Coinbase’s Ethereum layer-2 network, Base, is experiencing explosive growth on decentralized exchanges (DEXs). On March 30th, Base shattered its previous record with a daily trading volume exceeding $1.21 billion, a 25% increase compared to the prior day.
Data from Dune shows a significant rise in trading activity on Base. The volume surpassed $1 billion for the first time, indicating growing interest in the network. Most of the trading occurred on Uniswap (64.3%), followed by Aerodrome Finance (9.7%) and SharkSwap (7.8%).
Base isn’t just attracting more trades, it’s also seeing a rise in users. Daily active users (DAU) jumped by around 12.4%, climbing to 172,000 from 153,000. Over the past six weeks, Base has averaged over 667,000 weekly active users.
Speculation is rife within the crypto community that Base could become a haven for memecoins. Crypto influencer “Wizard of SoHo” compared Base to “early Solana,” predicting the emergence of “several billion-dollar memecoins” on the network.
Base vs. Ethereum
Jesse Pollak, a contributor to Base, conducted a poll among his followers, asking how long it would take Base to become the “largest non-Ethereum on-chain economy.” Nearly half (49.4%) believe it could happen within three months, while another 28.6% predict it will occur within a year.
While no Base tokens currently boast a market capitalization exceeding $1 billion, Degen (DEGEN) and Brett (BRETT) stand out as the biggest contenders, valued at $709.9 million and $654.6 million respectively, according to CoinGecko. Notably, DEGEN’s market cap experienced a remarkable five-fold increase in just one week, surging from $143.4 million on March 25th.
As reported by Cointelegraph on March 27th, Coinbase will begin migrating a portion of its customer and corporate USD Coin (USDC) stablecoin accounts onto Base. This move aims to “manage and secure customer funds with lower fees and faster settlement times,” according to a social media post from Coinbase vice president Max Branzburg. It’s important to note that this change only affects Coinbase.com accounts, not Coinbase Wallet users who manage their own private keys.
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Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.
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