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    Base stablecoin transaction volume briefly tops all other chains

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    Base, a layer-2 Ethereum network developed by Coinbase, topped the chart for stablecoin volumes recently, accounting for 30.06% of all stablecoin volume on October 26. Major competitors Solana, Ethereum, and Tron were left trailing. Solana accounted for 25% of volume, followed by Ethereum with 20%, and Tron at 16.7%. The USD Coin (USDC) represented 62% of all stablecoin volume on the same day. Continuous network activity on Base may be behind its rise in stablecoin market share volume. On that day, Base reached a record 5.6 million transactions.

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    Base, an Ethereum layer-2 network developed by Coinbase, recently topped the charts for stablecoin volume, the same day it hit a new record for transaction count. On October 26, Base was responsible for a hefty 30.06% of all stablecoin volume, a new record for them. This meant Base beat out major competitors like Solana, Ethereum, and Tron, as alluded to by Peter Schroder in a post he made on October 27.

    Close on their heels was Solana, accounting for 25% of stablecoin volume in one day, followed by Ethereum with 20% and Tron with 16.7%.

    Jeremy Allaire, CEO of Circle, shared his thoughts on Base’s brief reign at the top. He said if this upward trend keeps up, USD Coin (USDC) might see an annual run rate of $6.6 trillion on Base alone. On October 26, USDC represented a whopping 62% of all stablecoin volume. Tether (USDT) came second, accounting for 30%, and the algorithmic stablecoin DAI (DAI) was a distant third, contributing 7.4% of the total daily volume.

    In simpler terms, there’s been a steady increase in network activity on Base, which could explain the rise in stablecoin volume market share. On October 26, Base hit another record, topping at 5.6 million transactions in a single day. That was a 20% increase just from the previous month.

    Historically, Solana has been the big shot when it comes to stablecoin transactions, accounting for about 60% of total volume across the major blockchain networks since mid-June. On the whole, Solana has seen over $8.6 trillion in stablecoin volume year-to-date, overshadowing Ethereum’s $6.1 trillion.

    Despite these figures, Base has been catching up this month, edging out Solana in terms of volume. Right now, Base’s share of the stablecoin volume market is at 20.8%, just a notch above Solana’s 20.6%. However, it’s Ethereum that’s leading the pack for the month, boasting 25.6% of the total volume.

    Source: Cointelegraph

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