The Coinbase Ethereum layer-2 network, Base, has recently set a new precedent in the world of decentralized exchanges (DEX) by breaking its previous trading volume record. In an astonishing 24-hour period, Base surged past the $1 billion threshold, marking a significant milestone in its trading activity.
Record-Breaking Trading Volume
On March 30th, Base reached a new high in DEX trading volume, recording $1.21 billion, which represents a 25% increase from the previous day’s $959.63 million. This surge in trading volume primarily occurred on Uniswap, which dominated the activity with a staggering 64.3% share. Following Uniswap, Aerodrome Finance and SharkSwap contributed 9.7% and 7.8% to the volume, respectively. Additionally, the platform witnessed a 12.4% rise in daily active users, jumping from 153,000 to 172,000, while maintaining an average of 667,765 weekly active users over the past six weeks.
The Rising Popularity of Base
The increasing volume and user activity on Base have sparked discussions within the crypto community, with some speculating that it could become the next major hub for memecoins. Notable crypto trader, the Wizard of SoHo, likened Base’s potential to the early days of Solana, predicting the emergence of several billion-dollar memecoins on the network. In a similar vein, Base contributor Jesse Pollak engaged his followers in a poll about Base’s potential to become the “largest non-Ethereum on-chain economy,” with a significant number of respondents optimistic about its growth within the next 12 months.
Despite these predictions, currently, there are no tokens on the Base network with a market capitalization exceeding $1 billion. However, memecoins such as Degen (DEGEN) and Brett (BRETT) are among the largest on Base, boasting market caps of $709.9 million and $654.6 million, respectively.
Coinbase’s Strategic Move
Coinbase has announced its intention to transition more of its customer and corporate USD Coin (USDC) stablecoin accounts to Base. This decision aims to leverage Base’s efficiency for managing and securing customer funds with reduced fees and faster settlement times. However, it’s worth noting that this change will only affect Coinbase.com accounts, not Coinbase Wallet users, who manage their private keys independently.
The remarkable growth of Base, underscored by its record trading volume and the enthusiastic response from the crypto community, signals a promising future for decentralized exchanges. As Base continues to attract attention and speculation, it may very well set the stage for the next wave of innovation in the cryptocurrency space.
