Coinbase’s Ethereum layer-2 network, Base, has made history by recording its highest-ever trading volume on decentralized exchanges (DEX) within a 24-hour period, exceeding $1 billion. This remarkable surge represents a significant 25% increase compared to the previous day’s trading activity, reaching $1.21 billion on March 30, according to data from Dune.
Base’s Record
The majority of this trading frenzy unfolded on Uniswap, claiming 64.3% of the total volume, followed by Aerodrome Finance at 9.7%, and SharkSwap at 7.8%. Alongside the surge in trading volume, there was a notable uptick in daily active users (DAU), which spiked by approximately 12.4%, soaring from 153,000 to 172,000. Over the past six weeks, there has been an average of 667,765 weekly active users.
Speculation is rife within the crypto community regarding Base’s potential to emerge as the next hub for memecoins. Notable crypto trader Wizard of SoHo likened Base to an “early Solana,” envisioning the emergence of “several billion dollar memecoins on Base.” Similarly, Base contributor Jesse Pollak conducted a poll among his followers, with 49.4% predicting Base to become the “largest non-Ethereum on-chain economy” within three months, and 28.6% within 12 months.
Despite the bullish sentiment surrounding Base, no tokens on the network currently boast a market capitalization at or above $1 billion. Notable memecoins on Base include Degen (DEGEN) and Brett (BRETT), with market caps of $709.9 million and $654.6 million, respectively, as per CoinGecko data. This surge in memecoin market capitalization is exemplified by DEGEN’s market cap, which soared from $143.4 million to $709.9 million in just one week, as noted by Cointelegraph.
Coinbase’s decision to migrate more USD Coin (USDC) stablecoin accounts to Base further underscores the platform’s growing significance. This move, announced by Coinbase vice president Max Branzburg, aims to enhance fund management and security while reducing fees and accelerating settlement times, albeit affecting only Coinbase.com accounts and not Coinbase Wallet users.
