Base sets record high DEX volume day, surpassing $1B

Ciaran Lyons3 hours agoBase sets record high DEX volume day, surpassing $1BMost 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%.1358 Total views8 Total sharesListen to article 0:00NewsOwn this piece of crypto historyCollect this article as NFTJoin us on social networksCoinbase Ethereum layer-2 network Base has shattered its own trading volume record within a 24-hour period on decentralized exchanges (DEX), jumping up approximately 25% compared to the previous day, surpassing the $1 billion mark.

On March 30, Base recorded $1.21 billion in DEX trading volume, up 25% from the previous day"s $959.63 million, as per Dune data.

Most of the trading activity occurred on UniSwap, accounting for 64.3% of the volume, followed by Aerodrome Finance at 9.7%, and SharkSwap at 7.8%.DEX volume (%) across the exchanges. Source: Dune

The daily active users (DAU) also saw a spike of around 12.4%, climbing from 153,000 to 172,000. Over the past six weeks, there has been an average of 667,765 weekly active users.

There is speculation within the crypto community that the growing network could become the next hub for memecoins. 

Crypto trader "Wizard of SoHo" told his 97,000 X followers that Base reminds him of an "early Solana," predicting that there will be "several billion dollar memecoins on Base."

Meanwhile, Base contributor Jesse Pollak polled his 73,200 followers, asking how long until Base becomes the "largest non-Ethereum on-chain economy." 49.4% responded with "3 months," while another 28.6% predicted "within 12 months."DEX volume ($) base DEX metrics. Source: Dune

At the time of publication, there are currently no tokens on the network with a market capitalization at or above $1 billion.

Degen (DEGEN) and Brett (BRETT) are among the largest Base memecoins, boasting market caps of $709.9 million and $654.6million, respectively, according to CoinGecko.

Only a week prior, on March 25, Cointelegraph noted that DEGEN"s market cap stood at $143.4 million, marking an almost five-fold increase within the span of seven days.

Related:Ethereum Dencun upgrade lowers transaction fees for L2s

On March 27, Cointelegraph reported that Coinbase will start moving more of its customer and corporate USD Coin (USDC) stablecoin accounts to Base.

Coinbase vice president Max Branzburg stated in a post on social media that the move would allow the crypto exchange to “manage and secure customer funds with lower fees and faster settlement times.”

The change will only affect Coinbase.com accounts — not Coinbase Wallet, as those users are responsible for their own private keys.

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