- Base recorded record transactions of 5.6 million in 24 hours
- For a short period of time, it showed 30.06%, ahead of Solana with 25%
- Now Base’s performance has dropped to 20.8%, but still above Solana and the others
Coinbase’s Ethereum layer-2 network, Base, unexpectedly overtook the traditional leaders – Solana, Ethereum, and Tron, capturing 30.06% of the stablecoin transaction volume, while the shares of Solana, Ethereum and Tron amounted to 25%, 20% and 16.7% respectively.
Details of Base’s Short-Term Dominance
Circle CEO Jeremy Allaire noted in a post on X that if current activity on Base continues, annual USDC transaction volume on that network could reach $6.6 trillion. This would allow Base to come close to traditional leader Solana with $8.6T and overtake Ethereum with $6.1T.
Also on this day, USDC showed dominance among stablecoins, accounting for 62% of the total daily transaction volume. By comparison, Tether (USDT) accounted for 30%, while DAI accounted for 7.4%.
Data on the End of October
Base’s activity has now decreased: its share of the stackcoin transaction market is 20.8%, slightly more than Solana (20.6%), but Ethereum still leads with 25.6% for the month.
Nevertheless, activity on Base continues to grow and October’s average daily number of transactions reached 5.6 million, which shows a 20% increase from the previous month, according to Dune Analytics.
Conclusions
Coinbase is a key player, and its USDC and Base are infrastructurally important to all crypto. Since there are only Tether, Solana, and Ethereum among the remarkable competitors, the choice in this situation is not to lead and it should be logical that Coinbase accounts for a significant share.
With the right initiatives and developments, their already key position has the potential to grow, which we will be actively watching. Stay tuned.
