Daily volume on Base network sees 51% surge to $356 million
Quick Take
The network’s daily trading volume on Tuesday recorded $356 million, a 51% increase compared to the previous day.
Its total value locked has also reached its all-time high of $745 million.
“The surge in activity on Coinbase’s Base network can be attributed to Ethereum’s recent Dencun upgrade, which significantly reduced transaction fees on Layer 2 networks, making Base one of the most cost-effective options in the market to utilize Ethereum,” stated Joe Caselin, head of institutional marketing at BIT. While Dencun may have been the catalyst, most of the activity yesterday occurred amid a brief spike in average transaction fees to over $1, data indicates.
Analysts further predict continued growth for Base, as Coinbase endeavors to connect its users to the on-chain economy. Coinbase recently unveiled its smart wallet, which is expected to allow traders to use their balances on the crypto exchange directly on-chain.
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