Key Points:
- Coinbase’s Base network hit a record 267,000 DEX trading users, surpassing BNB Chain and trailing only Solana.
- Uniswap leads Base DEX trading users, driven by a vibrant meme coin market.
- Base’s total asset value locked (TVL) surged from $520 million to $2 billion in 2024.
According to Dune Analytics, Coinbase’s Ethereum layer-2 network, Base, has recently experienced significant growth, shattering its previous record for decentralized exchange (DEX) trading users.
Base DEX Trading Users Achieves Record Growth
As of June 17, the number of Base DEX trading users surged to 267,000, surpassing BNB Chain and ranking second only to Solana. This increase is largely attributed to the more active meme market on the Base chain.
The majority of Base DEX trading users operate on Uniswap, which accounts for 65.1% of trading users. PancakeSwap followed with 8.2%, and Aerodrome Finance captured 7.3% of the market. The Base DEX trading users’ surge in activity has led to speculation within the crypto community that it could become the next hub for meme coins, assets known for their speculative and volatile nature yet highly popular during bull markets.
Base Network’s TVL Soars to $2 Billion in 2024
During the 2021 bull market, Dogecoin (DOGE) and Shiba Inu (SHIB) were prominent, but new meme coins are now gaining attention. Solana-based meme coins like WIF have recently become popular, but meme coins on Coinbase’s Base network, such as Brett and Degen, are also attracting significant interest.
The increase in Base DEX trading users has positively impacted the total asset value locked (TVL) in the network, which has risen from approximately $520 million to $2 billion in 2024, according to DefiLlama. With its rapid user growth and increasing TVL, Base is a potential piece of land. potential for meme coin projects to aim for in the future.