Originally published on: October 28, 2024
Recently, the Coinbase-developed Ethereum layer-2 network, Base, made headlines as it briefly became the leading blockchain for stablecoin volume while achieving an all-time-high transaction count. On October 26, Base secured an impressive 30.06% market share of stablecoin volume, outpacing competitors like Solana, Ethereum, and Tron, according to data from Artemis Terminal.
Base’s dominance was evident with a 30% share of stablecoin volume, surpassing Solana at 25%, Ethereum at 20%, and Tron at 16.7%. Jeremy Allaire, CEO of Circle, expressed optimism about Base’s trajectory, suggesting that if this trend persisted, the USD Coin (USDC) would reach an annual run rate of $6.6 trillion on Base alone.
USDC led the way with 62% of stablecoin volume on October 26, followed by USDT at 30%, and DAI at 7.4%. The surge in stablecoin volume on Base coincided with a significant uptick in network activity, as it recorded a record 5.6 million daily transactions on the same day.
While historically Solana has been the frontrunner in stablecoin transactions, Base’s recent performance indicates a shift in the landscape. Up until now, Solana, Ethereum, and Tron have dominated stablecoin volume, but Base is steadily gaining ground. As of now, Base’s stablecoin volume market share stands at 20.8%, with Solana close behind at 20.6%, and Ethereum leading the month with 25.6%.
With Base breaking records and surpassing all other chains in stablecoin transaction volume, the crypto community eagerly anticipates what lies ahead for this emerging network. Stay updated on the latest trends in blockchain and crypto by subscribing to our Crypto Biz newsletter for valuable insights and market opportunities every Thursday.
