- Base ranks third after Solana and Ethereum in the list of blockchains with the highest volumes.
- Daily transactions soar to a new all-time high of $6.52 million, helped by strong address growth.
The Base chain was one of the fastest growing networks in 2024 and was clearly aiming for the top spot. But how close is it to achieving that goal?
The latest findings indicate that it has already partnered with the top blockchains that offer stiff competition.
A recent ranking from GeckoTerminal found that Base had the third highest weekly volume. It was performed better by Solana [SOL]which secured the first place, followed by Ethereum [ETH] in second place.
Base achieved weekly volume of $6.61 billion, while the top two had $16.47 billion and $8.78 billion respectively.
Source: GeckoTerminal
The rankings showed that Base was one of the most preferred blockchains during the latest wave of DeFi activity. It had a DEX TVL of $1.56 billion, meaning the DeFi ecosystem is seeing robust activity.
AMBCrypto examined the number of active addresses to determine the level of activity in the network. The number of addresses or accounts on Base has grown exponentially over the past 12 months.
By comparison, the network had fewer than 2 million accounts at the beginning of January this year. That figure has since risen to more than 69.7 million addresses as of October 25.
Source; BlockScout
Such an impressive level of growth would inevitably lead to an increase in activity in the chain. Nothing shows this better than the level of network transactions.
Basic daily transactions reached a new all-time high
According to DeFiLlama, at the time of writing, daily basic transactions reached a new record of 6.52 million transactions in the past 24 hours.
Note that this is the same network that averaged less than 500,000 daily transactions in the first quarter of 2024.
Source: DeFiLlama
The TVL, which hit an all-time high of $2.54 billion earlier this week, had fallen to $2.41 billion at the time of writing. This small retracement was likely related to the recent slowdown in bullish activity.
The same observation would explain the most recent base compensation statistics. The network collected approximately $141,000 in fees as of October 25. According to last week’s performance, average compensation was less than $150,000 per day.
Base fees previously reached a daily high of more than $3.78 million per day in March. The main reason for this difference is that ETH was priced much higher in March, which meant higher gas costs.
Both the price of ETH and gas costs have fallen in recent months.