In the fast-paced world of decentralized finance (DeFi), keeping an eye on total value locked (TVL) can give you a real sense of a project's momentum. Recently, Token Terminal, a go-to platform for crypto fundamentals, shared an intriguing perspective on Spiko Finance via a tweet. They pointed out that while Spiko's presence on Base is still relatively small compared to heavyweights like Arbitrum, Polygon, and Ethereum, its growth trajectory is shooting straight up—think vertical ascent.

For those new to the term, TVL refers to the total amount of assets locked in a protocol, essentially indicating how much trust and capital users are committing to it. Spiko Finance, a Paris-based fintech innovating in tokenized money market funds, allows users to access risk-free rates backed by European Treasury Bills (T-Bills). It's a bridge between traditional finance and blockchain, offering self-custody of tokenized shares on chains like Arbitrum One, Polygon, Ethereum, and Base. This setup is particularly appealing for blockchain enthusiasts looking for stable yields without leaving the crypto ecosystem.

The chart shared in the tweet breaks down Spiko's TVL across these chains from October 2024 to July 2025. Here's a quick breakdown:

• Arbitrum One (white line)​: Starts strong around $100 million and climbs steadily to over $300 million, showing consistent dominance.
• Polygon (blue line)​: Begins lower but ramps up to about $200 million, reflecting solid growth.
• Ethereum (yellow line)​: Remains relatively flat for much of the period, with a slight uptick toward the end, hovering under $50 million.
• Base (purple line)​: Kicks off near zero but experiences a sharp, vertical spike in recent months, approaching $50 million.

This visual tells a story of established chains holding the fort while Base, a newer Layer 2 solution built on Optimism tech, is catching fire. Token Terminal's take? "It's all about perspective." Even if Base's TVL is smaller now, that steep upward curve suggests explosive potential—perfect for early adopters in the meme token and DeFi space who thrive on spotting emerging trends.

Spiko isn't your typical meme token; it's more of a real-world asset (RWA) play, tokenizing secure government-backed instruments to bring stability to volatile crypto markets. But for meme token creators and holders, protocols like Spiko offer a way to park gains in low-risk yields, enhancing overall portfolio strategies. With recent partnerships, like the one with Concordium, and a $22 million funding round led by Index Ventures, Spiko is positioning itself as a key player in democratizing access to high-quality financial products on-chain.

If you're diving into meme tokens or broader blockchain tech, keeping tabs on TVL shifts like this can help you anticipate where the next big opportunities might lie. Head over to Token Terminal's dashboard for more granular data and see how Spiko's multi-chain strategy evolves. What's your take on Base's rise—could it overtake the others soon?