- Uniswap is the primary source of DEX users on the Base network.
Base, the Layer 2 network that Coinbase supports, is seeing a sharp increase in trading activity, making it the second-most active network in terms of DEX users this month.
Dune Analytics reports that Base’s DEX users surpassed Binance Chain, which has 154,000 active DEX users, with a 53% increase in the last day to a record 267,000.
The majority of DEX users on the Base network are from Uniswap, which makes up 64% of its trading volume. Trading on Base, the Layer 2 backed by Coinbase, is increasing, putting the network to rank second in terms of DEX users this month.
Base had 1.3 million daily active users (DAU) during the course of the last week, accounting for 20% of all DEX users.
According to Dune Analytics, Base has benefited from the memecoin frenzy, with more than 650,000 tokens produced on the network in 2024. According to CoinGecko, two of the biggest memecoins on the Base network are Brett (BRETT) and TOSHI (TOSHI), with market capitalization of $1.21 billion and $115 million, respectively.
Normie (NORMIE) and Degen (DEGEN) are two other popular memecoins. Base has executed 338 million transactions since its introduction.
Con artists
Nevertheless, scammers have also drawn attention to the network because to its increasing popularity, particularly among memecoins; in May, $2.3 million was reported stolen, according to Dune Analytics.
Commencing in August 2023, Coinbase is the exclusive sequencer and maintains complete control over Base; however, the business has committed to gradually decentralizing the network over time.
Among new DEX traders, Solana continues to be the most popular chain, having added 48% of new members in the last seven days, compared to Ethereum’s 6%. With $3.35 billion in DEX trading volume during the previous seven days, Solana also held the top spot in this category.
Entire Amount Secured
According to L2BEAT, Base became the second-biggest Layer 2 platform in June after surpassing $7 billion in total value locked (TVL) on its protocol. The largest platform is Arbitrum One.
The increase in TVL and DEX users coincides with investors’ anticipation of Coinbase’s upcoming smart wallet, an on-chain browser-based wallet that aims to remove friction points by means of account abstraction. The smart wallet from Coinbase is presently accessible on the testnet.
Disclaimer : This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.
