$1 Billion for Base DEX, Uniswap Holding the Reins

Coinbase's Layer 2 protocol base has experienced a significant increase in decentralized finance (DeFi) activities. This led to a new milestone in Decentralized Exchanges (DEX) volume surpassing $1 billion.

Remarkably, the network continues its impressive run as the leading layer 2 chain level cement.

Base DEX volume breaks $1 billion.

According to data from Dune Analytics, the base DX volume rose to $1.2 billion on March 30.

Uniswap's dominance over Base's DEX is clear. The DeFi protocol controls more than 64% of the total volume, followed by Aerodrome Finance with 9.7%. Popular competitors in the network include SharkSwap, BaseSwap, SushiSwap, and PancakeSwap.

This increase in transaction activity coincides with a significant increase in daily active users (DAU) on Base to over 200,000 users, half of which come from Uniswap. Observers say it's a frenzy for the meme coin, which has raised network fees despite Denkun's recent upgrade.

Read more: 7 Best Base Chain Meme Coins to See in 2024

In addition, the total value of assets locked on the base has grown to more than $3 billion, a 200% increase over the past month. Blockchain analytics firm Token Terminal has seen stable coin balances on the protocol grow to nearly $1 billion USDC.

“The demand is outpacing the project,” said Base contributor Jesse Pollack, reflecting on these milestones. The network denied claims that it required users to complete the Know-Your-Customer (KYC) process before exiting the platform.

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Pollak further emphasized that BASE is committed to open and license-free operations, stating that BASE is critical to fostering an open, global, chain-based economy, fostering innovation, creativity and freedom.