Base Expands Its DeFi Ecosystem With Earn & Borrow
Base is expanding its decentralized finance ecosystem with new lending, stablecoin and tokenized asset products. One of the latest developments is Earn & Borrow, an end-to-end stack designed to help applications and fintech companies offer stablecoin yield and loans backed by users’ crypto assets.
The launch adds to Base’s growing collection of financial applications, which includes lending markets, tokenized stocks, automated investment tools and stablecoin payment services. The network is built on Ethereum technology, with its ecosystem accessible through the official Base website.
Base has also reached $6.1 billion in decentralized finance total value locked (TVL), ranking second among blockchain networks by this measure. TVL represents the value of assets deposited in DeFi protocols, although it can change with token prices, deposits, withdrawals and other market activity.
Tokenized Stocks and Onchain Trading Gain Momentum
Tokenized stocks remain a prominent part of Base’s recent activity. During the first two months of Coinbase Tokenized Stocks, the products recorded a median daily decentralized exchange volume of $21 million on weekends, when traditional U.S. stock exchanges are closed. The figure was attributed to Token Terminal data in the supplied update.
Aerodrome-related ecosystem activity also expanded, with Aero adding 20 new Coinbase Tokenized Stocks on Base. Aave introduced incentives for the Coinbase Tokenized Stocks market, while Revert Finance opened another round of its tokenized stock rewards campaign in collaboration with Aero.
Other applications are extending access to tokenized equity exposure. LucaMoney added access to MSFTc and additional tokenized stocks, while Tribeca opened a global exchange for tokenized stocks and derivatives on Base. These launches broaden the types of financial products available onchain, although the precise rights, trading conditions and availability of each tokenized asset depend on its individual product terms.
New Products Connect Tokenized Assets With DeFi Strategies
Several launches are linking tokenized stocks with lending, yield and investment strategies. Pendle introduced DeFi options on GOOGLc and NVDAc on Base, while Superform added Earn Stocks to Pendle, allowing users to pursue fixed yield or potential upside exposure on NVDA and TSLA.
Zoth launched zMAG7, a product designed to provide equal-weight exposure to tokenized shares associated with the Magnificent Seven through a single stablecoin deposit. Beefy Finance also introduced a two-week rewards campaign involving PayPal and Roblox tokenized assets on Base.
Grow Credit added its Grow app to Base, allowing users to borrow up to the value of their eligible tokenized stocks in local currency. These developments illustrate how applications are combining tokenized assets with lending and yield strategies rather than treating tokenized stocks solely as instruments for trading.
Users should still distinguish between tokenized asset exposure and direct ownership of traditional shares. The supplied ecosystem update does not detail the legal rights or redemption arrangements attached to each product.
Stablecoin Payments and Credit Tools Expand
Base is also attracting applications focused on payments and access to credit. Atom now supports stablecoin checkout and seller payouts on Base, while Marqeta announced stablecoin-backed cards for enterprise customers using the network.
The new Earn & Borrow stack is designed to help fintech companies and applications offer stablecoin yield and loans against crypto holdings. Morpho has added support for Base Earn & Borrow, connecting customers to its credit network. Separately, Birch Hill introduced the Birch Hill Groma Ecosystem, a new Morpho vault offering USDC lending backed by apartment buildings in Boston and Providence.
These products target different parts of the financial process: stablecoin checkout supports payments, card programs connect digital assets to familiar spending methods, and lending protocols allow users or businesses to access credit. Their growth adds more financial use cases to Base, although the risks and terms vary by provider.
AI-Powered Transactions and Developer Tools Grow
AI-related activity is another focus for Base developers. Agentic x402 transactions reached 138.5 million during the third quarter of 2026, with Chainalysis cited as the source in the supplied update. The x402 payment standard supports transactions in which software agents can discover services and pay for requests.
Vapi Network introduced Call on Base, allowing agents to discover APIs and pay per request in USDC through x402. Zyfai presented Zyfai MCP, which enables users to manage deposits, allocations and rebalancing of DeFi positions on Base through a chat interface.
Flovia402 also introduced group buying for premium APIs, allowing developers to pool demand to reduce costs. These launches show how Base applications are exploring automated payments and AI-assisted financial workflows. However, the reported transaction count alone does not establish how many unique users or agents were involved or how much economic value those transactions represented.
Trading Activity and Protocol Metrics Set New Records
Several Base applications reported growth in trading activity and usage. Veranta said it recorded more than $700 million in gold trading volume within 24 hours and reached a new all-time high of $100 million in open interest on Base. Open interest measures the value of outstanding derivative positions that have not been closed or settled.
KOR Protocol reached 150,000 mints on KOR ID on Base. Contavcbr reported all-time highs in users, volume and fees, alongside improvements to liquidation redundancy using BRS.
Veranta also added Korean equities with leverage of up to 10x, including Samsung, Hyundai and LG. These products introduce additional assets and trading structures to Base, but leveraged positions can magnify losses as well as gains. The supplied update does not provide further details about the specific instruments or their availability.
More Apps Launch Across Consumer and Creator Markets
Base’s expansion also includes consumer applications, collectibles and creator tools. Dyli brought its collectibles platform to Base, where users can open packs, trade items, store them in vaults or arrange shipment of physical collectibles. Hyperstition launched a platform that allows creators to configure market capitalization, fees and lockups while supporting native staking.
MiniMatch.gg introduced an AI-run game in which the player whose tap lands closest to the ball wins. Tuyo rebuilt its application on Base, updating the interface for its money companion features. These projects add consumer-facing experiences alongside the network’s financial applications.
Meanwhile, Base LATAM announced a Base Trenches and Narratives series featuring Spanish-speaking key opinion leaders. Base APAC also scheduled an AI product-building workshop in Malaysia for October 22, with registrations available through Luma. A recent Builder Roundtable featured treasuries, private credit and real estate onchain, with participation from Multiplifi, Birch Hill, Byzanlink, City Protocol and Midas.
What Base’s Latest Developments Mean
Base’s latest ecosystem update spans lending, stablecoin payments, tokenized equities, derivatives, AI-powered transactions and consumer applications. Its reported $6.1 billion in DeFi TVL places it second among networks by that metric, while the growing range of launches shows how developers are building financial and non-financial applications on the network.
The figures and milestones represent different measures of activity. TVL tracks assets deposited in DeFi protocols, trading volume measures transactions over a period, and open interest represents outstanding derivative positions. They should not be treated as interchangeable indicators of adoption or economic value.
The next phase of Base’s development will depend on how these applications attract and retain users, how their financial products perform under market conditions, and whether new services translate into sustained onchain activity. For now, the ecosystem is expanding across several use cases, with stablecoin infrastructure and tokenized assets playing a central role.
