The base chain has been in the spotlight of the crypto world due to its impressive recent performance. The tremendous increase in decentralized exchange (DEX) trading volume and record levels of gas usage are drawing attention. This situation is also a reflection of the recent price movements in the crypto world. Let’s look at the details together.
Records Begin to Surface on the Base Network
On March 20th, the Base chain reached an all-time high trading volume of $359 million in DEX transactions, marking a 53% increase. A significant portion of this impressive surge is associated with Uniswap’s extraordinary performance. Uniswap, accounting for 76% of the total volume, played a decisive role in this achievement.
Following the Solana Blockchain, the Base chain, launched by Coinbase, witnessed an unprecedented increase in gas usage. The network consumed gas worth 478.24 ETH, marking the highest usage to date. This increase is consistent with the rise in the number of daily active addresses, with 129,600 new addresses joining the Base chain, reaching 464,000.
Meme Coin Influx a Significant Reason for the Surge
Analysts suggest that the primary catalyst behind these record-breaking figures is the influx of meme coins on the Layer-2 (L2) Blockchain. Known for their viral nature and community-focused values, these digital assets have drawn significant interest and investment to the Base chain, pushing their activities to new heights.
The rapid developments in the crypto world highlight the success of the Base chain as well as the dynamic nature of Blockchain technology and its ability to support a growing digital asset ecosystem. The Base chain appears poised to become one of the most significant players in the crypto world, with potential for further growth in the coming periods.
Especially, a potential mega rally here could be the key factor driving new records. With a mega rally, it is possible to say that the network’s usage will increase even more. Thus, this situation will lead to a further increase in the transaction volume on the Base network and a progressively higher gas consumption.
