Base TVL doubles to $380 million. The Base network went public in early August and has now become the fourth most valuable Layer 2 blockchain in terms of TVL, following other networks like Arbitrum One, Polygon, and OP Mainnet. Furthermore, the project team is actively making daily improvements in their pursuit of excellence.

Alexander Cutler, co-founder of Aerodrome, commented, “The growth has been exceptional and is a validation of our thesis that ecosystem-specific DEXs can thrive.”

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Liquidity increased on Base

The development team at Velodrome Finance, a decentralized exchange built on the OP network, collaborated with 20 launch partners to introduce Aerodrome as a forked version of Base earlier this week. The team’s goal is to increase liquidity on the network and process a significant portion of transactions on-chain. This approach aligns with the strategies of Velodrome and OP Mainnet, both of which involve utilizing decentralized financial incentives.

Cutler added, “Before our launch, the liquidity landscape on Base was fragmented, and the DeFi ecosystem was lacking. We’ve helped facilitate over 20 partners joining Base, and they have also contributed to fostering a liquidity explosion within the ecosystem.”

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According to blockchain security firm Immunfi’s 31 August report, this month crypto users faced hacking events of just 23.4 million dollars. But last month this figure was almost 320 million dollars. In comparison, it is so plausible result. Because it means decreasing cryptocurrency hacking.

All of the hacking and cyberattacks happened against DeFi (Decentralized Finance). But others, I mean centralized finance applications and protocols weren’t faced. As a result, Hacked Cryptocurrencies of 16 Million USD In August!

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In 21 reported security shows that 5 issues happened on Ethereum, 4 ones on Binance Smart Chain. But Base Network faced 4 cases like them after launching publicly. One of the biggest hackings is finalizing with 4.322 ETH. The hack is named “Exactly protocol hack”. The total hacking amount equals 7.2 Million Dollars.

Borrowing and Lending protocol Magnate Finance on Base Network was hacked for 6.5 million dollars. Leader DeFi inspector zachXBT argued that Magnat Finance’s address has a link to fraud. After the hacking event, all of the assets were withdrawn from the smart contract. Then their website and social media accounts were offline.

According to ImmunFi, users had losses of 1.25 billion dollars because of hacks and frauds. Euler Finance suffered losses of almost 200 million dollars in March. But Euler Finance achieved to refund by starting legal procedures.

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