- Base, the Ethereum layer 2 network by Coinbase, has made a breaking milestone, surpassing $1 billion in trading volume within 24 hours.
- Analysts likened Base to an early-stage Solana, foreseeing the emergence of several billion-dollar meme coins on the network.
Base’s Record-Breaking Trading Volume
Coinbase’s Ethereum layer 2 network, Base, has surpassed $1 billion in trading volume on decentralized exchanges (DEX) in 24 hours.
On March 30, 2024, Base’s trading volume was pegged at $1.21 billion, marking a 25% increase over its previous volume of $959.63M.
Notably, much of the trading activity happened on Uniswap, accounting for 64.3% of the total trading volume. And then Aerodrome Finance follows with 9.7% and SharkSwap with 7.8%.
Interestingly, besides its upward trading volume trajectory, Base has also witnessed a rise in daily active users.
Its daily active users had a bounce of roughly 12.4%, standing at 172,000 from its previous mark of 153,000. Impressively, over the past six weeks, Base has registered an average of 667,765 weekly active users.
Market watchers believe that Base could become the next hub for meme coins. They see Base as an early Solana (SOL) predicting a few billion-dollar meme coins on Base.
Curious for sentiment: How long until Base is the largest non-Ethereum onchain economy by total value locked in protocols and daily DEX volume?
Base Contributor Jesse Pollak polled on Social Media X.
Of the X respondents, 49.4% responded with three months, while another 28.6% responded with 12 months.
The news comes shortly after Base hit another significant milestone. Its total value locked (TVL) had already surpassed the $1 billion mark, according to DefiLlama data.
No Tokens on Base Network
Surprisingly, there are no tokens on Base, and the market capitalization is slightly over $1 billion.
Brett (BRETT) and Degen (DEGEN) are among the largest Base memecoins, with a $709.9 million and $654.6 million market cap, respectively.
On March 25, 2024, DEGEN’s market capitalization was nearing $144 million. This is an astonishing fivefold increase in just seven days.
The news comes in the wake of Coinbase announcing that it will start moving more of its corporate and customer USD Coin (USDC) accounts to Base.
Notably, Coinbase VP Max Branzburg backed the move, reiterating that it would allow the exchange to manage and secure customers’ funds.
More importantly, it would ensure lower fees and faster settlement times. The move will not impact the Coinbase wallet but may affect Coinbase accounts.
As such, these users are responsible for their private keys. With this move, Coinbase has showcased its commitment to improving services.
More importantly, promoting USD Coin (USDC) usage to garner a seamless user experience.
What Does This Mean for Decentralized Exchange (DEX)?
The staggering growth registered by Base, marked by its surge in trading volume, signals a promising future for DEX.
With an overly positive response from the crypto community, Base continues to attract attention and speculations.
This may set the center stage for the next wave of innovation in the crypto sphere.
Market watchers are closely monitoring how the situation continues to unfold.
Do you think Base has the potential to become the largest non-Ethereum on-chain economy?
Sam Farao
Sam is our pioneering figure in affiliate marketing and the blockchain space (prior to co-founding Coinweb.com). His ventures, including Netpixel Media and Captana, have set new benchmarks in the affiliate marketing industry, leading to a notable acquisition by Speqta AB for 31.5 million Norwegian kroner ($3.8 million USD). Farao's foray into blockchain technology is marked by the Lightbulb Man project, a blockchain-based art collection featuring NFTs, which sold out in one day! This highlights his role in merging the worlds...
