Uniswap Emerges as Dominant Force on Base Blockchain with 85% User Share
On June 17th, Uniswap solidified its position as the leading decentralized exchange (DEX) on the Base blockchain, capturing an impressive 85% share of users. This surge in Uniswap’s dominance can be attributed to the recent frenzy surrounding meme coins, which have been driving significant trading activity on the Base network.
Supported by Coinbase, the Ethereum layer-2 network Base boasted over 270,000 users on June 17th, setting a new record for the highest number of daily active users on DEX platforms. This marked a nearly 9% increase from the previous day, showcasing the platform’s growing popularity.
According to data from Dune Analytics, Base-powered DEXs have surpassed BNB Chain in terms of active users, although they still trail behind Solana. The rise of meme coins has played a crucial role in attracting users to Base, with the platform quickly becoming a preferred destination for meme coin projects and speculative trading.
Notable meme coins such as DEGEN and BRETT have contributed to a significant uptick in trading volumes on Base. Uniswap led the pack with an 85% user share on June 17th, followed by PancakeSwap at 3.8%, Aerodrome Finance at 3.2%, and SushiSwap at 2.3%.
While Base’s total DEX volume reached $1.2 billion in March, the daily trading volume as of June 17th stood at just over $298 million. Uniswap continued to dominate the market, accounting for 81.1% of the daily trading volume, with PancakeSwap and Aerodrome Finance making up 6.6% of the Layer 2 network volume.
In light of these developments, Base has emerged as a prime destination for investors seeking new opportunities in the rapidly evolving cryptocurrency market.
In other cryptocurrency news today, Ethereum surged past $3.5K following news of the SEC closing its investigation on ETH sales.