Coinbase’s Ethereum layer-2 network Base has experienced a surge in its daily active users on decentralized exchanges (DEX), hitting a new record of 270,000 on June 17th. This marked a 9% increase compared to the previous day, showcasing the platform’s growing popularity.
Data from Dune Analytics revealed that Base-powered decentralized exchanges have now surpassed BNB Chain, putting Base behind Solana in terms of user base. The rise in user activity can be attributed to the increased trading of meme coins on the Base chain, which has attracted market players looking to capitalize on the trend.
Uniswap emerged as the dominant player on the Base blockchain, capturing over 85% of the user share on June 17th. This was followed by PancakeSwap at 3.8%, Aerodrome Finance at 3.2%, and SushiSwap at 2.3% on that day.
In terms of trading volume, Base recorded $1.2 billion in total DEX volume in March but saw a decrease in trading volume to slightly over $298 million on June 17th. Uniswap accounted for 81.1% of the daily trading volume, with PancakeSwap and Aerodrome Finance making up 6.6% each.
Base has become a hotspot for investors looking to capitalize on meme coins, with projects like Degen (DEGEN), All Your Base (AYB), Brett (BRETT), Based Shiba Inu (BSHIB), and Broge (BROGE) gaining traction on the platform. While Solana has traditionally been the go-to network for meme coins, Base is gradually gaining ground and attracting new capital.
The surge in meme coin trading volume has pushed the collective market cap below $50 billion, but trading activity continues to show steady progress. Base’s growth in this sector is evident, with users flocking to the platform for meme coin projects and speculation.
Overall, Base’s explosive user growth driven by meme coin frenzy signifies the platform’s increasing relevance in the decentralized exchange space. As it continues to attract users and investors, Base is positioning itself as a key player in the market, challenging established networks like Solana.