Decentralized exchanges (DEXs) on Coinbase’s newly launched layer-2 network Base saw more trading volume than those on established layer-1 networks like Cardano (ADA) and others in the first 24 hours after its public launch, according to DeFillama data. Data from DeFillama showed that Base was among the top 10 networks by trading volume, with a volume of $26.23 million. On the other hand, established layer-1 blockchain networks like Fantom (FTM), Cardano, and Tron (TRX) saw less than $20 million in transactions cumulatively.
It should be noted that Base’s volume is still miles behind Ethereum, Solana (SOL), and Binance-backed BNB Chain. However, the network’s strong start is a promising sign for its future adoption. Besides its strong trading volume, Base also saw a significant increase in its total value of assets locked (TVL) in the first 24 hours. According to L2Beat data, Base’s TVL surpassed $150 million during the period. This makes it the fifth largest layer-2 network, ahead of StarkNet and others.
Aside from its TVL increase, Base also saw a significant increase in daily transactions per second (TPS). According to L2Beat, Base daily TPS soared 160% to 5.81. While this is relatively lower than other L2 networks like Arbitrum (ARB), Optimism (OP), and zkSync Era, market observers have suggested that Base would see more adoption as its ecosystem grows.
Coinbase launched Base to the public on August 9 after debuting its testnet in February and the developer-only release in July. The exchange markets the network as the first blockchain by a publicly listed company, representing part of its efforts to improve the adoption of web3 and blockchain technology.
The strong start of Base is a positive sign for the future of layer-2 networks. As more users and developers adopt these networks, we can expect to see even more growth in the coming months and years.