New Article: “Comparing Base Trails Solana and Ethereum in Weekly Trading Volume: Predictions for the Future”
In the competitive landscape of blockchain networks, Base has emerged as a rapidly growing contender in 2024, striving to claim a prominent position. How far along is Base on its journey to the top?
Recent reports suggest that Base is already in close competition with leading blockchains, showcasing significant progress in the industry.
According to the latest rankings from GeckoTerminal, Base secured the third position in terms of weekly trading volume. Solana (SOL) clinched the top spot, with Ethereum (ETH) following closely in second place.
While Base recorded $6.61 billion in weekly trading volume, Solana and Ethereum surpassed these figures with $16.47 billion and $8.78 billion respectively.
The rankings unveiled Base as a favored choice for blockchain enthusiasts during the recent surge in DeFi activities. With a DEX TVL of $1.56 billion, Base’s DeFi ecosystem has flourished with considerable activity.
An analysis by CryptoCrypto delved into the network’s active addresses, revealing a substantial growth in accounts over the past year.
Starting the year with fewer than 2 million accounts, Base has now surged to over 69.7 million addresses as of October 25th.
This impressive growth has naturally led to a surge in on-chain activities, particularly evident in the network transactions.
Base Achieves Record Daily Transactions
Recent data from DeFiLlama showcased a new milestone for Base’s daily transactions, hitting an all-time high of 6.52 million transactions within the last 24 hours.
Remarkably, this figure starkly contrasts with the network’s average of fewer than 500,000 daily transactions in Q1 2024.
Although Base’s TVL peaked at $2.54 billion earlier in the week, it experienced a slight dip to $2.41 billion at the time of report. This retracement likely correlates with the recent downturn in bullish market activities.
A similar trend was observed in Base’s fee statistics, with the network collecting approximately $141,000 in fees on October 25th. Daily average fees have hovered around $150,000, reflecting a decrease from last week’s performance.
Previously, Base fees soared to over $3.78 million per day in March, primarily driven by higher ETH prices leading to increased gas fees.
As both ETH prices and gas fees have seen a decline in recent months, these statistics have witnessed a downward trend.