Coinbase Layer-2 scaling solution Base is on track to beat its record after arriving at a new All-Time-High (ATH) in trading volume pegged at $9.4 billion on Uniswap. Meteoric Rise In Base Trading Volume Data from a Uniswap Labs chart shows that Base has been outperforming its monthly records since the beginning of the year.
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Coinbase Layer-2 scaling solution Base is on track to beat its record after arriving at a new All-Time-High (ATH) in trading volume pegged at $9.4 billion on Uniswap.
Meteoric Rise In Base Trading Volume
Data from a Uniswap Labs chart shows that Base has been outperforming its monthly records since the beginning of the year. In January, Base recorded a trading volume of $329 million and in February, this figure jumped to $675 million. The next month saw an unusual jump to $9.4 billion, suggesting an increase in users’ interest.
Base volume on Uniswap Protocol
January: $329M
February: $675M
March: $9.4BHalfway through April: $7.8B
pic.twitter.com/SofXt8XrkB
— Uniswap Labs
(@Uniswap) April 14, 2024
It is worth noting that March was the same month when Coinbase announced its intention to store users’ USDC balance on the Base Network. Max Branzburg, Vice President, Head of Consumer Products at Coinbase took to X to announce the next step for the company. Coinbase plans to make this move so that it can conveniently manage and secure customer funds with lower fees while also achieving faster settlement times.
This is another way of introducing additional functionality to the Layer-2 protocol. Such utilities end up enticing more users to embrace the Base platform and in the long run, they are likely to improve the volume of transactions recorded on the network.
It is just mid-April and Base has registered a total of $7.8 billion in trading volume, per Uniswap Labs’ data. Considering that the month is only halfway gone, there is a very high probability that its trading volume record for April will outrank that of March to a significant extent.
Base Outshining Arbitrum and Ethereum
Compared to other protocols within the Ethereum L2 community, Base has equally recorded a stellar performance. A week ago, Coingape reported that Base outshined Arbitrum and Ethereum in total daily transactions. At the time, L2Beat data showed that Base’s 30-day transaction count came in at 45.21 million, Arbitrum One at 38.58 million, and Ethereum at 37.93 million.
After recording a 19.96% increase in the volume of transactions for seven days, its Total Value Locked (TVL) jumped to $3.89 billion during the same period. For a network that was challenged a few weeks ago by sudden network congestion, Base seems to be showcasing resilience and long-term prospects.
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