The majority of this trading volume was centered on Uniswap, accounting for 64.3% of the total.
The trade volume on decentralized exchanges (DEX) for Coinbase’s Ethereum layer-2 network, Base, has exploded in the last 24 hours, smashing records and crossing the $1 billion mark.
Dune data showed that the extraordinary surge occurred on March 30, when the trade volume on Base’s DEX reached $1.21 billion, up 25% from $959.63 million the day before.
Aerodrome Finance and SharkSwap followed, each contributing 9.7 and 7.8 percent of the volume, respectively.
The average number of weekly active users over the last six weeks was 667,765, and the number of daily active users (DAU) also saw an increase, rising 12.4% from 153,000 to 172,000.
In the middle of all this expansion, the crypto world is abuzz about Base and how it may become the memecoin hub of the future.
Wizard of SoHo, a crypto trader with 97,000 X followers, compared Base to an “early Solana” and predicted the emergence of many memecoins valued in billions of dollars on the network.
In a similar vein, Base contributor Jesse Pollak polled his 73,200 followers on the topic of when Base may overtake Ethereum as the “biggest non-Ethereum on-chain economy.” Nearly half of the participants said this would happen within three months, while nearly a third predicted it would happen within a year.
Despite all the talk, there aren’t any tokens on the network that have a market value of $1 billion or more just yet.
Memecoins such as Brett (BRETT) and Degen (DEGEN) stand out, with market valuations of $654.6 million and $709.9 million, respectively, according to CoinGecko.
It is worth mentioning that in only seven days, DEGEN’s market valuation increased from $143.4 million to $709.9 million, or fivefold.
Additionally, on March 27, Coinbase revealed its intentions to transfer a larger portion of its USD Coin stablecoin client and business accounts to Base.
The move would allow Coinbase to provide faster settlement times and reduce expenses for handling and safeguarding client assets, according to Max Branzburg, VP of Coinbase.
This change will only affect accounts on Coinbase.com; it will not affect users of the Coinbase Wallet who are responsible for managing their own private keys.
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