Coinbase’s Layer-2 Network Surges Trading Activity
Base, the Ethereum layer-2 network developed by Coinbase, has achieved a new milestone, recording the highest ever trading volume on a decentralized exchange (DEX) in less than 24 hours. Base’s trading volume increased 25% from the previous day, surpassing $1 billion.
A leading DEX platform based on
The majority of trading activity was focused on UniSwap, which accounted for 64.3% of total trading volume. Other notable platforms contributing to volume include Aerodrome Finance (9.7%) and SharkSwap (7.8%).
Increase in daily active users
The network’s daily active users (DAU) also increased 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 growing interest in the platform.
Potential hub for Memecoin
Speculation is rampant within the cryptocurrency community that Base could emerge as the next major hub for memecoins. A prominent cryptocurrency trader known as the ‘Wizard of SoHo’ likened Base to an ‘early Solana’ and predicted that billions of dollars worth of memecoins would emerge on the network.
Solana is crowded. Memecoins cannot be bought or sold. Memecoins cannot be distributed properly. You can’t include anti-sniping and anti-whaling in a contract, so everything gets sniped.
The bass solves this. And this is the path to the entire Coinbase community.
I’m still very 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 respondents (49.4%) believed Base could become the largest on-chain economy other than Ethereum within three months, while another 28.6% expected it to achieve this milestone within 12 months.
Main Memecoin at 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 capitalizations of $709.9 million and $654.6 million, respectively.
Recent developments and future prospects
Coinbase announced plans to migrate more 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 are not affected as they control their own private keys.
As Base continues to set new records and gain traction within the cryptocurrency community, its potential as a leading platform for Memecoin and beyond remains a topic of high interest.