In December 2024, Base, a renowned layer-2 network, achieved a huge milestone in DEX trading on decentralized exchange platform Uniswap.
For the first time, the Base chain saw its monthly decentralized trading volume cross the $100 billion mark. This is evident from the latest data that Uniswap Labs released today on the X platform.
Base Just Became the Second L2 to Ever Cross $100 Billion in Swap Volume on the Uniswap Protocol
👀 pic.twitter.com/DCeVCyrlee
— Uniswap Labs 🦄 (@Uniswap) January 14, 2025
This performance reflects Base’s increasing influence in the decentralized trading sector. It also highlights the network’s competitive advantage over other layer 2 networks, including Arbitrum, Polygon, Optimism, and many others.
Base reaches $100 billion on Uniswap
According to the latest data, Base became the second layer 2 network to surpass $100 billion in decentralized trading volume in Uniswap.
Last year in September, Arbitrum became the first layer 2 scale solution to surpass $200 billion. It is the first L2 network to reach such a large volume via the Uniswap protocol.
Becoming the second L2 network to exceed $100 billion in DEX volume on Uniswap, Base’s rise is evident when compared to other layer 2 solutions. The company’s dominance in DEX trading is incredible, underscoring its increasing appeal to institutional investors and retail traders alike.
Grassroots growth and the future of DeFi
The increased DEX volume on Base reflects increased demand for virtual assets and stablecoins in the broader DeFi ecosystem. It coincides with the resurgence of DeFi and the increase in crypto returns.
Another major factor behind this rise is the ongoing meme coin craze, which continues to drive massive trading activity on Base. Last year, meme coins like Brett and Degen saw their market value rise to $596 million and $589 million respectively, a few days after their launch on Base. In other words, Base’s rising meme coin activity is contributing to Base’s impressive DEX trading on Uniswap.
The incredible trading volume on Uniswap was also supported by an increase in the number of monthly transactions and active addresses in the Base network. This increase highlights the broader story of more users switching to Base due to its low transaction fees and high processing speed, making it a preferred alternative to DeFi platforms and dApps.
At the time of writing, Base is trading at $0.9775, up 16.0%, with a trading volume increase of 129.90% and a market cap of $627.48k.
With continued continued interest in the DeFi landscape, it is clear that Base is well positioned to continue to see growth. It will play a huge role in shaping the future of DeFi.
