Base Network's Record DEX Activity - A Temporary Surge or Long-Term Trend?

Base Second-Layer Network Volume Surges, Memecoin Trading Pushes Record Highs

Base, the Layer-2 blockchain network supported by Coinbase, has seen an unprecedented surge in activity, particularly in memecoin trading. March marked a period of remarkable growth for Base, with transactions and trading volumes reaching new heights.

On March 30, Base hosted over 2.3 million transactions, setting a new record. The network's momentum has been steadily increasing, with a 7-day average of 1.9 million daily transactions. Just the day before, on March 29, Base recorded an impressive 2.1 million transactions, surpassing its previous peak.

Base's decentralized exchanges (DEXs) have witnessed record-breaking volumes, totaling $1.21 billion in trading volume, with a cumulative value traded on Base DEXs exceeding $7.5 billion this month. UniSwap led the pack with 64.3% of the volume, followed by Aerodrome Finance at 9.7% and SharkSwap at 7.8%.

Memecoins Drive Base Network Volume to New Highs, Sparking $1B Locked Value and 2000% Gas Fee Hike

Speculation is rife that Base could emerge as a hub for memecoins, as these coins exert significant influence on the network. With the total value locked on Base breaching $1 billion, memecoins like Degen, Brett, and Mfers boast a collective market cap exceeding $1.5 billion.

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The surge in memecoin trading has led to a 2000% increase in gas fees on the network, reaching $2 per transaction, despite recent fee reduction efforts.

Memecoin Boom Fuels Base Network Growth, Experts Warn of Potential Fee Surge

While memecoins have surged, experts caution that Layer-2 fees may rise again as more chains join the network.

Base's impressive growth trajectory positions it among the top protocols in the industry, akin to an early version of Solana. Sustaining its current momentum will be key to maintaining its upward trajectory.