Originally published on: October 28, 2024
The Base Layer-2 network, developed by Coinbase, made waves in the blockchain world by briefly becoming the number one blockchain for stablecoin volume. On a record-breaking day with an all-time high transaction count, Base surged ahead of competitors like Solana, Ethereum, and Tron to claim the top spot.
According to data from Artemis Terminal, Base accounted for an impressive 30.06% of all stablecoin volume on October 26th, outpacing its rivals. Following closely behind Base was Solana with 25%, Ethereum with 20%, and Tron with 16.7% in one-day stablecoin volume.
Circle CEO Jeremy Allaire commented on Base’s sudden dominance, hinting that if this trend continued, USD Coin (USDC) could potentially reach a staggering annual run rate of $6.6 trillion on Base alone. USDC, accounting for 62% of all stablecoin volume on October 26th, surpassed Tether’s USDT by a significant margin.
The surge in stablecoin volume market share coincided with a notable increase in network activity on Base. Achieving a record 5.6 million daily transactions on October 26th, Base demonstrated a 20% increase in transaction count compared to the previous month, as reported by Dune Analytics.
Although historically Solana led in stablecoin transactions, Base has been gaining ground steadily. With a stablecoin volume market share of 20.8%, Base is inching ahead of Solana’s 20.6% this month, while Ethereum leads with 25.6%.
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