Base Network Hits Milestone in Stablecoin Volume
The Coinbase-developed Ethereum layer-2 network, Base, recently achieved a significant milestone, briefly ranking as the No.1 blockchain for stablecoin volume. This achievement coincided with an all-time high transaction count on the network.
Record Stablecoin Market Share
On October 26, Base reached a record market share in stablecoin volume, capturing 30.06% of all stablecoin transactions. This positioned it above other major blockchain networks, including Solana, Ethereum, and Tron. Data from Artemis Terminal, shared by Peter Schroder on X, highlighted Base’s impressive performance.
Here’s the breakdown of stablecoin volume share for October 26:
- Base: 30.06%
- Solana: 25%
- Ethereum: 20%
- Tron: 16.7%
Industry Reactions
In response to Base’s brief dominance, Circle CEO Jeremy Allaire commented on X, noting that if Base’s stablecoin volume trend continues, USD Coin (USDC) could see an “annual run rate” of $6.6 trillion on the network.
On October 26, USDC held a substantial lead in stablecoin volume, accounting for:
- USDC: 62% of the total volume
- Tether (USDT): 30%
- DAI: 7.4%
Increasing Network Activity on Base
Base’s rise in stablecoin market share aligns with a steady increase in network activity. According to data from Dune Analytics, Base set a record on October 26 with 5.6 million daily transactions, marking a 20% growth over the past month.
Historical Dominance and Current Trends
Historically, Solana held the lead in stablecoin transactions, consistently commanding around 60% of total volume across major blockchain networks until mid-June. Year-to-date, Solana remains the top network, with over $8.6 trillion in stablecoin volume, followed by Ethereum with $6.1 trillion.
While Base has not yet surpassed Solana, Ethereum, or Tron in yearly figures, the network has gained momentum in October, temporarily outpacing Solana. Currently, the stablecoin market share for this month is as follows:
- Ethereum: 25.6%
- Base: 20.8%
- Solana: 20.6%
Looking Ahead
With Base’s rapid growth in transaction volume and stablecoin activity, it could potentially continue climbing in the stablecoin market share rankings. The network’s upward trend signals increased adoption and interest within the blockchain space.
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