Key Points
- Base is currently holding about 80% of Uniswap’s monthly active traders.
- Coinbase’s L2 launched in August 2023, gaining market share among DEX traders in 2024.
Coinbase’s layer-2 blockchain network, Base, is currently hosting about 80% of Uniswap’s monthly active users, according to the latest reports.
Crypto researcher Token Terminal shared in a post on X the number of Uniswap active monthly users since its launch, compared to Ethereum, Arbitrum, Polygon, BNB Chain, and more.
Base launched back in August 2023 and started to rapidly gain market share among DEX traders at the beginning of 2024.
According to the data, Ethereum, Arbitrum, and Polygon have previously dominated DEX trading activity. Arbitrum remains the largest L2 blockchain with almost $16.9 billion in TVL, data from L2Beat notes. Base comes next with over $7 billion in TVL.
The L2Beat data is a broad measurement of TVL including native tokens, such as Arbitrum’s ARB which airdropped to users last year.
Base’s Strong Performance
Base was developed by Coinbase together with Optimism, another L2 Ethereum Virtual Machine (EVM), using a similar technology stack.
Base showed strong performance especially among DEX traders and as of July 31, it was processing almost 42 transactions per second (TPS) versus Arbitrum One’s less than 20 TPS, L2Beat data notes.
Base benefits from its affiliation with Coinbase with features including the following according to official documentation:
- Seamless Coinbase integration
- Easy fiat on-ramps
- Access to millions of verified users in the Coinbase ecosystem
Over $240 million in Uniswap TVL has migrated to Base, DefiLlama data shows. Also, according to the same data, Aerodrome Finance, native to Base, and identifying itself as “Base’s central liquidity hub” amassed over $645 million in TVL.
Base remains a competitor to Arbitrum for the leading role in DeFi among Ethereum L2s and will face additional competition from next-generation L2, such as ZK rollups in the next years.
Zk-rollups offer faster processing times, almost instant finality on transactions, and boosted security. The main players in the Zk-rollup race are Ethereum Ls2 Scroll, ZkSync Era, and Starknet, amassing over $3 billion in TVL, according to L2Beat data.
