Base Layer-2 Network Reaches Highest Single-Day Stablecoin Transaction Volume, Outperforming Ethereum and Tron

As data from analytics firm Artemis shows, on October 26, Base, a Layer-2 network developed by Coinbase, reached the highest single-day stablecoin transaction volume among blockchain networks.

Layer-2 blockchain network Base, developed by major cryptocurrency exchange Coinbase, has achieved the highest single-day stablecoin transaction volume among blockchain networks for the first time, according to data from analytics firm Artemis.

This achievement marks a significant milestone for Base, outperforming major competitors like Ethereum, Tron, and Solana for a day.

On October 26, Base processed over 18.1 billion in stablecoin transaction volume (99.9% was in USDC), accounting for over 30% of all stablecoin transaction volume that day.

To put this into perspective, Base outperformed Ethereum, Tron, and Solana combined in terms of stablecoin transaction volume on October 26.

The largest portion of these transactions involved Circle’s USDC, which was responsible for $37.3 billion or over 62% of the day’s activity. Tether’s USDT contributed nearly 18 billion (30%), while MakerDAO’s DAI was third with 4.5 billion, representing 7.4%.

For cumulative stablecoin volume this year, Solana leads the way with 8.6 trillion, followed by Ethereum’s 6.1 trillion. However, October’s volume tells a different story, with Base coming out slightly ahead at 361 billion, just above Solana’s 357 billion.

"Stablecoins are a critical tool for expanding financial freedom,” said Johnny_TVL on X, Head of DeFi at Base.

"We’re excited to see Base play a role in facilitating stablecoin-based innovation and product adoption.”Solana Nets ATH In Daily Transaction Fees

In related news, Solana also set a new record in transaction fees last week, surpassing $1 million, according to data from Blockworks Research.

This figure, called “real economic value” (REV), reflects transaction fees alongside tips provided to validators.

Solana has led the DeFi space in daily trading volumes for nearly two weeks, with its decentralised exchanges processing over 2.6 billion in trades on October 24 alone, according to data from DefiLlama.

This surge can be attributed to growing interest in AI-driven memecoins, a trend largely driven by AI agent Truth Terminal, which spurred the creation of the memecoin Goatseus Maximus (GOAT).

GOAT’s market cap has now surged to 650 million, with nearly 450 million transacted in a day. Last week, a whale spent over 2.41 million on the meme coin, causing it to spike over 60% almost immediately.

The launchpad Pump.fun played a key role in this activity, setting a new record with 36,339 tokens launched on October 24—84% of all new tokens issued on Solana that day. These tokens also led in weekly trading volume, moving 8.7 billion.

Despite the bear market, Solana had a strong showing in new token launches in 2024, capturing over 87% of all new tokens launched on Solana this year.

Pump.fun also achieved success, generating over 1 million SOL in revenue within nine months of its debut, adding to Solana’s strong performance in the DeFi sector.