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How Base DeFi Flips Solana DeFi in 2025
Key Insights
- Base and Solana were the fastest growing chains by DeFi metrics in 2024, with Base's DEX volumes and TVL now representing ~40% of Solana’s. We believe Base can flip Solana in overall volumes and TVL in 2025, driven by a number of structural advantages.
- Analysis into Raydium and Aerodrome's DEX performance reveals that Solana’s trading volumes are far more dependent on long-tail assets, while Base has a stronger moat around its volumes due to its heavier concentration of majors/stables trading pools.
- Base and Coinbase’s strategic partnership brings a number of catalysts, including the ability for Coinbase to wrap or tokenize a diverse range of assets and bring them onto Base.
- There is evidence to suggest that Ethereum TVL would be far more likely to migrate to Base than to Solana.
- Base's capacity to aggressively reduce transaction costs, supported by Coinbase's long-term time horizon, provides an additional competitive edge.
Base vs. Solana - The Faceoff
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Sunny was previously a TradFi Research Analyst at a long-only hedge fund. He is now an Enterprise Research Analyst at Messari focusing on consumer, DeFi, and all things cool.
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