Base, Coinbase’s Layer-2 (L2) blockchain solution, has set a new record, reaching its highest daily decentralized exchange (DEX) trading volume at nearly $3 billion.
This milestone reflects Base’s growing importance in the L2 space and its role in scaling on-chain transactions for Coinbase users.
Base Hits New Milestone in DEX Trading Volume
Blockchain analyst Dan Smith emphasize Base L2’s record volume of $2.9 billion, which included $1.3 billion in ETH-USD trading, also reached an all-time high. Other trading pairs such as ETH-cbBTC and BTC-USD are also close to breaking their records.
The $2.9 billion DEX volume reflects Base’s growing appeal to traders, especially in the ETH-USD pair, thanks to recent price volatility. Alexander, another blockchain enthusiast, note that this milestone marks the first time Base has approached $3 billion in daily volume, demonstrating L2 is gaining wider adoption.
AerodromeFi, a liquidity-focused decentralized protocol on Base, also recorded $1.68 billion in volume, further emphasizing the momentum of this ecosystem.
“This is the first time Base has been close to $3 billion and AerodromeFi reached a new high of $1.68 billion in volume,” Alexander comment.
Base’s success is especially notable because it operates without the need for a native token. Coinbase has explicitly declined to launch a Token for Base, prioritizing ecosystem development and user adoption. This approach may have contributed to its appeal by focusing on utility and minimizing speculative risks that could deter long-term users.
“There are no plans for a Base Network Token. We’re focused on building, and we want to solve real problems that allow you to build better,” said Jesse Pollak, Base’s lead developer. stated recently.
Continuous Growth in Trading and TVL
The recent achievement follows Base’s previous milestones, including reaching one billion transactions two months ago and surpassing six million daily transactions in October. The network recently surpassed Ethereum in terms of gains user growth in the context of the growing cryptocurrency market.
Additionally, Base’s Total Value Locked (TVL) has been growing steadily, pointing to increased user engagement, capital flow, and liquidity in its ecosystem. An elevated TVL indicates greater trust in the platform, facilitating a more robust and sustainable DeFi environment.
Despite its impressive growth, Base has faced some criticism. The network allegedly copied aspects of an NFT project, raising concerns about originality and intellectual property. While this controversy does not deter adoption, it does highlight the challenge of rapid innovation in the competitive blockchain space.
Base’s trajectory positions it as a serious player in the L2 space, competing with major players like Arbitrum (ARB) and Optimism (OP). The emphasis on utility, coupled with rising user engagement and liquidity, paints a promising picture for its future.