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, aided by strong address growth.
The Base chain has been one of the fasted growing networks in 2024 and has clearly been aiming for the top spot. But just how close is it to achieving that goal?
The latest findings indicate that it was already rubbing shoulders with the top blockchains that offer intense competition.
A recent GeckoTerminal ranking reveled that Base had the third-highest weekly volume. It was outperformed by Solana [SOL], which secured the top spot, followed by Ethereum [ETH] at second place.
Base achieved $6.61 billion in weekly volume, while the top two had $16.47 billion and $8.78 billion respectively.
Source: GeckoTerminal
The ranking revealed that Base has been one of the most preferred blockchains during the latest surge in DeFi activity. It had a DEX TVL of $1.56 billion, which means its DeFi ecosystem has been enjoying robust activity.
AMBCrypto explored the number of active addresses to establish the level of activity in the network. The number of addresses or accounts on Base grew exponentially in the last 12 months.
For perspective, the network had less than 2 million accounts at the start of January this year. That figure has since gone up to over 69.7 million addresses as of the 25th of October.
Source; BlockScout
Such an impressive level of growth was bound to yield a surge in on-chain activity. Nothing demonstrates this better than the level of network transactions.
Base daily transactions hit new historic high
According to DeFiLlama, Base daily transactions hit a new all-time high of 6.52 million transactions in the last 24 hours at the time of writing.
Note that this is the same network which averaged less than 500, 000 daily transactions in Q1 2024.
Source: DeFiLlama
Its TVL, which achieved a historic high of $2.54 billion earlier this week, had pulled back to $2.41 billion at the time of writing. This minor retracement was more likely associated with the recent slowdown in bullish activity.
The same observation would explain the latest Base fee stats. The network collected roughly $141,000 in fees on the 25th of October. The average fees have been less than $150,000 per day as per its performance last week.
Base fees previously hit a daily high of over $3.78 million per day in March. The main reason for this difference is that ETH was priced much higher in March, hence gas fees were higher.
Both ETH’s price and gas fees have been declining for the last few months.
Next: Ripple activity surges to 6-month high: Is XRP’s rally coming?
