Base Surpasses Solana as the Leading Blockchain for Stablecoin Transactions, Signaling a Shift in the Market Landscape

On October 26, Ethereum's layer-two network, Base, reached a notable milestone by temporarily becoming the leading blockchain in stablecoin transaction volume.

Ethereum's layer-two network, Base, became the leading blockchain in stablecoin transaction volume on October 26.

Data from Artemis Terminal shows that Base achieved an impressive 30.06% of total stablecoin volume for the day. This put the network ahead of competitors like Solana, Ethereum, Tron, and BNB Chain.

Base network activity has been steadily increasing, with a record of 5.6 million daily transactions on October 26. This marks a 20% increase in network activity compared to the previous month.

The stablecoin volume on Base was largely driven by USD Coin (USDC), which accounted for 62% of total transactions. Tether (USDT) came in second with 30%, followed by the algorithmic stablecoin DAI at 7.4%.

If this trend continues, USDC could reach an “annualized rate” of $6.6 trillion on the Base network alone. This highlights the network's importance in the stablecoin ecosystem and its potential for further growth.

Solana has been the leading network for stablecoin transactions throughout 2023 so far, with around 60% of major blockchain total volume as of mid-June.

However, the landscape has shifted significantly. Even though Solana continues to lead stablecoin volume this year at over $8.6 billion, Base emerging as a strong competitor shows how quickly market dynamics can change.

In comparison, Ethereum sits at $6.1 trillion in total volume. Against the backdrop of this shift, the protocol has proven to be a formidable contender, briefly surpassing Solana in volume on October 26.

As October comes to a close, Base maintains a 20.8 % market share, compared to Solana's 20.6%, indicating that Coinbase’s network is gaining traction.

The growth in stablecoin transaction volume not only reflects the growing acceptance of the Base network, but also a shift in user preferences towards more efficient and faster solutions.

With the continued evolution of the cryptocurrency ecosystem and the rise in the use of stablecoins, we are likely to see more competition between major networks in the near future.

Base's ability to attract and retain users will be key to its success in the competitive blockchain landscape. With constant innovations and a focus on scalability, Base is setting itself up to be a leader in the sector, offering effective and secure alternatives for stablecoin transactions.

The above is the detailed content of Base Surpasses Solana as the Leading Blockchain for Stablecoin Transactions, Signaling a Shift in the Market Landscape. For more information, please follow other related articles on the PHP Chinese website!