increase. While Base ranks among the top Layer 2 networks for transaction throughput and liquidity, the high concentration of USDC poses a potential risk, as the network's liquidity is heavily reliant on a single issuer.
