Base, Coinbase's Ethereum Layer 2 network, continues to outperform its competitors in decentralized finance (DeFi). Despite market volatility, Base has maintained its position since the Q4 2024 rally, particularly in fee revenue and decentralized exchange (DEX) activity.
Base's Network Metrics
Recent data by Dune analytics indicates that Base generated $570 million in fees over a weekend, capturing a 60% share in DEX activity among Layer 2 networks. Base leads in decentralized exchange (DEX) activity, holding a 60% dominance in this area.
In terms of trading volume, Base recorded $755.48 million in the last 24 hours, surpassing Arbitrum by over $108 million. Also, Base's total value locked (TVL) reached $2.71 billion, surpassing Arbitrum One by more than $600 million.
While the TVL in dollars has seen a decline since December, the token count has experienced and peak at 1.9 million ETH.
Sustained Growth in Liquidity and Transactions
Beyond trading volumes and TVL, Base has shown growth in the network liquidity and transaction activity. The network's stablecoin market capitalization has increased to $4.25 billion as of April 6, up from $1.79 billion. Although the growth rate has stabilized since May 2024, the overall market remains positive.
Transaction activity on Base has also surged back after a dip in early 2025, with daily transactions exceeding 1.5 million. This indicates a healthy level of utility and user engagement on the network. The combination of strong liquidity and transaction volume proves Base's strength and its role in the Ethereum Layer 2 ecosystem.
Final Words
Base's combination of high performance, strong adoption, and user-friendly features has solidified its position as the leading Ethereum Layer 2 network. However, it faces challenges like declining TVL and market volatility.
