Base, the Ethereum Layer 2 network built by Coinbase, has recorded $4.7 billion in net inflows since January 1, coinciding with record DeFi activity in 2026. Lending protocols, stablecoins and tokenized stocks are driving increased use of the network. Base’s DeFi total value locked (TVL), which measures assets deposited in applications such as lending pools and trading venues, reached approximately $6.2 billion on September 22, 2026, and stood at around $6.4 billion in early October. Bridged value, tracking assets moved onto Base from other chains, reached $8.28 billion. Morpho has attracted a significant share of activity, while Base’s stablecoin market capitalization reached approximately $5.2 billion, with USDC representing roughly 84%. Coinbase co-founded the Centre consortium behind USDC with Circle. Coinbase’s tokenized stocks recorded $71 million in daily trading volume as of October 2026. These blockchain-based versions of traditional shares can trade around the clock, settle on-chain and coexist with stablecoins and DeFi positions in the same wallet. Base ranked among the leading Layer 2 networks for transaction throughput and liquidity in 2026 snapshots. A separate bridge dataset showed approximately $19.5 billion of cumulative inflows and $18.4 billion of outflows, producing net inflows of about $1.1 billion, well below the $4.7 billion year-to-date figure. The difference suggests the measurements cover different bridges, time periods or methods for counting native asset issuance. Research data also indicates that TVL has grown faster than stablecoin inflows, implying that some TVL expansion reflects rising asset prices rather than only new deposits. Base processes transactions away from Ethereum’s main chain and posts the results back to Ethereum, a model intended to retain Ethereum’s security while reducing costs and increasing speed. Coinbase built the network to bring on-chain activity closer to its user base. The concentration of stablecoin liquidity in USDC remains a risk to monitor because a disruption affecting its dominant issuer could affect Base more heavily than a network with a broader stablecoin mix.