Coinbase's Ethereum layer-2 network, Base, has seen a significant increase in trading volume on decentralized exchanges (DEX) in just 24 hours, surpassing its previous records and exceeding $1 billion.

Data from Dune revealed that on March 30, Base's DEX trading volume reached $1.21 billion, a 25% increase from the previous day's $959.63 million. The majority of this trading volume was concentrated on Uniswap, which accounted for 64.3% of the total activity. Additionally, Aerodrome Finance and SharkSwap made up 9.7% and 7.8% of the volume, respectively.

Base's daily active users (DAU) also experienced growth, with a 12.4% rise from 153,000 to 172,000. The average weekly active users over the past six weeks were approximately 667,765.

There is a lot of talk in the cryptocurrency community about Base's potential to become a major hub for memecoins. Crypto trader Wizard of SoHo compared Base to an "early Solana" and predicted the emergence of several billion-dollar memecoins on the network. Jesse Pollak, a Base contributor, engaged his followers in a conversation about when Base might become the "largest non-Ethereum on-chain economy," with a majority predicting it could happen within 3 months.

Despite the excitement, the network currently does not have tokens with market capitalization exceeding $1 billion. Memecoins such as Degen (DEGEN) and Brett (BRETT) have notable market caps of $709.9 million and $654.6 million, respectively, according to CoinGecko. DEGEN's market cap saw a significant increase from $143.4 million to $709.9 million in just seven days.

Coinbase also announced on March 27 its plans to transition more of its USD Coin stablecoin accounts to Base for both customers and corporate entities. This move aims to offer lower fees and quicker settlement times for managing and securing customer funds. However, this transition is only applicable to Coinbase.com accounts, excluding Coinbase Wallet users who manage their private keys.