Base is poised to achieve an unprecedented trading volume on Uniswap.
The L2 protocol has experienced a significant surge in volume, surpassing $7 billion in April. The Base continues to outperform other Ethereum-based L2 protocols.
The Coinbase Layer-2 scaling solution Base is poised to surpass its previous record, reaching a new All-Time-High (ATH) trading volume of $9.4 billion on Uniswap.
Rapid Increase in Base Trading Volume
According to a Uniswap Labs chart, Base has consistently surpassed its monthly records since the start of the year. In January, Base recorded a trading volume of $329 million, which significantly increased to $675 million in February. The following month, a remarkable surge to $9.4 billion indicated a rise 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
In March, Coinbase announced that it would store users’ USDC balances on the Base Network. Max Branzburg, Vice President and Head of Consumer Products at Coinbase, shared an update on the company’s future plans. Coinbase intends to make this move to efficiently oversee and safeguard customer funds with reduced fees while achieving quicker settlement times.
This is another method of incorporating extra functionality into the Layer-2 protocol. These utilities have the potential to attract more users to adopt the Base platform, ultimately increasing the number of transactions on the network.
According to Uniswap Labs’ data, Base had already recorded a trading volume of $7.8 billion by mid-April. Given the current month’s progress, it is likely that April’s trading volume record will surpass March’s by a significant margin.
Surpassing Arbitrum and Ethereum in terms of performance
Base has demonstrated exceptional performance when compared to other protocols within the Ethereum L2 community. Last week, Coingape reported that Base surpassed Arbitrum and Ethereum in total daily transactions. During that period, L2Beat data indicated that Base had a 30-day transaction count of 45.21 million, Arbitrum One had 38.58 million, and Ethereum had 37.93 million.
With a 19.96% surge in transaction volume over seven days, the Total Value Locked (TVL) skyrocketed to $3.89 billion. Base demonstrates resilience and long-term prospects despite sudden network congestion a few weeks ago.
