Base, the layer-2 network developed by Coinbase, has seen increased DeFi activity as Coinbase-issued tokenized stocks gain traction across venues on the platform. A deposit of 7.5 million tokens represents 42% of the assets’ onchain market cap, highlighting their use within Base’s decentralized-finance ecosystem. Base’s total value locked (TVL), which measures capital deposited in protocols, has reached a record $5.7 billion after recently ranging between $4.5 billion and $5.3 billion. The activity may influence expectations around a potential native Base token, although prediction-market pricing currently assigns an 8.5% probability to a launch by December 31, 2026, down from 10% the previous day. Market participants are watching Coinbase and its executives, including CEO Brian Armstrong, along with regulatory developments, strategic partnerships and further DeFi activity on Base.