Record High DEX Volume Surpasses $1B with Base Sets

Coinbase Ethereum layer-2 network Base has achieved a new trading volume record on decentralized exchanges (DEX) within 24 hours, surpassing $1 billion. The Dune data revealed that on March 30, Base recorded a trading volume of $1.21 billion, a 25% increase from the previous day’s $959.63 million. UniSwap accounted for the majority of the trading activity, representing 64.3% of the volume. Following UniSwap, Aerodrome Finance accounted for 9.7% and SharkSwap for 7.8%. The daily active users (DAU) increased by 12.4%, from 153,000 to 172,000. In the past six weeks, there has been an average of 667,765 weekly active users.

There is speculation that Base could become the next hub for memecoins. “Wizard of SoHo,” a crypto trader, drew parallels between Base and an early Solana, predicting that several billion-dollar memecoins would emerge on Base. Base contributor Jesse Pollak conducted a poll among his followers, asking how long it would take for Base to become the largest non-Ethereum on-chain economy. 49.4% of respondents believed it would take three months, while 28.6% predicted it would happen within a year. Currently, there are no tokens on the network with a market capitalization of $1 billion or more.

Among the largest memecoins on Base, Degen (DEGEN) and Brett (BRETT) hold market caps of $709.9 million and $654.6 million, respectively, according to CoinGecko. Within just one week, DEGEN’s market capitalization increased nearly five-fold, surging from $143.4 million on March 25. CoinGecko data also shows that Coinbase plans to migrate more of its customer and corporate USD Coin (USDC) stablecoin accounts to Base. This move, as explained by Coinbase vice president Max Branzburg, aims to lower fees and ensure faster settlement times for managing and securing customer funds. This change will only affect Coinbase.com accounts, not Coinbase Wallet, where users are responsible for their private keys.