Coinbase L2 Base hosts 80% of active Uniswap traders — Token Terminal

Base, Coinbase's layer-2 blockchain network, now hosts approximately 80% of Uniswap's monthly active traders, crypto researcher Token Terminal said in a post on the X forum.

Base launched in August 2023 and began gaining market share for decentralized exchange (DEX) traders in early 2024. It has now largely displaced rival blockchains, Ethereum mainnet and Arbitrum One, another Ethereum Layer-2, according to data from Token Terminal.

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Ethereum and Arbitram, then Polygon, previously dominated DEX trading, the data shows. Arbitrum remains the largest layer-2 blockchain with a total value locked (TVL) of almost $17.2, located in second place just shy of $7.2 billion TVL (TVL), according to L2Beat data. L2Beat data is a broad measure of TVL that includes native tokens such as Arbitrum's ARB, which was released to users in 2023.

Coinbase developed Base in partnership with Optisism, another layer-2 Ethereum Virtual Machine (EVM) using the same technology stack. Base has since distinguished itself – especially among DEX traders – with strong performance. As of July 31, Base is running about 42 transactions per second (TPS) versus Arbitrum One with 20 TPS, according to L2Beat.

Base touts benefits including “seamless Coinbase integrations, easy fiat onramps and access to millions of verified users in the Coinbase ecosystem” in addition to its affiliation with Coinbase, the most popular centralized exchange (CEX) in the United States. Documents.

According to data from Defilama on July 31, more than $250 million in Uniswap TVL was transferred to Base. Base-based Aerodrome Finance raised nearly $670 million in TVL, according to DeFillama.

Base remains in close competition with Arbitrum for a leading role in Ethereum layer-2 decentralized finance (DeFi) and will face more competition in the coming years as next-generation layer-2s such as zero-knowledge (zk) rollups.

Zk-rollups are designed for faster processing times, instant completion of transactions, and enhanced security. Ethereum L2s Scroll, ZKSync Era and Starknet are the leading players in the zk-rollup competition. According to L2Beat, they have accumulated more than $3 billion in TVL.

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