The leading U.S. cryptocurrency exchange has successfully launched the BASE network, an Ethereum Layer2 solution, which has recently witnessed a surge in interest. Despite stiff competition from other networks, the BASE network made headlines by reaching a new milestone. The question arises: which altcoins are currently prospering from this development?
DEX Volume Hits New Heights on BASE
The BASE network, developed by Coinbase to expand its revenue sources, has made the strategic decision to forgo issuing its tokens. Recently, it has captured significant attention due to a remarkable increase in the volume on decentralized exchanges (DEXs) within the network. This volume soared by 25% in just one day, breaking through the $1 billion mark for the first time.
Data from Dune Analytics indicates that the network’s DEX volume on March 30th eclipsed the prior day’s $959.63 million, with UniSwap alone accounting for 64.3% of the total. Other participants like Aerodrome Finance and SharkSwap contributed 9.7% and 7.8%, respectively. Concurrently, daily active users jumped from 153,000 to 172,000, with a weekly average climbing to 667,765 users.
Altcoins to Watch in the BASE Ecosystem
The spike in both active users and exchange volume is not without cause. Analysts have been observing a meme coin boom within the BASE network, reminiscent of trends on the Solana network. Despite the risks associated with meme coins, some coins have amassed significant market value. Degen (DEGEN) and Brett (BRETT) stand out as the largest, with valuations of $709 million and $654 million, respectively.
DEGEN’s market value leaped fivefold in just a week from $143.4 million on March 25th. Analysts are speculating that if the momentum continues, BASE could rival Ethereum in terms of network activity. Jesse Pollak suggests that these are early signs of BASE’s potential to compete with prominent networks.