Base Transactions and DEX Volumes Hit Unprecedented Peaks

Daily transactions and decentralized exchange (DEX) volumes have soared to new all-time highs on the Coinbase-incubated layer two blockchain, Base as data shows 2.27 million transactions for March 29 alone.

Base Transactions Hit ATH

According to data from a Dune Analytics dashboard created by user @watermeloncrypto, that figure was an all-time high for Base. This surge in daily activity follows a record-setting week for Base, with approximately 9.59 million transactions recorded on March 18. The figure exceeds the previous weekly high of around 9.3 million in September of the previous year.

An analysis of the data reveals the blockchain’s growing usage and adoption as there was an accompanying surge in transactions, with Base’s weekly network revenue also reaching an all-time high on March 18. It however pales in comparison with the ATH of Bitcoin in the same month of March.

Spike in DEX Activity on Base

The trading volume on Decentralized Exchanges, DEX operating on Base also witnessed a surge as total 24-hour volume hit $657.19 million, according to figures from Defi Llama. March seems to be a month of record-breaking as DEX activity on Base increased with $6.67 billion traded in this month alone, eclipsing the previous month’s volume of $1.26 billion.

Analysts have drawn a correlation with the Base’s total value surpassing $1 billion. They say it coincides with Coinbase’s announcement of plans to store additional corporate and customer USDC balances on the Layer 2 solution. The move is targeted at enhancing efficiency and scalability on the network.

Impact of mfercoin Launch on Base Network

Another contributing factor to the enthusiasm surrounding Base is the recent launch of mfercoin by Sartoshi, the founder of the cc0 non-fungible token collection mfers. The airdrop of mfercoin tokens to mfer NFT holders has contributed to increased activity on the Base blockchain.

The launch of mfercoin has also driven a surge in sales of mfer NFTs, with transactions increasing by over 6000% in the past 24 hours, according to data from CryptoSlam. This surge in demand has propelled the floor price of mfer NFTs to 0.719 ETH on OpenSea, signaling growing interest and excitement within the NFT community surrounding Sartoshi’s latest venture.

Meanwhile, with Base’s success, Coinbase Derivatives which is the derivatives trading division of Coinbase has announced plans to introduce cash-settled futures contracts for Dogecoin, Litecoin, and Bitcoin Cash, scheduled for release on April 1, 2024