Base, the layer two blockchain that was created by Coinbase, has reached a new record by reaching $2.38 Million in transaction volume.
The record was set on March 30th, 2024, where most of the transactions recorded were degen traders, trading new meme coins on the Base Ecosystem.
Base Blockchain Reaches New Record!
According to data from Dune Analytics, created by one of its users named @watermeloncrypto, Base Blockchains transaction volume has skyrocketed to above 2M transactions in the end of February.
The increasing transaction volume has set a new record for the layer two blockchain where it had developed from only being a layer two blockchain for Ethereum into now its own ecosystem.
Rumors going around that the blockchain might be the new hub for meme coins, overtaking Solana’s meme popularity.
This is due to the fact that the Base meme coin ecosystem category has given the most price gain in the last seven days, according to data from CoinGecko, which evidently increased its popularity over the week.
Speculating through the transaction data, it can be seen that most of the transactions are meme coin transactions. This is not a surprise however, as the cumulative gain of all Base’s meme coins have reached 688.6% in the last seven days.
Currently the number one most traded meme coin on the Base Ecosystem is BRETT, with almost $30 Million of transaction volume in the last 24 hours.
The token itself has given traders more than 100% gain in the last week, which is why it is currently the most popular meme coin in the Base Ecosystem.
Base’s DeFi Sector is Growing
While meme coins are growing, according to data from DeFiLlama, the Decentralized Finance or DeFi Sector of Base is also growing.
It now currently has more than $1 Billion of funds locked on the blockchain which is a huge accomplishment considering it previously consolidated in the $800 Million to $900 Million range.
The new surge happened because of those meme coins that essentially pushed many new investors into the blockchain and essentially explored all other parts of the blockchain, including the DeFi Sector.
There are currently almost 400,000 users on the Base DeFi Ecosystem, which is relatively low considering that the overall user count of the Base Blockchain stands around 5,7 Million users as of today.
Even though it is relatively small compared to the overall user count, currently those numbers have given Base the 8th spot in the DeFi TVL or Total Value Locked rankings among other blockchains.
It currently trails below Avalanche and has beaten Polygon and Optimism in the rankings of TVL according to DeFiLlama.
This is significant news as the battle for Ethereum layer two dominance is still going on. Base and Optimism usually goes head to head in terms of transaction volume and TVL, but currently Base is leading the race.
However, both of them are still trailing behind Arbitrum, which is the most dominant layer two blockchain for Ethereum in the crypto space.
Overall, the new accomplishment for Base has created a new positive towards the crypto market, especially the layer two sector and the meme coin sector.
But, this is only a stepping stone, as there might still be more to come, especially with the new narrative that Base will probably be the new meme coin hub.
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