Coinbase’s Ethereum layer-2 network, Base, has experienced a significant surge in trading volume on decentralized exchanges (DEX) within just 24 hours, breaking its previous records and exceeding the $1 billion threshold.
Data from Dune highlighted this remarkable increase, showing that on March 30, Base’s DEX trading volume soared to $1.21 billion, a 25% rise from the previous day’s $959.63 million.
The bulk of this trading volume was concentrated on Uniswap, which dominated 64.3% of the activity.
It was followed by contributions from Aerodrome Finance and SharkSwap, which accounted for 9.7% and 7.8% of the volume, respectively.
Additionally, Base’s daily active users (DAU) also witnessed a boost, with a 12.4% jump from 153,000 to 172,000, while the average weekly active users over the past six weeks stood at 667,765.
Amidst this growth, there’s a buzz in the crypto community regarding Base’s potential to emerge as a new focal point for memecoins.
The crypto trader Wizard of SoHo, with a following of 97,000 on X, likened Base to an “early Solana” and foresaw the development of several billion-dollar memecoins on the network.
Similarly, Base contributor Jesse Pollak engaged his 73,200 followers in a discussion about when Base might become the “largest non-Ethereum on-chain economy,” with 49.4% of participants predicting it could happen within 3 months, and another 28.6% within a year.
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Despite the buzz, the network presently lacks tokens with a market capitalization reaching or surpassing $1 billion.
However, memecoins like Degen (DEGEN) and Brett (BRETT) are notable, boasting market caps of $709.9 million and $654.6 million respectively, as per CoinGecko.
Notably, DEGEN’s market cap surged nearly fivefold from $143.4 million to $709.9 million in just seven days.
Furthermore, Coinbase announced plans on March 27 to transition more of its USD Coin stablecoin accounts for both customers and corporate entities to Base.
Max Branzburg, Coinbase’s vice president, emphasized that this move would enable the exchange to offer lower fees and quicker settlement times for managing and securing customer funds.
This adjustment will be applicable only to Coinbase.com accounts, excluding Coinbase Wallet users who manage their own private keys.
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