- Base ranks third in the list of blockchains with the highest volume, behind Solana and Ethereum.
- Fueled by a significant increase in addresses, daily transaction value soared to an all-time high of $6.52 million.
The Base chain is one of the fastest growing networks in 2024 and is clearly aiming for the top spot. But how close are we to achieving that goal?
The latest findings show that the company is already on par with the top blockchains with fierce competition.
A recent Geckoterminal ranking revealed that Base had the third highest weekly volume. surpassed Solana [SOL]secured the top spot, followed by Ethereum. [ETH] In second place.
Base's weekly trading volume reached $6.61 billion, with the top two companies trading at $16.47 billion and $8.78 billion, respectively.
Source: Gecko Terminal
This ranking reveals that Base is one of the most preferred blockchains in the recent surge in DeFi activity. DEX TVL is $1.56 billion, meaning the DeFi ecosystem is enjoying robust activity.
AMBCrypto investigated the number of active addresses to establish the level of activity within the network. The number of addresses or accounts on Base has increased rapidly over the past 12 months.
For comparison, as of early January this year, the network had fewer than 2 million accounts. This number increased to more than 69.7 million addresses as of October 25th.
Source; Block Scout
Such impressive growth levels are bound to result in a surge in on-chain activity. The best example of this is at the level of network transactions.
Basic daily trading amount hits new record high
According to DeFiLlama, Base's daily transaction count hit an all-time high of 6.52 million transactions in the past 24 hours as of this writing.
Note that this is the same network that averaged less than 500,000 transactions per day in Q1 2024.
Source: Defilama
The company's TVL, which hit a historic high of $2.54 billion earlier this week, had retreated to $2.41 billion at the time of writing. This slight retracement is likely related to a slowdown in recent bullish activity.
The same observation also explains the latest base rate statistics. The network collected about $141,000 in fees on Oct. 25. Based on last week's performance, the average rate is less than $150,000 per day.
Base rates previously hit a high of more than $3.78 million per day in March. The main reason for this difference is that the price of ETH was much higher in March, which led to higher gas fees.
Both ETH price and gas fees have been falling in recent months.
