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Base network hits new trading volume milestone

TL;DR

  • Coinbase’s Ethereum-based layer-2 network Base has hit a new trading volume milestone of over $1 billion.
  • Potential for growth in the memecoin market.

Coinbase’s layer-2 network on Ethereum Base has achieved remarkable success in its trading volume. According to data from Dune, the network saw its trading volume register a massive rise of $1 billion, 25% more than the previous day. The data shows that the network registered a massive $1.21 billion in trading volume on March 30, slightly up from the previous day’s $959 million.

Base achieves new significant milestone

Most of the activities were carried out on Uniswap, representing about 64.3% of the total. Other platforms like Aerodrome Finance (9.6%) and SharkSwap (7.8%) were also contributors to the volume. The surge in volume coincided with a rise in daily active users, which registered an increase of 12.4% from 153,000 to 172,000.

In the last six weeks, the network has maintained an active user base of 667,765 weekly. There is also growing optimism in the crypto market that the network could become the home of memecoins in the coming years. An example of such persons is crypto trader Wizard of SoHo, who called the network an ‘early Solana. He also predicted that the platform would witness the emergence of billion-dollar memecoins in the future.

Potential for growth in the memecoin market

A contributor on Base, Jesse Pollack, conducted a poll where he inquired about the likelihood of the network becoming the largest non-Ethereum on-chain economy. The result was quite optimistic, with about 46.4 choosing the next three months while another 28.6% predicted next year. Notably, there is no token presently on the network that has reached $1 billion in market cap.

According to data from CoinGecko, DEGEN and BRETT are two of the largest tokens on the network, boasting market caps of $709 million and $654 million, respectively. The data also showed that DEGEN gained five times its previous value of $143 million in the last week.

Reports have also indicated that Coinbase is planning to move some of its user and corporate accounts to the network. The company’s vice president Max Branzburg said the move would help the company reduce costs related to securing user funds and increase settlement time. However, the move will only affect traders with accounts on its trading platform, as users of the platform’s wallet are in charge of their private keys.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

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Owotunse Adebayo

Adebayo loves to keep tab of exciting projects in the blockchain space. He is a seasoned writer who has written tons of articles about cryptocurrencies and blockchain.

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