Uniswap accounted for 64.3% of the trading volume, the majority of which was concentrated on the platform. In less than a day, trade volume on decentralized exchanges (DEX) on Coinbase's Ethereum layer-2 network, Base, significantly increased, smashing previous records and crossing the $1 billion mark.
Dune data demonstrated this astounding surge, demonstrating that Base's DEX trade volume surged to $1.21 billion on March 30, a 25% increase from $959.63 million the day before.
With 64.3% of the activity, Uniswap accounted for the majority of this trading volume.
Aerodrome Finance and SharkSwap, with 9.7% and 7.8% of the volume, respectively, were the next two contributors.
The base also saw an increase in daily active users (DAU), rising 12.4% from 153,000 to 172,000, and an average of 667,765 weekly active users during the previous six weeks.
The cryptocurrency world is talking about Base's potential to become the new hub for memecoins in the middle of this boom.
With 97,000 followers on X, cryptocurrency dealer Wizard of SoHo compared Base to a "pre-Solana" and predicted the emergence of many billion-dollar memecoins on the platform. Similar to this, Base contributor Jesse Pollak polled his 73,200 followers on when they thought Base would grow to be the "largest non-Ethereum on-chain economy."
Of those, 49.4% thought it would happen in three months, while another 28.6% thought it would happen in a year.
As exciting as this is, there are currently no tokens on the network that have a market valuation of $1 billion or more.
On the other hand, according to CoinGecko, some significant memecoins are Degen (DEGEN) and Brett (BRETT), with a market capitalization of $709.9 million and $654.6 million, respectively.
Notably, in just seven days, DEGEN's market capitalization increased by over five times, from $143.4 million to $709.9 million.
Additionally, Coinbase declared on March 27 that it would be moving a larger number of its USD Coin stablecoin accounts—those of consumers and business entities—to Base.
Vice president of Coinbase Max Branzburg underlined that by making this change, the exchange will be able to manage and secure user cash more quickly and with reduced fees.
April 2024, Cryptoniteuae