The Base network, Coinbase’s Ethereum layer-2 solution, has set a new daily trading volume record on decentralized exchanges (DEX), surpassing the $1 billion mark.
This represents a significant 25% increase from the previous day’s volume of $959.63 million, with a total of $1.21 billion recorded on March 30.
Uniswap Leads in Trading Activity
A considerable portion of the trading volume was concentrated on Uniswap, which contributed to 64.3% of the day’s total, making it the most popular platform for traders on Base.
It was followed by Aerodrome Finance and SharkSwap, with 9.7% and 7.8% of the volume, respectively.
Surge in Daily Active Users
The network also witnessed a notable increase in daily active users (DAU), climbing by 12.4% to reach 172,000 from 153,000 the previous day.
This growth in user activity underscores the rising interest and engagement within the Base ecosystem.
Potential as a Memecoin Hub
The crypto community is buzzing with speculation about Base’s potential to become a leading platform for memecoins.
Comparisons to “an early Solana” have been made, with predictions of several billion-dollar memecoins emerging on the Base network.
This sentiment is supported by significant figures within the community, including crypto trader Wizard of SoHo, who voiced his expectations to his followers on X.
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
Community Expectations for Base’s Growth
A poll conducted by Base contributor Jesse Pollak revealed optimistic forecasts regarding the network’s future, with nearly half of the respondents anticipating that Base could become the largest non-Ethereum on-chain economy within three 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
Rapid Growth of Base Memecoins
Despite no tokens currently reaching a $1 billion market cap on the network, memecoins like Degen (DEGEN) and Brett (BRETT) have shown impressive growth, boasting market caps of $709.9 million and $654.6 million, respectively.
DEGEN, in particular, saw its market cap increase nearly five-fold in just a week, highlighting the dynamic nature of the Base ecosystem.
Coinbase’s Move to Base
Coinbase’s decision to transition more of its customer and corporate USD Coin stablecoin accounts to Base is anticipated to enhance the management and security of customer funds, benefiting from lower fees and faster settlement times.
This change will initially apply to Coinbase.com accounts, with Coinbase Wallet users unaffected due to their control over private keys.
As the Base network continues to evolve, its recent achievements and growing interest from the crypto community signal a promising future for its ecosystem and the broader adoption of layer-2 solutions.
