Trading activity on Base, the Layer 2 network supported by Coinbase, is rapidly increasing, positioning it to become the second most active network for decentralized exchange (DEX) users this month. This surge is noteworthy as it underscores the growing trust and reliance on Base as a viable alternative for decentralized trading. Data from Dune Analytics reveals that Base’s DEX users surged by 53% in the past 24 hours alone, reaching a record high of 267,000 users. This impressive growth has allowed Base to overtake Binance Chain, which currently has 154,000 active DEX users. Such a significant increase in a short period highlights Base’s strong appeal and efficiency in the DEX market.
A significant portion of Base’s DEX activity comes from Uniswap, which constitutes 64% of its trading volume. This indicates a robust integration with one of the leading decentralized exchanges, further driving user engagement on the network. Over the last week, Base has seen 1.3 million daily active users (DAU), securing 20% of the total market share for DEX users. This substantial user base solidifies Base’s position as a key player in the Layer 2 space.
The memecoin craze has significantly benefited Base, with over 650,000 tokens created on the network in 2024, according to Dune Analytics. This trend reflects the network’s flexibility and attractiveness for new and emerging projects. Among the most prominent memecoins on Base are Brett (BRETT) and TOSHI (TOSHI), with market caps of $1.21 billion and $115 million, respectively, as reported by CoinGecko. These high-value tokens underscore the economic activity and speculative interest thriving on Base, contributing to its rapid growth and popularity.
Other popular memecoins include Degen (DEGEN) and Normie (NORMIE). Since its inception, Base has completed 338 million transactions.
Scammers
The rising popularity of the network, particularly among memecoin enthusiasts, has also attracted scammers. In May, $2.3 million was reported stolen, according to Dune Analytics. Base, launched by Coinbase in August 2023, is currently fully controlled by Coinbase as the sole sequencer. However, the company has committed to gradually decentralizing the network over time.
Solana continues to be the preferred chain for new DEX traders, securing 48% of new users in the past week. In contrast, Ethereum attracted only 6% of new users. Additionally, Solana led in DEX trading volume, with $3.35 billion recorded in the past seven days.
Development of Base’s Total Locked ValueI
In June, Base hit the $7 billion milestone in total value locked (TVL) within its protocol, making it the second-largest Layer 2 platform after Arbitrum One, as reported by L2BEAT.
The surge in TVL and DEX users is driven by investor anticipation for Coinbase’s upcoming smart wallet. This browser-based on-chain wallet aims to streamline the user experience through account abstraction and is currently available on the testnet.
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