Decentralized exchanges (DEX) have long been a popular choice for cryptocurrency traders seeking more control over their assets. In the world of DEX, there is a new player on the rise – Base, Coinbase’s newly launched layer2 network. Within just 24 hours of its public launch, Base has already surpassed established layer1 networks like Cardano (ADA) in terms of trading volume. This impressive achievement showcases the potential and rapid growth of Base in the decentralized finance (DeFi) space.
Data from DeFiLlama reveals that Base has entered the scene with a strong presence, ranking among the top 10 networks with a trading volume of $26.23 million. Surprisingly, this figure exceeds the cumulative trading volume of other well-known layer1 networks such as Fantom (FTM), Cardano, and Tron (TRX), which recorded less than $20 million in transactions combined. However, it is important to note that Base still has a long way to go before reaching the levels of Ethereum, Solana (SOL), and Binance-backed BNB Chain.
Even before its public launch, Base had already garnered attention through the BALD meme coin. At its peak, BALD reached a remarkable market cap of over $85 million. However, like many meme coins, its value eventually crashed. Despite this setback, Base displayed resilience and continued to gain traction. The total value of assets locked (TVL) on Base surpassed $150 million during the initial period, according to L2Beat data. Currently, Base’s TVL stands at an impressive $155 million, marking it as the fifth largest layer-2 network, surpassing competitors like StarkNet.
Base has not only witnessed a surge in TVL but has also experienced a significant increase in daily transactions per second (TPS). L2Beat data reveals that Base’s daily TPS skyrocketed by 160%, reaching 5.81. While this may be lower compared to other L2 networks such as Arbitrum, Optimism, and zkSync Era, experts believe that as the Base ecosystem expands, adoption will inevitably increase.
After months of development and testing, Coinbase officially launched Base to the public on August 9th. As the first blockchain network initiated by a publicly listed company, Base holds immense potential to further enhance the adoption of web3 and blockchain technology. Coinbase’s strategic move demonstrates its dedication to driving innovation and revolutionizing the DeFi landscape.
Base’s entry into the decentralized exchange space has been nothing short of impressive. With its strong trading volume, growing TVL, and increasing TPS, Base has quickly established itself as a formidable player in the world of DEX. As the Base ecosystem continues to evolve and mature, it will undoubtedly attract more users and solidify its position as a leading layer2 network. With Coinbase’s support and commitment to advancing blockchain technology, Base is poised to make significant waves in the DeFi industry.