Base, Coinbase’s Layer-2 (L2) blockchain solution, has reached new heights, posting an all-time high daily decentralized trading (DEX) volume of nearly $3 billion.
This milestone reflects Base’s growing prominence in the L2 space and its role in scaling on-chain transactions for Coinbase users.
Basis reaches new milestones in DEX volume
Blockchain analyst Dan Smith highlighted Base L2’s record volume of $2.9 billion, including $1.3 billion in ETH-USD trading, which also hit an all-time high. Other trading pairs, such as ETH-cbBTC and BTC-USD, were on the verge of breaking their own records.
Basic DEX volume per pair type. Source: Blockworks research
DEX volume of $2.9 billion reflects Base’s growing appeal among traders, especially in ETH-USD pairs, who have benefited from recent price volatility. Alexander, another blockchain enthusiast, noted that this milestone marked the first time Base recorded nearly $3 billion in daily volume, pointing to the development as evidence of L2’s growing adoption.
AerodromeFi, a liquidity-focused decentralized protocol on Base, also recorded an all-time high of $1.68 billion in volume, further highlighting the ecosystem’s momentum.
“This is the first time Base has nearly exceeded $3 billion and AerodromeFi has set a new ATH of $1.68 billion,” Alexander said.
Base’s success is especially notable because it works without a native token. Coinbase explicitly ruled out launching a token for Base and instead prioritized ecosystem growth and user adoption. This approach has likely contributed to its popularity by focusing on utility and reducing speculative risks that could deter long-term users.
“There are no plans for a Base network token. We are focused on building and we want to solve real problems that help you build better,” Base lead developer Jesse Pollak said recently.
Consistent growth in transactions and TVL
This recent achievement follows Base’s previous milestones, including reaching one billion transactions two months ago and surpassG six million daily transactions in October. More precisely, the network recently surpassed Ethereum in user growth amid expanding crypto markets.
Furthermore, Base’s Total Value Locked (TVL) has seen consistent growth, indicating increased user participation, asset inflows and liquidity within its ecosystem. A rising TVL indicates greater trust in the platform, which promotes a stronger and more sustainable DeFi environment.
Basic TVL and DEX volume. Source: DefiLlama
Despite its impressive growth, Base has faced some criticism. The network was accused of copying aspects of an NFT project, raising concerns about originality and intellectual property. While this controversy hasn’t deterred adoption, it does highlight the challenges of rapid innovation in the competitive blockchain space.
Base’s trajectory positions it as a serious competitor in the L2 space, competing against established players such as Arbitrum (ARB) and Optimism (OP). The company’s emphasis on utility, combined with rising user participation and liquidity, paints a promising picture for the future.
