You are here: Home / News / Altcoin News / BASE: The Next Solana? $1B Daily Volume Ignites ‘Base Season’ Hype
BASE, the layer 2 protocol built on Ethereum, has hit notable milestones, igniting excitement and speculation within the cryptocurrency market. On March 30th, it reached a whopping $1 billion in daily trading volume, shattering its own trading volume record on DEX within 24 hours as well as outstripping all leading L2s in terms of daily transaction count. The remarkable feat has prompted renowned industry figures such as Lark Davis to pose the question: Is Base poised to become the new Solana?
The surge in activity is evident in the DeFi realm, as the platform recorded a 25% increase compared to the previous day’s $959.63 million, according to Dune Data Analytics.
It’s noteworthy to mention that since the launch of EIP-4844, commonly called proto-danksharding, Ethereum layer-2 solutions such as Base have posted a five-fold increase in demand, demonstrating the scalability and efficiency of these solutions. Developed by the centralized cryptocurrency exchange giant Coinbase, the L2 leverages the OP Stack from Optimism to provide a scalable and secure Layer 2 blockchain solution.
BASE, The Ultimate Enterprise Catalyst
Not long ago, the exchange announced its decision to migrate both corporate and customer USDC balances to its L2 network. The move highlights the layer 2’s potential to manage and secure user funds with lower fees and faster settlement times. With over 80 million users set to be onboarded onto the Base network, the potential for explosive growth in meme coins and other assets on the platform is evident.
..gonna onboard their 80M+ users straight to on-chain with their smart wallet. #Meme coins on the L-2 will make it to 100-1000x high
The promising on-chain trend has even triggered the prospect of “Base season,” capturing the attention of traders, who anticipate significant gains akin to the momentum seen on the Layer 1 network of Solana.
Ryan Selkis, of Messari, underscored the significance of the Ethereum rollup. He suggested that the L-2 could potentially serve as the ultimate catalyst, encouraging enterprises to start constructing on-chain. Overall, the Base network has experienced a “parabolic” surge in transactions, as noted by Alex Svanevik, founder and CEO of crypto analytics platform Nansen.
