Meme Coin Frenzy Fuels Explosive Base DEX User Growth

Coinbase Ethereum Layer-2 Network Base has achieved a new record for the number of daily active users on decentralized exchanges (DEX), reaching 270,000 on June 17th.

Compared to the previous day, the number increased by approximately 9%.

Uniswap dominates the base with 85% user share

According to data compiled by Dune Analytics, with the latest all-time high of active users, decentralized exchanges based on the base have now surpassed BNB Chain. The Layer 2 network is now behind Solana in terms of user base.

The increased trading activity of meme coins on the Base chain drives this rapid adoption. It’s important to note that while meme coins have sparked massive activity in Solana, Base isn’t far behind.

In fact, Base is quickly catching up with the former by emerging as a leading network for meme coin projects and speculation, attracting market players looking to capitalize on the hysteria.

Coming closer, Uniswap dominated activity on the Base blockchain as it captured over 85% user share on June 17, followed by PancakeSwap at 3.8%, Aerodrome Finance at 3.2 % and SushiSwap at 2.3% that day.

In terms of trading volume, Base achieved $1.2 billion in total DEX volume in March of this year. However, that number has since declined, and as of June 17, the daily trading volume of DEX on Base was just over $298 million.

Upon further breakdown of daily volume, Dune Analytics data revealed that Uniswap accounted for the lion’s share of 81.1%. PancakSwap and Aerodrome Finance each accounted for 6.6% of the total volume on the Layer 2 network that day.

Base has also become a major attraction for investors to pour in new capital.

Basic access point for meme coins?

Although the recent series of corrections has dragged the collective market cap of meme coins below $50 billion, trading volume seems to be making steady progress. For the most part, Solana has been the center of meme coins, but it is slowly losing its dominance to Base.

This change can be attributed to the significant growth this year of base-based meme coins such as Degen (DEGEN), All Your Base (AYB), Brett (BRETT), Based Shiba Inu (BSHIB), and Broge ( CRAZY).

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