In a groundbreaking turn of events, decentralized exchanges (DEX) on Coinbase’s newly launched layer-2 network, Base, have exceeded the trading volume of established layer-1 networks such as Cardano (ADA) and others in less than 24 hours since its public launch. This significant achievement has been revealed by data from DeFiLlama, showcasing the growing prominence of Base in the crypto space.
According to DeFiLlama, the trading volume on Base has reached an impressive $26.23 million, ranking it among the top 10 networks by trading volume. Comparatively, well-established layer-1 blockchain networks like Fantom (FTM), Cardano, and Tron (TRX) have accumulated less than $20 million combined. While Base’s trading volume still falls short of Ethereum, Solana (SOL), and Binance-backed BNB Chain, its rapid ascent is undeniable.
Even before its public launch, Base experienced notable usage through the viral BALD meme coin. At its peak, this amusing digital asset surged to an impressive market cap of over $85 million before encountering a substantial decline. Additionally, the total value of assets locked (TVL) on Base soared beyond $150 million during this period, as revealed by L2Beat data. Currently, Base holds a TVL of $155 million, marking a remarkable 77% increase over the past week. Surpassing other layer-2 networks like StarkNet, Base has secured its position as the fifth largest layer-2 network, according to L2Beat.
In addition to its impressive TVL growth, Base has also witnessed a significant surge in daily transactions per second (TPS). L2Beat data shows that Base’s daily TPS has spiked by a staggering 160% to reach 5.81. Although this figure trails behind other layer-2 networks like Arbitrum (ARB), Optimism (OP), and zkSync Era, industry experts have optimistic expectations for Base’s adoption rate as its ecosystem continues to expand.
Coinbase’s introduction of Base to the public on August 9th represents a major milestone. Having initially debuted its testnet in February, followed by a developer-only release in July, Base is now hailed as the first blockchain developed by a publicly listed company. This move showcases Coinbase’s dedication to advancing the adoption of web3 and blockchain technology, cementing its position as a leading player in the crypto industry.
The rise of Base on Coinbase’s layer-2 network has surprised the crypto community with its extraordinary trading volume and rapid growth. Outperforming established layer-1 networks, Base has emerged as a prominent player in the decentralized exchange landscape. As it continues to garner attention and expand its ecosystem, Base holds the potential to reshape the future of DEX platforms and contribute to the wider adoption of blockchain technology in the web3 era.
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