Base, an Ethereum layer-2 network, is getting increasingly popular among decentralized finance (DeFi) enthusiasts. On March 30, the relatively new network recorded an unprecedented $1.21 billion in trading volume across various decentralized exchanges (DEX). It did so within 24 hours, marking an impressive 25% surge from the previous day’s trading activity. According to data records from Dune, Base processed $959.63 million worth of transactions on Friday, 29th March.
Base’s Prominence Grows as UniSwap Dominates Trading Activity
Of the over $1 billion trading volume on the Base network, UniSwap captured the majority share with a staggering 64.3%. Aerodrome Finance and SharkSwap, on the other hand, followed from a distance with 9.7% and 7.8% respectively.
Therefore, it might be safe to say that much of the buzz around the Base network is tied to the popularity of the UniSwap platform. That is, especially, for traders looking to leverage UniSwap’s liquidity as they seek seamless and efficient decentralized trading experiences.
Interestingly, speculations have also started emerging within the crypto community about Base’s potential to become a hub for meme coins. According to a highly revered crypto trader popularly known as “Wizard of SoHo” on X, it would come as no surprise if the Base network became home to several billion-dollar meme coins.
Base contributor Jesse Pollak also recently conducted a poll asking his 73,200 followers what their thoughts are about Base becoming the “largest non-Ethereum on-chain economy.” About 50% of the respondents believed it could do so within three months.
Despite the anticipation around Base’s growth potential, it might be worth noting that no token on the network has a market capitalization of up to $1 billion yet. The closest memecoins on the Base ecosystem are Degen (DEGEN) and Brett (BRETT). They boast market caps of $709.9 million and $654.6 million, respectively, according to CoinGecko data.
Nonetheless, Coinbase appears to be fixated on the growth of the network. So much so that it recently announced plans to move more of its customer and corporate USD Coin (USDC) stablecoin accounts to the Base network.
Undoubtedly, Base is fast gaining momentum and attracting more attention within the crypto community. However, for now, its prospect of becoming a hub is merely a speculation among investors and enthusiasts.
