- Base, the Ethereum layer-2 scaling network incubated by Coinbase, hit a daily record of $1.22 billion worth of trading volume at decentralized exchanges (DEXs) on Saturday due to a surge in trading of meme coins like DEGEN and BRETT.
- The network set a record for unique daily wallets interacting with a DEX on Saturday with 172,000, and nearly matched that total again on Sunday.
- While Base DEX volume has dropped into the new week, it is still holding significantly higher than previous months, with about $965 million on Sunday and already $847 million so far on Monday.
Decentralized finance on Ethereum layer-2 scaling network Base is booming, driven largely by a frenzy around meme coins. Trading volume and user growth have hit new highs in recent days.
JUST IN: Here are the top 5 @base cryptos over the last week
— BlockNews.com (@blocknewsdotcom) April 1, 2024
• DeFido (@defidotoken) $DEFIDO: +308%
• Degen (@degentokenbase) $DEGEN: +214%
• Krav (@kravtrade) $KRAV: +197%
•Baso Finance $BASO: +151%
• Sonne Finance (@SonneFinance) $SONNE: +118% pic.twitter.com/xRSaAeXYWx
Base Sees Record DEX Volume
Base hit a daily record of $122 billion in decentralized exchange (DEX) trading volume on Saturday, according to public blockchain data. The vast majority of volume is on Uniswap, which accounted for $114 billion that day.
In total, Base saw nearly 239 million transactions on Friday, an all-time daily high. While volume has dropped from the weekend peak, it remains significantly elevated with nearly $1 billion on Monday so far.
Meme Coins Drive User Growth
Cheap meme coins like DEGEN and BRETT have drawn droves of new users to Base. The network saw 172,000 unique wallets interact with a DEX on Saturday. Meme coins are migrating from other networks, with HarryPotterObamaSonic10Inu launching a Base version.
Many traders believe Base could match the meme coin mania seen on Solana. For months, Dogwifhat, Bonk, and other coins have fueled massive volumes on Solana DEXs. Base could become the next hotspot.
Conclusion
With surging volume and users, Base appears primed to become the go-to hub for meme coins on Ethereum. The network’s capacity for cheap, fast transactions is an ideal environment during this frenzied phase. Base may capture the meme coin mania for the remainder of this cycle.
