- With an 85% share of users on June 17th, Uniswap ruled the Base blockchain.
- Meme coins’ recent surge in trading activity on the Base network is a key factor in this.
Coinbase-backed Ethereum layer-2 network Base with 270,000 users on June 17th set a new record for most daily active users on decentralized exchanges (DEX). The number increased by almost 9% as compared to the day before.
Based on the most recent all-time high in active users, Base-powered decentralized exchanges have overtaken BNB Chain, according to statistics provided by Dune Analytics. Layer 2 is currently trailing Solana in terms of user base.
Meme Coins Frenzy Major Factor
Meme coins’ recent surge in trading activity on the Base network is a key factor propelling this fast adoption. Although meme coins have caused a huge uproar on Solana, Base isn’t far behind. Not only that, but Base is rapidly overtaking the former as the go-to platform for meme coin projects and speculation, drawing in market participants eager to cash in on the frenzy.
There has been a significant increase in base trading volumes due to the popularity of meme coins such as DEGEN and BRETT. With an 85% share of users on June 17th, Uniswap ruled the Base blockchain. PancakeSwap came in at 3.8%, Aerodrome Finance at 3.2%, and SushiSwap at 2.3%.
In March of current year, Base’s total DEX volume was $1.2 billion, according to trading volume metrics. In any case, that number has fallen, and as of June 17th, Base’s daily DEX trading volume was little over $298 million.
Uniswap was the dominant force, making about 81.1% of the daily volume, according to statistics from Dune Analytics. 6.6% of that day’s Layer 2 network volume was accounted for by PancakeSwap and Aerodrome Finance together. Base has also become a major draw for investors looking to inject fresh funds.
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