Coinbase's Ethereum Network Base Hits Record $1.21B Trading Volume in a Day
Summary:
Coinbase's Ethereum layer-2 network, Base, has set a new record for trading volume on decentralized exchanges (DEX), recording $1.21 billion in a single day. The increase in trading volume, up 25% from the previous day, is accompanied by a 12.4% surge in daily active users. Uniswap was the leading platform for this trading activity. There are speculations about the network becoming a hub for memecoins, with no tokens currently having a market capitalization of $1 billion or more on Base. Lastly, Coinbase plans to shift more of its USDC stablecoin accounts to Base to manage customer funds more effectively.
Ethereum's layer-2 network Base, managed by Coinbase, has broken its own record for trading volume in decentralized exchanges (DEX) within a single day. The trading volume leaped about 25% higher than the previous day, exceeding the $1 billion threshold. On March 30, Base posted a DEX trading volume of $1.21 billion, a notable rise from the preceding day's $959.63 million, according to data from Dune. Uniswap was the leading platform for trading activity, accounting for 64.3% of the volume. It was followed by Aerodrome Finance, contributing 9.7%, and SharkSwap, responsible for 7.8%. A surge in daily active users also occurred, with a hike of roughly 12.4%, ascending from 153,000 to 172,000, with the last six weeks seeing an average of 667,765 weekly active users. The ongoing expansion of the network has triggered conjecture in the crypto sphere about Base's potential alignment to memecoins. A crypto trader known as "Wizard of SoHo" has likened Base to a budding Solana, forecasting a future hosting several billion-dollar memecoins. Meanwhile, Base participant Jesse Pollak conducted a Twitter poll, questioning his audience about when Base will become the "biggest non-Ethereum on-chain economy." Almost half, 49.4%, said "3 months," and a further 28.6% estimate it will happen within the year. At present, no tokens have a market capitalization of $1 billion or more on the network. The largest Base memecoins at the moment are Degen (DEGEN) and Brett (BRETT), with market caps at $709.9 million and $654.6 million, respectively. These numbers reflect a significant increase for DEGEN, which stood at a market cap of $143.4 million just a week ago. In related news, it was reported on March 27 that Coinbase plans to shift an increasing number of its client and corporate USD Coin (USDC) stablecoin accounts to Base. The company's Vice-President, Max Branzburg, commented that this move will enable the crypto exchange to handle and secure clients' funds more effectively, with reduced fees and swift settlement times. The shift will only have an impact on Coinbase.com accounts, and not affect Coinbase Wallet, as users manage their own private keys.
Published At
3/31/2024 8:30:17 AM
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