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Coinbase’s Layer 2 network, Base, is experiencing a meteoric rise in Decentralized Exchange (DEX) activity. With a staggering 53% surge in DEX users within the last 24 hours, Base boasts a record 267,000 active users, eclipsing Binance Chain’s 154,000. This explosive growth positions Base as the potential runner-up in the DEX user race for the month.
Uniswap reigns supreme on Base, contributing a whopping 64% of its DEX trading volume. But Base’s reach extends beyond a single platform. Over the past week, the network captured a significant 20% market share of total DEX users, recording a daily active user (DAU) count of 1.3 million.
Adding fuel to the fire, Base has become a breeding ground for memecoins. Over 650,000 memecoin tokens have been birthed on the network in 2024 alone, with heavyweights like Brett (BRETT) and TOSHI boasting market caps of $1.21 billion and $115 million respectively (according to CoinGecko). Degen (DEGEN) and Normie (NORMIE) are just a few other memecoins enjoying high trading activity on Base. Since its launch, the network has facilitated a staggering 338 million transactions, highlighting its growing importance in the crypto space.
Dark Side of the Boom: Scammers Target Base’s Memecoin Craze
While Base basks in its surge of popularity, particularly among memecoins, a shadow lurks. Scammers have taken advantage of this trend, with Dune Analytics reporting a troubling $2.3 million stolen in May alone. This highlights the risks associated with the often-unregulated world of memecoins.
Despite this, Base, launched by Coinbase in August 2023, remains a centralized platform. Coinbase currently acts as the sole sequencer, controlling the network’s operations. However, the company has pledged a gradual transition towards decentralization, aiming to empower users over time.
Meanwhile, the battle for DEX dominance continues. Solana maintains its reign as the go-to chain for new DEX users, attracting a whopping 48% in the past week. Ethereum, the veteran player, struggles to keep pace, capturing only a meager 6% of new users. Solana further cements its position with a staggering $3.35 billion in DEX trading volume over the past seven days.
Base Vaults $7 Billion in Locked Assets, Surging as Second-Largest Layer 2 Network
Base continues its impressive climb, locking down a staggering $7 billion in total value locked (TVL) on its protocol in June. This achievement propels it to the position of the second-largest Layer 2 platform, hot on the heels of the leading contender, Arbitrum One (data courtesy of L2BEAT).
This surge in TVL coincides with the explosive growth of Base’s DEX users. It seems investors are brimming with anticipation for Coinbase’s upcoming smart wallet – a browser-based on-chain solution designed to streamline user experience by eliminating account abstraction complexities. This innovative wallet is currently undergoing testing on the testnet, further fueling investor excitement for Base’s future.
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