Coinbase’s (NASDAQ:COIN) Layer 2 protocol, Base, has set the decentralized finance (DeFi) and cryptocurrency space ablaze by crossing the $1 billion mark in DEX (decentralized exchange) volume, with Uniswap (UNI-USD) reigning supreme in this explosive growth.
Dune Analytics’ latest figures vividly depict Base’s ascent, showcasing a DEX volume peak of $1.2 billion on March 30—a leap of 25% in a single day. Uniswap, a pioneer in the DeFi and DEX space, has carved out a commanding presence on Base, accounting for over 64% of this volume. Other significant players include Aerodrome Finance, SharkSwap, BaseSwap, SushiSwap (SUSHI-USD), and PancakeSwap, each contributing to the diversity and dynamism of Base’s DeFi ecosystem.
DeFi Continues to Grow
The surge in Base’s trading activity is mirrored by an impressive uptick in daily active users, with figures surpassing the 200,000 mark. A considerable portion of this user base is attributed to Uniswap, propelled by the meme coin frenzy despite the Dencun upgrade to Ethereum (ETH-USD) to mitigate network fees on L2s.
Moreover, the total value locked (TVL) on Base has risen to over $3 billion, a 200% increase in just a month. This growth is significantly fueled by the influx of stablecoins, notably nearing $1 billion in USDC (USDC-USD). Such metrics highlight Base’s expanding influence and the broadening adoption of stablecoins within its ecosystem.
Jesse Pollak, the creator of Coinbase’s Base, reflects on these achievements with pride and anticipation. Despite suggestions, Pollak reassures the community of Base’s commitment to a KYC-free, permissionless environment, emphasizing the platform’s dedication to decentralization.
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