Coinbase’s Ethereum layer-2 network, Base, has broken its trading volume record on decentralized exchanges (DEX) within a 24-hour period, surging by approximately 25% compared to the previous day and surpassing $1 billion in volume.
According to data from Dune, on March 30, Base recorded $1.21 billion in DEX trading volume, a 25% increase from the previous day’s $959.63 million.
The majority of trading activity took place on Uniswap, accounting for 64.3% of the volume, followed by Aerodrome Finance at 9.7% and SharkSwap at 7.8%.
In addition to the trading volume surge, daily active users (DAU) also experienced a spike of around 12.4%, rising from 153,000 to 172,000. Over the past six weeks, there has been an average of 667,765 weekly active users.
There is speculation within the crypto community that Base could become the next hub for memecoins. Crypto trader Wizard of SoHo compared Base to an “early Solana” and predicted that there could be “several billion dollar memecoins on Base.”
Base contributor Jesse Pollak conducted a poll among his 73,200 followers, asking how long it would take for Base to become the “largest non-Ethereum on-chain economy.” Of the respondents, 49.4% answered “3 months,” while another 28.6% predicted “within 12 months.”
Currently, there are no tokens on the Base network with a market capitalization of $1 billion or higher. The largest Base memecoins, Degen (DEGEN) and Brett (BRETT), have market caps of $709.9 million and $654.6 million, respectively, according to CoinGecko. This marks a significant increase compared to DEGEN’s market cap of $143.4 million just a week ago on March 25.
Coinbase recently announced that it will be migrating more of its customer and corporate USD Coin (USDC) stablecoin accounts to Base. This move is expected to enable the exchange to manage and secure customer funds with lower fees and faster settlement times. However, this change will only affect Coinbase.com accounts, as users of Coinbase Wallet are responsible for their own private keys.