- Coinbase’s Ethereum layer-2 network, Base, has achieved a significant milestone in the number of daily active users on decentralized exchanges (DEX), hitting 270,000 on June 17th.
- This remarkable figure represents a 9% increase compared to the previous day.
- Such an increase underscores Base’s growing popularity and credibility in the decentralized finance space.
Discover how Coinbase’s layer-2 solution, Base, is rapidly becoming a formidable contender in the DEX market and attracting significant trading activity.
Uniswap Dominates Base With 85% User Share
Recent analytics from Dune Analytics indicate that Base-powered decentralized exchanges have outpaced BNB Chain in the number of active users, trailing only behind Solana. This surge is largely driven by the growing trading volume of meme coins on the Base network.
While Solana has long been a hub for meme coin activities, Base is narrowing the gap, emerging as a competitive platform for meme coin projects and speculative trading.
Specifically, Uniswap has cemented its dominance on the Base blockchain, capturing over 85% of users on June 17th. This was followed by PancakeSwap at 3.8%, Aerodrome Finance at 3.2%, and SushiSwap at 2.3% in terms of user activity on that day.
Despite an earlier peak of $1.2 billion in total DEX volume on Base in March, trading volumes have seen a decline. As of June 17th, the daily trading volume stood at just over $298 million, with Uniswap contributing a significant 81.1% of this volume. PancakeSwap and Aerodrome Finance followed, each accounting for 6.6% of the daily volume on the Layer 2 network.
These figures highlight Base’s burgeoning reputation as a magnet for new investment capital.
Base: A Hotspot for Meme Coins?
Even as meme coins have collectively lost some market cap, dragging it below $50 billion due to recent corrections, trading volumes are on the rise. Historically dominated by Solana, this space is seeing a shift with Base gaining traction.
This trend can be attributed to significant growth in Base-based meme coins this year, with notable examples including Degen (DEGEN), All Your Base (AYB), Brett (BRETT), Based Shiba Inu (BSHIB), and Broge (BROGE).
Conclusion
In summary, Coinbase’s Base network is rapidly evolving as a key player in the decentralized finance ecosystem. With a steady increase in user activity, primarily driven by the trading of meme coins, Base is positioning itself as a lucrative platform for both investors and developers alike. As it continues to gain ground on Solana, the network’s future prospects look promising, suggesting further growth and investment potential.
