In a remarkable development for the Base chain, the decentralized exchange (DEX) trading volume has surged by 53% month-over-month, reaching a new all-time high of $359 million on March 20. This significant increase is primarily attributed to the dominant performance of Uniswap, which accounted for a staggering 76% of the total volume.
The Base chain, which has been gaining traction since its launch by Coinbase following the Solana blockchain, also witnessed unprecedented levels of gas usage. The network consumed 478.24 ETH worth of gas, marking the highest usage to date. This surge aligns with the growing number of daily active addresses on the Base chain, which hit 464,000, including 129,600 new addresses joining the network.
Source: DefilLama
Analysts suggest that the primary catalyst behind these record-breaking figures is the influx of MEMECOINs on the Layer 2 (L2) blockchain. These digital assets, often characterized by their viral nature and community-driven value, have attracted a significant amount of attention and investment, propelling the Base chain’s activity to new heights.
As the cryptocurrency landscape continues to evolve, the Base chain’s latest achievements underscore the dynamic nature of blockchain technology and its capacity to support a thriving ecosystem of digital assets.
Source: https://azcoinnews.com/base-chain-sees-record-highs-in-dex-trading-volume-and-gas-usage.html
