As a researcher with years of experience in the blockchain and cryptocurrency landscape, I find it fascinating to observe the dynamic shifts in market dominance. The rapid rise of Base, Coinbase’s Ethereum layer-2 network, is particularly intriguing. It’s like watching a phoenix rise from the ashes, taking the lead in stablecoin volume on a single day, outperforming even established players like Solana, Ethereum, and Tron.
On the very same day that Base, an Ethereum layer-2 network developed by Coinbase, reached a record high in transaction count, it momentarily became the busiest blockchain in terms of stablecoin transactions.
On October 26th, I observed that my analysis placed Base at the forefront of the stablecoin market volume, accounting for approximately 30.06%. This position surpassed other notable chains such as Solana, Ethereum, and Tron, according to data from Artemis Terminal, as reported by Peter Schroder in his October 27th post on X.
As a researcher, I observed that Solana led the way in daily stablecoin trading volume with a significant 25%, followed closely by Ethereum at 20%, while Tron held 16.7% of the market share on this particular day.
On October 27th, Jeremy Allaire, the CEO of Circle, shared his thoughts in a post about Base’s temporary lead. He stated that if this trend persists, the USD Coin (USDC) could potentially reach an “annual run rate” of $6.6 trillion on Base alone by the end of the year.
On October 26th, USDC held approximately 62% of the total stablecoin trading volume, followed closely by Tether (USDT) at around 30%. In third place was DAI (DAI), accounting for about 7.4% of the daily trading volume.
The increase in the market share of stablecoins is happening concurrently with an ongoing rise in transactional activity within the Base network.
On October 26th, Base achieved an unprecedented 5.6 million daily transactions, marking a 20% rise over the past month, as indicated by data from Dune Analytics.
Until mid-June this year, Solana has generally led in handling stablecoin transactions, consistently managing about 60% of the overall stablecoin volume across all significant blockchains.
In summary, Solana has taken the lead this year with a staggering $8.6 trillion in stablecoin transaction volume, surpassing Ethereum‘s volume of $6.1 trillion.
This month, while Solana, Ethereum, and Tron have been more successful than Base so far this year, it’s Base that has shown a slight edge over Solana when it comes to transaction volume. In other words, Base is catching up on the transaction volume front this month compared to Solana.
As of its release, Base’s market share in the stablecoin volume is approximately 20.8%, slightly higher than Solana’s 20.6%. However, during this same period, Ethereum holds the top spot with a market share of around 25.6%.
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2024-10-28 05:24