Coinbase’s Layer-2 Network Sees Surge in Trading Activity
Base, the Ethereum layer-2 network developed by Coinbase, has achieved a new milestone by recording its highest-ever trading volume on decentralized exchanges (DEX) within a 24-hour period. Surpassing the $1 billion mark, Base witnessed a significant 25% increase in trading volume compared to the previous day.
Leading DEX Platforms on Base
The bulk of the trading activity was concentrated on UniSwap, which accounted for 64.3% of the total volume. Other notable platforms contributing to the volume include Aerodrome Finance with 9.7% and SharkSwap with 7.8%.
Growth in Daily Active Users
The network also experienced a surge in daily active users (DAU), which climbed by 12.4% from 153,000 to 172,000. Over the past six weeks, Base has maintained an average of 667,765 weekly active users, indicating a growing interest in the platform.
Potential Hub for Memecoins
Speculation is rife within the crypto community that Base could emerge as the next major hub for memecoins. A prominent crypto trader, known as “Wizard of SoHo,” likened Base to an “early Solana” and anticipated the rise of several billion-dollar memecoins on the network.
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
A poll conducted by Base contributor Jesse Pollak revealed optimistic predictions about the network’s future. Nearly half of the respondents (49.4%) believe that Base could become the largest non-Ethereum on-chain economy within three months, while another 28.6% expect it to achieve this milestone within 12 months.
Leading Memecoins on Base
Currently, there are no tokens on the Base network with a market capitalization exceeding $1 billion. However, Degen (DEGEN) and Brett (BRETT) are among the largest memecoins on the platform, with market caps of $709.9 million and $654.6 million, respectively.
Recent Developments and Future Prospects
Coinbase has announced plans to move more of its customer and corporate USD Coin (USDC) stablecoin accounts to Base. This move is expected to reduce fees and speed up settlement times for Coinbase.com accounts. However, Coinbase Wallet users will not be affected, as they manage their own private keys.
As Base continues to set new records and attract attention within the crypto community, its potential as a leading platform for memecoins and beyond remains a topic of keen interest.
