Basic crypto briefly led more than 30% of daily stablecoin transactions. There was also a significant increase in TVL and overall transactions.
The underlying cryptocurrency has seen a surge in activity recently, marking significant milestones in several key metrics in October this year. Recent data highlights that stablecoin trading on Base has reached record levels, surpassing other major platforms in volume and cementing its growing influence.
Basic Crypto Stablecoin Volume Reaches New Heights
According to Artemis data, Base crypto briefly achieved the highest daily stablecoin trading volume, surpassing established platforms such as Solana, Ethereum, and Tron.
More than 30% of the total stablecoin trading volume was recorded on Base, and the platform briefly held the highest trading volume.
Base stablecoin trading volume reached an all-time high of approximately $3.77 billion around mid-October, according to data analysis by DefiLlama. As of the latest data, its volume remains strong at approximately $3.75 billion.
Source: Defilama
Recording the number of transactions for basic cipher sets
Base crypto not only had the highest stablecoin transaction volume among blockchain networks, but also a record number of transactions.
According to data from DefiLlama, Base reached its highest ever transaction volume on October 26th, with 6.52 million transactions processed in a single day.
This spike follows a trend of increasing daily transactions throughout October, making it one of Base’s busiest months to date.
Source: Defilama
Additionally, Base’s Total Value Locked (TVL) is showing a strong upward trend. Although down slightly from its October 21st peak of $2.54 billion, TVL remains close to $2.5 billion, one of the highest levels in the platform’s history.
According to L2 Beats, Base currently has the second-largest TVL among Layer 2 platforms, with Arbitrum leading the category.
Basescript’s position on top platforms
Despite these achievements, Base still lags behind large platforms like Solana and Ethereum in total transaction volume. Based on year-to-date data, Solana leads the stablecoin trade with over $8.6 trillion, followed by Ethereum with $6.1 trillion.
Base crypto’s recent growth has been impressive, but it has more ground to cover if it is to compete with these established networks.
This increase in trading volume and TVL highlights the potential of Base crypto in the expanding crypto ecosystem. Continuing to break records, this platform shows promise as a competitor, especially in the stablecoin trading and layer 2 markets.
Next: Kaspa market sentiment turns positive: Is KAS price recovery yet to come?
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