Points
- Coinbase’s layer-2 blockchain, Base, now hosts 80% of Uniswap’s monthly active traders.
- Base has displaced Ethereum mainnet and Arbitrum One among decentralized exchange traders.
- Base processes nearly 42 transactions per second, outperforming Arbitrum One.
- Strong integration with Coinbase ecosystem and user base contributes to Base’s success.
Coinbase’s layer-2 blockchain network, Base, has rapidly gained traction among decentralized exchange （DEX） traders. According to Token Terminal, Base now hosts approximately 80% of Uniswap’s monthly active traders, marking a significant shift in the decentralized trading landscape. This development highlights Base’s growing influence and the shifting preferences of DEX users.
Launched in August 2023, Base quickly started gaining market share among DEX traders, surpassing Ethereum mainnet and Arbitrum One, which previously dominated the space. Data from Token Terminal shows that Base has effectively displaced these rivals, reflecting its strong performance and adoption.
Base, developed in partnership with Optimism, another layer-2 Ethereum Virtual Machine （EVM）, utilizes a similar technology stack but has differentiated itself, especially among DEX traders. As of July 31, Base processes nearly 42 transactions per second （TPS）, significantly outperforming Arbitrum One’s less than 20 TPS, according to data from L2Beat.
Cointelegraph
One of the key factors contributing to Base’s success is its integration with Coinbase, the most popular centralized exchange （CEX） in the United States. This affiliation offers several perks, including seamless Coinbase integrations, easy fiat onramps, and access to millions of verified users within the Coinbase ecosystem.
Additionally, Base has seen significant growth in total value locked （TVL）. As of July 31, Base holds nearly $7.2 billion in TVL, making it the second-largest layer-2 blockchain after Arbitrum, which holds almost $17.2 billion in TVL, according to L2Beat. This measure of TVL includes native tokens, such as Arbitrum’s ARB, which airdropped to users in 2023.
Moreover, Base has attracted substantial liquidity. DefiLlama data from July 31 shows that over $250 million in Uniswap TVL has migrated to Base. Aerodrome Finance, a native platform on Base, identifies itself as “Base’s central liquidity hub” and has amassed almost $670 million in TVL.
The competition between Base and Arbitrum for the leading role in decentralized finance （DeFi） among Ethereum layer-2s is intensifying. Both platforms face additional competition from next-generation layer-2s, such as zero-knowledge （zk） rollups, which promise faster processing times, nearly instant finality on transactions, and enhanced security. Leading players in the zk-rollup race, such as Scroll, ZKSync Era, and Starknet, have already amassed upwards of $3 billion in TVL, according to L2Beat.
解説
- Base’s rapid adoption among Uniswap traders highlights the shifting dynamics in the DEX landscape and the growing importance of layer-2 solutions.
- The strong integration with Coinbase and its extensive user base significantly contributes to Base’s success and market share.
- The competition between Base, Arbitrum, and next-generation layer-2 solutions underscores the ongoing evolution and innovation within the DeFi space.
- Understanding the performance and adoption of layer-2 networks like Base is crucial for investors and traders navigating the rapidly changing DeFi ecosystem.
- The substantial liquidity and TVL on Base reflect its potential for continued growth and influence in the decentralized finance sector.