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Coinbase’s Base DEX Hits $1 Billion Volume, Dominated by Uniswap


Coinbase’s Layer 2 protocol Base has experienced a significant surge in decentralized finance (DeFi) activities. This resulted in a new milestone, surpassing $1 billion in volume for decentralized exchanges (DEX).

Remarkably, it continues an impressive run that has seen the network cement its status as a foremost Layer 2 chain.

Base DEX Volume Breaks $1 Billion

Data from Dune Analytics shows that Base’s DEX volume surged to $1.2 billion on March 30. This marks a substantial 25% increase from the previous day’s total volume of $959.63 million.

The dominance of Uniswap on Base’s DEX is evident. The DeFi protocol controls more than 64% of the total volume, with Aerodrome Finance trailing at 9.7%. Notable contenders in the network include SharkSwap, BaseSwap, SushiSwap, and PancakeSwap.

This surge in trading activity coincides with a notable rise in daily active users (DAU) on Base, exceeding 200,000 users, nearly half of which stemmed from Uniswap. Observers attribute this heightened activity to the meme coin frenzy, which has spiked network fees despite the recent Dencun upgrade.

Base Decentralized Exchange Volume
Base Decentralized Exchange Volume. Source: Dune Analytics

Base’s core contributor Jesse Pollak acknowledged that “demand is outpacing” the project while reflecting on these remarkable milestones. He refuted claims that the network required users to complete a know-your-customers (KYC) process before off-ramping from the platform.

Pollak further emphasized that Base was committed to openness and permissionless operation, stating that decentralization is pivotal in fostering an open, global, on-chain economy, promoting innovation, creativity, and freedom.

Top crypto platforms | April 2024

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Conclusion

In conclusion, Coinbase’s Layer 2 protocol Base has seen a remarkable surge in decentralized finance activities, resulting in the milestone of surpassing $1 billion in volume for decentralized exchanges. The network has solidified its position as a leading Layer 2 chain, with Base’s DEX volume reaching $1.2 billion. The dominance of Uniswap on the platform is evident, with significant contributions from other contenders like Aerodrome Finance, SharkSwap, BaseSwap, SushiSwap, and PancakeSwap. The increase in trading activity and daily active users on Base is attributed to the meme coin frenzy, despite network fees rising due to the Dencun upgrade. Base remains committed to openness and permissionless operation, emphasizing the importance of decentralization in fostering innovation, creativity, and freedom in the global economy.

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