TL;DR
- Base Network’s Surge: Base, supported by Coinbase, has seen a 53% increase in DEX users, surpassing Binance Chain with 267,000 active users.
- Uniswap’s Contribution: Uniswap drives 64% of Base’s volume, with Base achieving 1.3 million DAUs and a 20% DEX market share.
- Token Creation and Scams: Over 650,000 tokens were created on Base in 2024, led by memecoins like BRETT and TOSHI. However, the network’s growth has attracted scammers, with $2.3 million stolen in May.
Base, the Layer 2 network supported by Coinbase, has seen its trading volume soar, positioning it to become the second-most active network in terms of decentralized exchange (DEX) users this month. A staggering 53% increase in DEX users was recorded over the last 24 hours, hitting a new high of 267,000 and eclipsing Binance Chain’s 154,000 active DEX users.
Uniswap Leads the Charge on Base
Uniswap is responsible for a large chunk of the traffic, contributing to 64% of Base’s trading volume. In just the past week, Base has experienced an impressive 1.3 million daily active users (DAU), capturing a significant 20% market share among all DEX users.
Memecoin Mania Fuels Token Creation
The memecoin craze has been a boon for Base, with over 650,000 tokens created on the network in 2024. Leading the pack are memecoins like Brett (BRETT) and TOSHI (TOSHI), boasting market caps of $1.21 billion and $115 million respectively. Other popular tokens include Degen (DEGEN) and Normie (NORMIE).
Scammers Target Growing Network
However, with growth comes risk. The burgeoning popularity of Base, particularly among memecoin traders, has drawn scammers to the platform. In May alone, a total of $2.3 million was reported stolen.
Coinbase’s Commitment to Decentralization
Despite being fully controlled by Coinbase as the sole sequencer since its launch in August 2023, there is a commitment to progressively decentralize Base over time.
Solana and Ethereum: The Competition
While Base climbs the ranks, Solana remains the top choice for new DEX traders, capturing 48% of new users in the past week. In contrast, Ethereum trails behind with only 6%. Solana also leads in DEX trading volume with $3.35 billion over the same period.
TVL Milestone and Anticipation for Coinbase’s Smart Wallet
Base recently hit a milestone with $7 billion in total value locked (TVL), making it the second-largest Layer 2 platform after Arbitrum One. This growth in TVL and DEX users comes as investors eagerly await Coinbase’s new smart wallet—a browser-based on-chain wallet aimed at eliminating friction points through account abstraction—currently available on testnet.
