Base L2 Solution Sets New Record in DEX Volume, Hits $2.9B Milestone

Base, Coinbase's Layer-2 (L2) blockchain solution, has reached new heights, setting an all-time high daily decentralized exchange (DEX) trading volume near $3 billion.

Coinbase’s Layer-2 (L2) blockchain, Base, has hit a new all-time high in daily decentralized exchange (DEX) trading volume, reaching nearly $3 billion.

This milestone showcases Base’s growing prominence in the L2 space and its role in scaling on-chain transactions for Coinbase users.

Base Hits New Highs in DEX Volume

According to blockchain analyst Dan Smith, Base L2 achieved a record-breaking volume of $2.9 billion, including $1.3 billion in ETH-USD trading volume, which also hit an all-time high. Other trading pairs, like ETH-cbBTC and BTC-USD, came close to breaking their own records.

This $2.9 billion in DEX volume highlights Base’s increasing appeal among traders, especially in ETH-USD pairs, which benefited from recent price volatility. Another blockchain enthusiast, Alexander, pointed out that this milestone marks the first time Base nearly hit $3 billion in daily volume, highlighting the development as a testament to L2’s growing adoption.

AerodromeFi, a liquidity-focused decentralized protocol on Base, also hit an all-time high of $1.68 billion in volume, further adding to the ecosystem's momentum.

“This is the first time Base nearly passed $3 billion and AerodromeFi set a new ATH of $1.68 billion in volume,” commented Alexander.

Interestingly, Base’s success comes despite operating without a native token. Coinbase has explicitly stated that it will not be launching a token for Base, prioritizing ecosystem growth and user adoption instead. This approach has likely played a role in its traction by focusing on utility and reducing speculative risks that could deter long-term users.

“There are no plans for a Base network token. We are focused on building, and we want to solve real problems that let you build better,” Base lead developer Jesse Pollak stated recently.

Consistent Growth in Transactions and TVL

This recent achievement follows earlier milestones for Base, including reaching one billion transactions two months ago and surpassing six million daily transactions in October. More recently, the network outpaced Ethereum in user growth amid growing crypto markets.

Furthermore, Base’s Total Value Locked (TVL) has seen consistent growth, indicating increasing user participation, asset inflows, and liquidity within its ecosystem. A rising TVL signals greater confidence in the platform, fostering a stronger and more sustainable DeFi environment.

Despite its impressive growth, Base has also faced some criticism. The network was accused of copying aspects of an NFT project, leading to discussions on originality and intellectual property. While this controversy did not deter adoption, it does highlight the challenges of rapid innovation in the competitive blockchain space.

Base’s trajectory positions it as a serious contender in the L2 arena, competing with established players like Arbitrum (ARB) and Optimism (OP). Its focus on utility, combined with rising user participation and liquidity, paints a promising picture for its future.