Decentralized exchanges (DEX) on Coinbase’s newly launched layer2 network, Base, have surpassed trading volumes on established layer1 networks such as Cardano (ADA) within 24 hours of its public release. This significant achievement highlights the growing popularity and success of Base in the blockchain space.

Data from DeFiLlama reveals that Base has secured a place among the top 10 networks by trading volume, with an impressive $26.23 million in volume. In contrast, well-established layer1 blockchain networks like Fantom (FTM), Cardano, and Tron (TRX) collectively recorded less than $20 million in transactions. While Base’s trading volume is still considerably lower than leading networks like Ethereum, Solana (SOL), and Binance-backed BNB Chain, its rapid ascent is noteworthy.

Even before its public launch, Base had already attracted significant user activity through the BALD meme coin. This meme coin achieved a remarkable market cap of over $85 million before experiencing a crash. This early success indicates the buzz and anticipation surrounding Base’s capabilities and potential.

Impressive Total Value of Locked Assets (TVL)

Additionally, Base has amassed a total value of locked assets (TVL) surpassing $150 million, as reported by L2Beat data. Currently, Base’s TVL stands at $155 million, a remarkable increase of over 77% in just one week. This noteworthy TVL places Base as the fifth-largest layer-2 network, outpacing competitors such as StarkNet.

Increasing Daily Transactions Per Second (TPS)

Base has also experienced a significant surge in daily transactions per second (TPS). According to L2Beat, Base’s daily TPS has soared by an impressive 160% to 5.81. Although this figure is comparably lower than other L2 networks like Arbitrum (ARB), Optimism (OP), and zkSync Era, industry observers predict that Base will witness even greater adoption as its ecosystem continues to expand.

Base’s Milestones and Launch

Coinbase officially launched Base to the public on August 9th, following the introduction of its testnet in February and a developer-only release in July. As the first blockchain developed by a publicly listed company, Coinbase aims to promote the adoption of web3 and blockchain technology with the establishment of Base. This innovative move by Coinbase highlights their commitment to exploring and integrating blockchain solutions.

Base, Coinbase’s decentralized exchange on their layer2 network, has achieved remarkable success shortly after its public launch. Outperforming established layer1 networks in trading volume, amassing a significant TVL, and witnessing a surge in daily TPS, Base exemplifies the potential of decentralized finance. Coinbase’s commitment to driving the adoption of web3 and blockchain technology through Base marks an important milestone in the evolution of the digital asset ecosystem. As Base’s ecosystem expands, it is anticipated that its influence and success will continue to grow, further solidifying its position in the blockchain space.

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