News Report Technology
March 21, 2024

Coinbase’s Base Records 51% Surge in Daily Trading Volume, Reaching $356M Amid Growing Popularity 

In Brief

Daily trading volume on Base, surged reaching a new high of $356 million, marking a 51% increase from the beginning of the week.

Coinbase's Base Records 51% Surge in Daily Trading Volume, Reaching $356M Amid Growing Popularity 

Daily trading volume on the Ethereum Layer 2 network, Base, experienced a significant surge, reaching a new high of $356 million, marking a 51% increase from the beginning of the week. The total value locked (TVL) of Base has also reached a new peak, accumulating nearly $770 million, as reported by DefiLlama data. Meanwhile, according to Dune analytics, the network saw 1.65 million daily transactions and gained nearly 130,000 new users.  

Earlier this month, the Base network witnessed substantial activity growth following the introduction of the Ethereum Dencun upgrade, with transactions surging to over 1 million on March 17, compared to approximately 440,000 before the Ethereum upgrade. Presently, the network’s activity has exceeded that of competitors such as Arbitrum and Optimism in terms of on-chain activity.

Coinbase's Base Records 51% Surge in Daily Trading Volume, Reaching $356M Amid Growing Popularity 

This increase in activity highlights the rising interest and adoption of the Base Network platform. After the Dencun upgrade, which notably lowered transaction fees on Layer 2 networks, Base became one of the most economically viable options available for using Ethereum. As the network continues to grow, it draws in more users and investments.

Coinbase's Base Records 51% Surge in Daily Trading Volume, Reaching $356M Amid Growing Popularity 

The Dencun upgrade improved transaction speed and cost-effectiveness, thereby increasing the accessibility of decentralized applications (dApps) across various domains, including on-chain gaming and limit order book exchanges. However, while it may have initiated the activity, most of the transactions yesterday occurred during a temporary spike in average transaction fees to over $1.

Coinbase’s Incubated Base Network Sets Sights on On-Chain User Expansion and Decentralization

Base is an incubated project of cryptocurrency exchange Coinbase that aims to broaden the on-chain user base while gradually moving towards decentralization. The platform is built on the Bedrock release of the OP Stack, a collaborative development with Optimism.

Analysts anticipate ongoing expansion for Base as Coinbase seeks to integrate its users into the on-chain economy. Recently, Coinbase introduced its smart wallet, which is projected to enable traders to utilize their balances from the cryptocurrency exchange directly on-chain.

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About The Author

Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.

More articles
Alisa Davidson
Alisa Davidson

Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.

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