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Coinbase’s Layer 2 protocol Base has experienced a significant surge in decentralized finance (DeFi) activities. This resulted in a new milestone, surpassing $1 billion in volume for decentralized exchanges (DEX).
Remarkably, it continues an impressive run that has seen the network cement its status as a foremost Layer 2 chain.
Base DEX Volume Breaks $1 Billion
Data from Dune Analytics shows that Base’s DEX volume surged to $1.2 billion on March 30. This marks a substantial 25% increase from the previous day’s total volume of $959.63 million.
The dominance of Uniswap on Base’s DEX is evident. The DeFi protocol controls more than 64% of the total volume, with Aerodrome Finance trailing at 9.7%. Notable contenders in the network include SharkSwap, BaseSwap, SushiSwap, and PancakeSwap.
This surge in trading activity coincides with a notable rise in daily active users (DAU) on Base, exceeding 200,000 users, nearly half of which stemmed from Uniswap. Observers attribute this heightened activity to the meme coin frenzy, which has spiked network fees despite the recent Dencun upgrade.
Read more: 7 Best Base Chain Meme Coins to Watch in 2024
Furthermore, the total value of assets locked on Base has soared to over $3 billion, marking a 200% surge over the past month. Blockchain analytical firm Token Terminal highlighted the exponential growth of stablecoin balances on the protocol, nearing $1 billion worth of USDC.
Base’s core contributor Jesse Pollak acknowledged that “demand is outpacing” the project while reflecting on these remarkable milestones. He refuted claims that the network required users to complete a know-your-customers (KYC) process before off-ramping from the platform.
Read more: Coinbase Review 2024: The Best Crypto Exchange for Beginners?
Pollak further emphasized that Base was committed to openness and permissionless operation, stating that decentralization is pivotal in fostering an open, global, on-chain economy, promoting innovation, creativity, and freedom.
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