Coinbase Ethereum layer-2 network Base has broken its previous trading volume record on decentralized exchanges (DEX) within a 24-hour period, surging by approximately 25% and surpassing $1 billion.
According to Dune data, on March 30, Base recorded $1.21 billion in DEX trading volume, a 25% increase from the previous day’s $959.63 million.
The majority of the trading activity took place on Uniswap, accounting for 64.3% of the volume, followed by Aerodrome Finance at 9.7% and SharkSwap at 7.8%.
There has also been a spike in daily active users (DAU), with a 12.4% increase 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 network could become a hub for memecoins. Crypto trader Wizard of SoHo predicts that Base could be the next “early Solana” and sees the potential for “several billion dollar memecoins on Base.”
Base contributor Jesse Pollak conducted a poll among his 73,200 followers, asking how long it would take for Base to become the “largest non-Ethereum on-chain economy.” Of the respondents, 49.4% said within “3 months,” while another 28.6% predicted “within 12 months.”
Currently, there are no tokens on the network with a market capitalization of $1 billion or more. The largest Base memecoins, Degen (DEGEN) and Brett (BRETT), have market caps of $709.9 million and $654.6 million, respectively, according to CoinGecko. This marks a significant increase from DEGEN’s market cap of $143.4 million just a week prior.
Coinbase announced on March 27 that it will be transferring more of its customer and corporate USD Coin (USDC) stablecoin accounts to Base. This move aims to allow the crypto exchange to manage and secure customer funds with lower fees and faster settlement times. However, this change will only impact Coinbase.com accounts and not Coinbase Wallet users, as they are responsible for their own private keys.