Base Stablecoin Volume Beats Ethereum Network
BITmarkets Team
Nov 01, 2024
The Ethereum layer-2 network Base, developed by Coinbase, briefly became the top blockchain for stablecoin volume on the same day it recorded an all-time high in transaction count.
On October 26, Base reached a record market share in stablecoin volume, accounting for 30.06% of all stablecoin transactions, surpassing chains like Solana, Ethereum, and Tron, as reported by Artemis Terminal and noted by Peter Schroder in an October 27 post on X.
Trailing Base in daily stablecoin volume was Solana with 25%, followed by Ethereum at 20%, and Tron at 16.7%.
Circle CEO Jeremy Allaire commented on Base’s brief period of dominance in an October 27 X post, suggesting that if this trend continued, USDC could reach an “annual run rate” of $6.6 trillion on Base alone.
On October 26, USDC represented 62% of all stablecoin volume, with USDT at 30%, and the algorithmic stablecoin DAI accounting for 7.4% of total daily volume.
The increase in Base’s market share of stablecoin volume aligns with rising network activity.
Data from Dune Analytics shows that on October 26, Base reached a record 5.6 million daily transactions, marking a 20% rise over the past month.
Historically, Solana has led in stablecoin transactions, routinely holding around 60% of total volume across major blockchain networks until mid-June.
Year-to-date, Solana maintains the highest stablecoin volume with over $8.6 trillion, followed by Ethereum with $6.1 trillion.
While Solana, Ethereum, and Tron have outperformed Base in volume this year, Base has gained traction recently, even slightly surpassing Solana’s volume this month.
Currently, Base’s stablecoin market share is at 20.8%, just ahead of Solana’s 20.6%, with Ethereum leading the month at 25.6%.
Sources:
https://cointelegraph.com/news/base-stablecoin-transaction-volume-briefly-tops-all-other-chains
https://app.artemis.xyz/stablecoins
https://x.com/peterschroederr/status/1850556872727945285
