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Base stablecoin
Base stablecoin

Cryptocurrency

The base network outperforms major blockchains and takes the lead in stablecoin transactions

On October 26, Base, Coinbase’s layer-2 Ethereum network, briefly overtook well-known chains like Solana, Ethereum, and Tron to take the top spot in stablecoin transaction volume, setting a new record. Base is establishing itself as a formidable competitor in the blockchain sector with more than 5.6 million transactions per day, highlighting its potential to transform stablecoin markets.

On October 26, Coinbase’s Base network achieved a noteworthy milestone by surpassing major blockchains like Solana, Ethereum, and Tron in terms of stablecoin transaction volume. On the same day, Base’s daily transaction volume reached a record high, underscoring the company’s growing role in the blockchain ecosystem.

Data from the Artemis Terminal shows that Base made up a significant 30.06% of the total volume of stablecoins, surpassing Solana at 25%, Ethereum at 20%, and Tron at 16.7%. In response to this increase, Circle CEO Jeremy Allaire stated that if these patterns continue, the yearly transaction volume for USD Coin (USDC) on Base alone may reach a staggering $6.6 trillion.

With 62% of all stablecoin transactions on October 26, USDC led the field, followed by Tether (USDT) at 30% and DAI at 7.4%. According to Dune Analytics, Base processed a record-breaking 5.6 million transactions last month, a 20% rise from the previous month, which is consistent with the spike in network activity and Base’s market share.

In the past, Solana has consistently had a dominant position in stablecoin transactions, frequently controlling about 60% of the whole volume across networks. Base’s recent gains nevertheless suggest a possible change. With $8.6 trillion in total stablecoin volume so far this year, Solana continues to lead the field, followed by Ethereum ($6.1 trillion). However, Base’s performance in October suggests a closing deficit, as its stablecoin transaction volume has recently narrowly surpassed Solana’s.

With Ethereum dominating at 25.6% for the month, Base retains a stablecoin volume market share of 20.8%, according to the most recent data, which is slightly higher than Solana’s 20.6%. This quick expansion demonstrates Base’s developing position in the stablecoin ecosystem, as users and developers continue to be interested in utilizing the network’s potential.

author avatar
Alex
Formally freelance blogger Alex is passionate writer with interest in Finance and Business, fascinated about crypto following news and covering stories.
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