Decentralized exchanges (DEX) on Coinbase’s recently launched layer2 network, Base, have achieved remarkable trading volume within a short span of time. In fact, Base has managed to outperform established layer1 networks such as Cardano (ADA) and others, less than 24 hours after its public debut. This groundbreaking achievement is based on data obtained from DeFiLlama.
According to DeFiLlama, Base has secured a position among the top 10 networks based on trading volume, with an impressive volume of $26.23 million. In contrast, established layer1 blockchain networks like Fantom (FTM), Cardano, and Tron (TRX) collectively accumulated less than $20 million in transactions during the same period. However, it is important to note that Base’s trading volume is still considerably less compared to giants like Ethereum, Solana (SOL), and Binance-backed BNB Chain.
Even before its public launch, Base exhibited promising signs of usage with the BALD meme coin. At its peak, the meme coin attained a market cap exceeding $85 million before experiencing a significant crash. Furthermore, the total value of assets locked (TVL) on Base surpassed $150 million during this period, as reported by L2Beat.
Data from L2Beat demonstrates that Base’s TVL currently stands at an impressive $155 million, indicating a notable surge of over 77% in the past week. This accomplishment positions Base as the fifth largest layer-2 network, surpassing renowned networks like StarkNet and others. Moreover, Base has also witnessed a substantial increase in daily transactions per second (TPS).
According to L2Beat, Base’s daily TPS spiked by a remarkable 160%, reaching 5.81. While this figure might appear comparatively lower than other L2 networks like Arbitrum (ARB), Optimism (OP), and zkSync Era, market observers argue that Base has significant room for further adoption as its ecosystem continues to expand.
Coinbase publicly introduced Base on August 9, following the testnet launch in February and the developer-only release in July. As the first blockchain initiated by a publicly listed company, Coinbase positions Base as an integral part of its efforts to enhance the adoption of web3 and blockchain technology.
The newly launched DEX on Coinbase’s Base network has astoundingly surpassed the trading volume of established layer1 networks within a short duration. Base has gained significant traction, showcasing exceptional growth in trading volume, TVL, and daily TPS. As Base’s ecosystem continues to expand, market observers predict further adoption and success for this groundbreaking technology.