Base Network Surpasses Binance Chain in Active DEX Users

Most DEX users on the Base network come from Uniswap.

Trading on Base, the Coinbase-supported Layer 2, is soaring, positioning the network to become the second-most active in terms of decentralized exchanges (DEX) users this month.

According to Dune Analytics, Base’s DEX users surged by 53% in the last 24 hours to a record 267,000, surpassing Binance Chain, which has 154,000 active DEX users.

Most DEX users on the Base network come from Uniswap, which accounts for 64% of its Trading on Base, the Coinbase-supported Layer 2, is soaring, positioning the network to become the second-most active in terms of decentralized exchanges (DEX) users this month.

Over the past week, Base recorded 1.3 million daily active users (DAU), capturing 20% of the market share of total DEX users.

Base has been a beneficiary of the memecoin craze, with more than 650,000 tokens created on the network in 2024, according to Dune Analytics. Brett (BRETT) and TOSHI (TOSHI) are among the largest memecoins on the Base network, with market caps of $1.21 billion and $115 million, respectively, according to CoinGecko.

Other highly traded memecoins include Degen (DEGEN) and Normie (NORMIE). Since its launch, Base has completed 338 million transactions.

Scammers

However, the network’s growing popularity, especially among memecoins, has also attracted scammers, with $2.3 million reported stolen in May, according to Dune Analytics.

Launched by Coinbase in August 2023, Base is fully controlled by Coinbase as the sole sequencer, but the company has pledged to progressively decentralize the network over time.

Solana remains the most popular chain for new DEX traders, capturing 48% of new users in the past seven days, while Ethereum captured only 6%. Solana also led in terms of DEX trading volume with $3.35 billion recorded in the past seven days.

Total Value Locked

In June, Base reached the $7 billion mark in total value locked (TVL) on its protocol, becoming the second-largest Layer 2 platform, trailing only Arbitrum One, according to L2BEAT.

TVL and DEX user growth comes as investors look forward to Coinbase’s new smart wallet, a browser-based on-chain wallet designed to eliminate friction points through account abstraction. Coinbase’s smart wallet is currently available on testnet.