This surge followed a spike in network activity, with Base achieving 5.6 million daily transactions, a 20% increase from the previous month.
On the same day that it reached an all-time high for the number of transactions, Coinbase’s Ethereum layer-2 network Base briefly topped the list of the most popular blockchains for stablecoin volume.
Peter Schroder, in a post on X on October 27, obtained information from Artemis Terminal and reported that Base achieved a record market share of stablecoin volume on October 26. It accounted for 30.06 percent of the total volume of stablecoins, surpassing other chains such as Solana, Ethereum, and Tron to take the top spot.
Solana, which contributed for 25% of the one-day stablecoin volume, came in second place, followed by Ethereum, which accounted for 20% and Tron, which earned the fourth spot with 16.7%. Jeremy Allaire, the CEO of Circle, commented on Base’s temporary dominance in a post that he made on October 27 on X.
He stated that if this trend persisted, USD Coin would reach an “annual run rate” of $6.6 trillion on Base alone. On October 26, USDC was responsible for 62% of the total volume of all stablecoins, whereas Tether’s volume was only 30%.
The algorithmic stablecoin DAI (DAI) came in third position, accounting for 7.4% of the total daily volume. While there has been a constant growth in network activity on Base, there has also been an increase in the market share of stablecoin volume.
In accordance with the findings of Dune Analytics, Base achieved a new high of 5.6 million daily transactions on October 26. This is a twenty percent increase over the previous month.
Historically, up until the middle of June, Solana was the most popular network for stablecoin transactions. It frequently accounted for approximately sixty percent of the total volume across all of the major blockchain networks simultaneously.
With over $8.6 trillion in stablecoin volume, Solana continues to be the leader in terms of volume year-to-date. This puts it ahead of Ethereum when it comes to volume, which is $6.1 trillion.
Despite the fact that Solana, Ethereum, and Tron have outperformed Base thus far in 2018, the layer-2 network is progressing this month, with Base slightly surpassing Solana in terms of volume.
Base currently holds a stablecoin volume market share of 20.8%, while Solana holds a market share of 20.6% at the time of publication. This month, Ethereum is in first place with 25.6%.
