- March has been an exciting month for Base.
- The Coinbase-backed Layer-2 network has consistently achieved new all-time highs in transactions and trading volumes.
- The major driver behind Base’s recent growth is quite unconventional.
Base, Coinbase’s Layer-2 blockchain network, has been making waves lately. Since its launch last year, it has witnessed a meteoric rise in network activity. As memecoins and the broader crypto market rocket to new heights, Base continues to deliver a standout performance, often breaking its own records.
Base Network Activity Records New All-Time Highs
Network activity on the Coinbase-based Layer-2 network Base continues to sizzle, with daily transactions and trading volume hitting unprecedented highs.
On March 30, the layer-2 network hosted over 2.3 million transactions– an all-time high, according to a Dune analytics dashboard. The surge has been steadily building momentum for weeks, with Base registering a 7-day average of 1.9 million daily transactions. On March 29, the blockchain clocked an impressive 2.1 million transactions—a previous all-time high.
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Amidst this flurry of activity, weekly network revenue has soared to new heights this month, as has DEX volumes. According to DeFiLlama, DEXs on the network have notched up record-breaking volumes, with $1.21 billion in trading volume, catapulting the total value traded on Base DEXs this month to over $7.5 billion.
The lion’s share of trading action unfolded on UniSwap, which accounted for a hefty 64.3% of the volume, trailed by Aerodrome Finance at 9.7% and SharkSwap at 7.8%.
The main driver behind Base’s sudden surge? None other than memecoins.
A Base for Memecoins?
Speculation is rife within the crypto community that Base could emerge as the next hub for memecoins. As the total value locked on the Coinbase-backed network breaches the $1 billion mark, memecoins like Degen, Brett, and Mfers wield significant influence, boasting a collective market cap exceeding $1.5 billion.
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Further evidence of memecoins driving up activity on the network can be found among the top wallets. Data sleuth Michael Silberling recently noted that some of the leading contracts on Base have been actively involved in high-frequency memecoin trading.
These contracts’ sheer scale of operations has resulted in a staggering 2000% surge in gas fees on the network, reaching $2, despite the recent Dencun upgrade, which purportedly slashed fees by 99%.
On the Flipside
- Memecoins have garnered much hype recently, surging as high as 100%.
- Despite the promise of blobs, some experts have cautioned that Layer 2 fees may rise again as more chains jump in and the blobs fee market becomes more saturated.
- The top memecoins on Base have surged as high as 200% in March.
Why This Matters
The Base network is undeniably on an overwhelmingly positive trajectory and stands poised to secure its position among the top protocols in the industry, given its remarkable growth rate. Often likened to an early version of Solana, the network’s recent performance metrics could catapult it to the top, provided it sustains its current momentum and maintains consistent growth.
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