The Base platform, supported by Coinbase and known for its Layer 2 technology, has seen a significant surge in activity, transforming the landscape of decentralized exchanges (DEX). In a remarkable development, the number of active DEX users on Base has spiked by 53% in the past 24 hours, setting a new record of 267,000 users. This growth has propelled Base ahead of Binance Chain, which currently has 154,000 active DEX users, according to data from Dune Analytics.
The surge in Base’s activity can largely be attributed to the dominance of Uniswap, accounting for 64% of the network’s transaction volume. This dominance has solidified Base as one of the most active DEX networks this month.
Moreover, Base witnessed an impressive 1.3 million daily active users last week, capturing a 20% market share among all DEXs. This surge in activity coincides with the recent craze surrounding memecoins, with over 650,000 tokens created on the Base network in 2024 alone, as reported by Dune Analytics. Notable memecoins like Brett (BRETT) and Toshi (TOSHI) have emerged with market caps of $1.21 billion and $115 million, respectively, according to CoinGecko.
In addition to Brett and Toshi, memecoins like Degen (DEGEN) and Normie (NORMIE) have also seen significant trading activity on the platform. Since its inception, Base has processed over 338 million transactions.
From a financial standpoint, June marked a milestone for Base, with the platform reaching a total locked value (TVL) of $7 billion in its protocol. This achievement places Base as the second-largest Layer 2 platform, trailing only Arbitrum One, as per L2BEAT data.
Meanwhile, the industry is closely monitoring Coinbase’s latest venture – a browser-based on-chain smart wallet aimed at simplifying the account management process and reducing friction. This smart wallet is currently undergoing testing on the testnet.
Disclaimer: The opinions expressed in this article are for informational purposes only and should not be considered as financial or investment advice. Investing in cryptocurrencies carries inherent risks of financial loss.
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