Base, Coinbase's Layer 2 network, has pulled in $4.7 billion in net inflows since January 1 as DeFi activity, stablecoins and tokenized stocks pile onto the chain. A separate bridge dataset puts the net figure far lower, exposing gaps in how trackers measure the chain's growth.
Base, the Ethereum Layer 2 network built by Coinbase, has taken in $4.7 billion in net inflows since January 1. That is the amount of money arriving on the chain after subtracting what left. The inflows coincide with Base's DeFi activity hitting record levels in 2026, as lending protocols, stablecoins and tokenized stocks draw more users onto the network.
Where the money is going
Base's DeFi total value locked hit an all-time high of approximately $6.2 billion on September 22. As of early October 2026, Base TVL stood at around $6.4 billion, and bridged value on the network reached $8.28 billion. Protocols such as Morpho, which matches borrowers and lenders on-chain, have pulled in a large share of the activity.
The stablecoin market cap on Base sits at approximately $5.2 billion, with USDC accounting for roughly 84% of it.
Tokenized stocks join the mix
Coinbase's tokenized stocks reached $71 million in daily trading volume as of October 2026. Tokenized stocks are blockchain versions of traditional shares that can trade around the clock and settle on-chain. Base ranks among the top Layer 2 networks for transaction throughput and liquidity in 2026 snapshots.
Reading the flow data carefully
A separate dataset on Base's bridge activity shows cumulative inflows of about $19.5 billion against outflows of about $18.4 billion, for a net of about $1.1 billion, well below the $4.7 billion year-to-date figure. The gap suggests the trackers measure different things, such as particular bridges, specific time windows, or how native asset issuance is counted.
The research data also shows TVL growing faster than stablecoin inflows, suggesting part of the TVL growth comes from assets already on the network rising in price, not only from new deposits.
Concentration risk
With USDC at roughly 84% of stablecoin supply, Base's liquidity depends heavily on one issuer. Any disruption to USDC would hit the network harder than a chain with a more varied stablecoin mix.
Source: Crypto Briefing
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