Plasma Network’s TVL Surpasses US$4.9 Billion, Overtakes Base in DeFi Rankings

The Total Value Locked (TVL) on the Plasma Network has recorded a significant surge after surpassing US$4.947 billion, establishing itself as one of the fastest-growing DeFi ecosystems among new blockchain projects. This achievement has simultaneously displaced Base in the blockchain TVL rankings.

According to DefiLlama data cited by CoinRank, Plasma’s TVL surged sharply by +40.48% within the past 24 hours, overtaking Base, which stood at around US$4.83 billion. The rally was driven by the rapid adoption of integrated DeFi protocols on the Plasma Network, along with a substantial inflow of liquidity into the platform.

The launch of the beta mainnet and the native token XPL on September 25, 2025, was cited as the primary catalyst behind this TVL spike. Following the launch, the inflow of stablecoins into various lending vaults and integrations with several DeFi protocols further strengthened Plasma’s ecosystem foundation. One notable indicator was Plasma’s main lending vault, which successfully accumulated more than US$1.4 billion in TVL while offering competitive yields to depositors.

Plasma’s success in overtaking Base has introduced a new dynamic in the competition among Layer-1 protocols and DeFi infrastructure. While established ecosystems such as Ethereum, Solana, and BNB Chain have long dominated the space, Plasma’s rapid ascent underscores the vast potential of new projects offering specialized utilities, such as efficient stablecoin transactions and asset transfers.

However, several analysts have cautioned that early-stage surges in a network’s growth do not guarantee long-term sustainability. Dependence on initial incentives, fluctuations in the XPL token’s price, and the consistency of user adoption will be key factors determining Plasma’s stability in the future. Amid market euphoria, the biggest challenge for Plasma is maintaining growth momentum while simultaneously building a strong and sustainable ecosystem within the fiercely competitive DeFi industry.