Meme Coin Frenzy Fuels Explosive Base DEX User Growth

Coinbase Ethereum Layer-2 network Base has set a new record for the number of daily active users among decentralized exchanges (DEX), hitting 270,000 on June 17.

This is an increase of approximately 9% compared to the previous day.

Uniswap tops the list with 85% user share

according to data The Base-based decentralized exchange surpassed BNB Chain in the latest active user numbers compiled by Dune Analytics, with the layer-2 network lagging behind Solana in terms of user base.

Increased trading activity for meme coins on the Base chain is fueling this rapid adoption. It is important to note that while meme coins are driving massive activity on Solana, Base is not far behind.

Indeed, Base is quickly emerging as the leading network for memecoin projects and speculation, catching up with the former and attracting market participants looking to jump on the craze.

Digging deeper, Uniswap dominated activity on the Base blockchain with over 85% of user share on June 17, followed by PancakeSwap with 3.8%, Aerodrome Finance with 3.2%, and SushiSwap with 2.3%.

In terms of trading volume, Base recorded a total DEX trading volume of $1.2 billion in March of this year. However, this figure has since declined, and as of June 17, Base’s daily DEX trading volume was just over $298 million.

A deeper breakdown of the daily trading volume reveals that Uniswap took the largest share at 81.1%, while PancakSwap and Aerodrome Finance each accounted for 6.6% of the Layer 2 network’s total trading volume on the day, according to data from Dune Analytics.

The base has also emerged as a major attraction for investors to inject fresh capital.

Meme coin base hotspot?

A series of recent corrections has pushed the meme coin market cap below $50 billion, but trading volume appears to be steadily increasing. For the most part, Solana has been the epicenter for meme coins, but it is slowly losing its dominance to Base.

This shift comes as Base-based meme coins such as Degen (DEGEN), All Your Base (AYB), Brett (BRETT), Based Shiba Inu (BSHIB) and Broge (BROGE) have seen significant growth this year.

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