The Base network, a layer-2 solution built on Ethereum by Coinbase, has achieved a remarkable milestone, setting a new record for decentralised exchange (DEX) trading volume in a single day, surpassing $1 billion.
On March 30, Base recorded $1.21 billion in DEX trading volume, marking a significant 25% increase compared to the previous day’s volume of $959.63 million, as reported by Dune data.
The majority of trading activity took place on Uniswap, which contributed 64.3% of the total volume, followed by Aerodrome Finance at 9.7% and SharkSwap at 7.8%.
Furthermore, daily active users (DAU) also surged by approximately 12.4%, rising from 153,000 to 172,000. Over the past six weeks, there has been an average of 667,765 weekly active users.
Speculation within the crypto community suggests that the growing Base network could potentially emerge as the next focal point for memecoins. Crypto trader Wizard of SoHo likened Base to an “early Solana” and predicted the emergence of “several billion-dollar memecoins on Base” to his followers.
Similarly, Base contributor Jesse Pollak conducted a poll among his followers, inquiring about the timeline for Base to become the “largest non-Ethereum on-chain economy.” Nearly half of the respondents (49.4%) predicted within “3 months,” while 28.6% envisioned it happening “within 12 months.”
Despite these impressive statistics, there are currently no tokens on the Base network with a market capitalization equal to or exceeding $1 billion.
However, notable memecoins on Base, such as Degen (DEGEN) and Brett (BRETT), have achieved significant market caps of $709.9 million and $654.6 million, respectively, according to CoinGecko data.
In a noteworthy development, DEGEN’s market capitalization surged from $143.4 million to its current value within just one week, as reported by Cointelegraph on March 25.
Moreover, Coinbase announced its intention to transfer more of its customer and corporate USD Coin stablecoin accounts to Base on March 27. Max Branzburg, vice president of Coinbase, emphasised that this move would enable the exchange to “manage and secure customer funds with lower fees and faster settlement times.”
It’s important to note that this transition will only impact Coinbase.com accounts, as users of Coinbase Wallet are responsible for managing their own private keys.