DEX Shock: Base Overtakes Ethereum and BNB Chain in Volume - Crypto Economy

TLDR

• Base reached a weekly volume of $16.5 billion, surpassing giants like Ethereum and BSC.
• Uniswap and Aerodrome protocols led the trading activity within the Coinbase network.
• The launch of the FootballFun protocol’s FUN token drove liquidity rotation toward the chain.

The recent explosive growth in the decentralized finance ecosystem has positioned DEX volume on Base as a fundamental indicator of the new hierarchy in Layer 2 networks.

In recent days, Coinbase’s Layer 2 network, Base, achieved a historic milestone by displacing Ethereum and BNB Smart Chain in decentralized trading activity. Data from DefiLlama reveals that as of January 22, the network recorded approximately $16.5 billion in transactions, surpassing Ethereum’s $13 billion and BSC’s $15.6 billion.

This meteoric rise was primarily driven by the dominance of Uniswap and Aerodrome, which concentrated the lion’s share of liquidity. Additionally, the enthusiasm generated by the GameFi sector and explicit support from figures like Jesse Pollak have been decisive in attracting new users and speculative capital.


The impact of GameFi and liquidity rotation in the ecosystem

Despite this progress, Solana remains the undisputed leader of the global market with more than $26.6 billion in weekly volume. Nevertheless, Base’s growth suggests a migration of users seeking lower fees and more direct integration with institutional exchange services.

One of the key factors this week was the launch of the native token for the FootballFun protocol, named FUN, which is backed by Coinbase Ventures. The announcement of a massive 20-million-unit airdrop and liquidity rewards incentivized a rapid rotation of funds toward the network, despite the asset’s subsequent volatility.

In the coming weeks, it is important to monitor whether Base can retain this level of activity once the frenzy over new launches subsides. Likewise, investors should keep an eye on Aerodrome’s ability to maintain its market share against the expansion of competing protocols looking to capitalize on this new influx of users.