Coinbase Ethereum layer-2 network Base has achieved a remarkable milestone, breaking its trading volume record on decentralized exchanges (DEX) within a 24-hour period, surging by approximately 25% compared to the previous day and crossing the $1 billion threshold.
On March 30, Base reported $1.21 billion in DEX trading volume, marking a 25% increase from the previous day’s $959.63 million, as per data from Dune.
The majority of trading activity took place on Uniswap, constituting 64.3% of the volume, followed by Aerodrome Finance at 9.7% and SharkSwap at 7.8%.
Daily active users (DAU) also witnessed a significant rise of around 12.4%, climbing from 153,000 to 172,000. Over the past six weeks, the network has maintained an average of 667,765 weekly active users.
Speculation within the crypto community suggests that the burgeoning network could emerge as the next hub for memecoins.
Crypto trader Wizard of SoHo, addressing his 97,000 followers, likened Base to an “early Solana,” foreseeing the emergence of “several billion dollar memecoins on Base.”
Solana is congested. You can’t buy and sell memecoins. Cant even deploy memecoins properly. Everything gets sniped cuz you can’t build anti sniped and anti whale into the contracts ….
Base fixes this. And it’s the path to Coinbase entire community.
I am still super long…
— Wizard Of SoHo (🍷,🍷) (@wizardofsoho) March 20, 2024
Meanwhile, Base contributor Jesse Pollak conducted a poll among his 73,200 followers, inquiring about the timeframe for Base to become the “largest non-Ethereum on-chain economy.” Of the respondents, 49.4% predicted “3 months,” while 28.6% anticipated “within 12 months.”
curious for sentiment: how long until @base is the largest non-ethereum onchain economy by total value locked in protocols and daily DEX volume?
— Jesse Pollak (jesse.xyz) 🛡️ (@jessepollak) March 26, 2024
At present, there are no tokens on the network with a market capitalization equal to or exceeding $1 billion.
Notable Base memecoins include Degen (DEGEN) and Brett (BRETT), boasting market caps of $709.9 million and $654.6 million, respectively, according to CoinGecko.
On March 27, it was reported that Coinbase would begin migrating more of its customer and corporate USDC stablecoin accounts to Base.
Coinbase vice president Max Branzburg highlighted in a social media post that the move would enable the crypto exchange to “manage and secure customer funds with lower fees and faster settlement times.”
This transition will exclusively affect Coinbase.com accounts, as users of Coinbase Wallet are responsible for their private keys.
