Base DeFi TVL 2M ETH (~$3.8B), #1 L2 on Defillama.

> ETH-denominated chart strips out price inflation. ~0.1M ETH (Aug '23) → ~1.0M ETH (Jan '25) → ~2.0M ETH (Feb '26). Real capital doubling each year.

> 2M ETH with no native token yet. If $BASE launches and this TVL re-rates, or if it was all token anticipation and unwinds?