Coinbase's Layer-2 Base Network, an Ethereum scaling solution, achieved record-breaking trading volume on decentralized exchanges (DEX) within 24 hours, surpassing $1 billion. Uniswap dominated activity with a 64.3% share, while daily active users increased by 12.4%. The surge coincides with growing popularity for memecoins on Base, such as DEGEN and BRETT, which currently lead in market capitalization despite none exceeding $1 billion.
Coinbase's Layer-2 Base Network Surges, Records Unprecedented DEX Volume of $1 Billion
Coinbase's innovative Ethereum Layer-2 network, Base, has achieved a remarkable milestone, surpassing $1 billion in trading volume on decentralized exchanges (DEXs) within a 24-hour period. On March 30th, Base reported an astounding trading volume of $1.21 billion, representing an impressive 25% increase compared to the previous day's volume of $959.63 million.
This surge in trading activity was primarily driven by Uniswap, which accounted for a substantial 64.3% of the total volume. Other notable contributors included Aerodrome Finance, responsible for 9.7% of the volume, and SharkSwap, with a 7.8% share.
Concurrently with the surge in trading volume, Base experienced a significant increase in daily active users (DAU). The number of DAU climbed by approximately 12.4%, from 153,000 to 172,000, indicating a growing user base engaging with the platform.
The enhanced activity on Base coincides with a surge in popularity of memecoins being traded on the Layer-2 network. Jesse Pollak, a contributor to Base, shared compelling data on Base's X showing a marked rise in transaction count and active addresses, further highlighting the crescente user engagement and adoption.
At present, there are no Base network tokens with a market capitalization exceeding $1 billion. However, memecoins such as Degen (DEGEN) and Brett (BRETT) have emerged as leaders, boasting market caps of $589 million and $596 million, respectively. Notably, DEGEN has experienced an impressive near-doubling of its value in just one week following the launch of its own Layer-3 chain.
Base's Layer-2 network has gained significant traction due to its ability to enhance Ethereum's scalability and transaction throughput while maintaining the security and reliability of the underlying blockchain. This has made Base an attractive platform for decentralized finance (DeFi) applications, particularly for traders and users seeking faster and more affordable transactions.
As Base continues to gain momentum, it remains to be seen how the platform will evolve in the future. One possibility is the introduction of a native token, similar to other Layer-2 solutions, which could further incentivize users and developers to engage with the network. Regardless of its future trajectory, the recent surge in trading volume and user activity on Base serves as a testament to the growing demand for scalable and efficient blockchain solutions.
