Meme Coin Frenzy Fuels Explosive Base DEX User Growth

Coinbase Ethereum layer-2 network Base has clinched a new record in terms of the number of daily active users on decentralized exchanges (DEX), reaching 270,000 on June 17th.

Compared to the previous day, the figure jumped by approximately 9%.

Uniswap Dominates Base With 85% User Share

According to data compiled by Dune Analytics, with the latest all-time high of active users, Base-powered decentralized exchanges 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 is important to note that while meme coins have sparked massive activity on Solana, Base isn’t far behind.

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

Zooming in, Uniswap dominated activity on the Base blockchain as it captured over 85% share of users on June 17th, followed by PancakeSwap at 3.8%, Aerodrome Finance at 3.2%, and SushiSwap at 2.3% that day.

With respect to trading volume, Base saw $1.2 billion in total DEX volume in March this year. However, this figure has since declined, and as of June 17th, the daily DEX trading volume on Base was a little over $298 million.

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

Base has also emerged as a primary attraction for investors to pour in new capital.

Base Hotspot for Meme Coins?

While the recent slew of corrections has dragged meme coins’ collective market cap below $50 billion, the trading volume appears to be making steady progress. For the most part, Solana has been the hub for meme coins, but it is gradually losing its dominance to Base.

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