Ethereum

Solana

Base

The Coinbase-developed Ethereum layer-2 network Base was briefly the No.1 blockchain for stablecoin volume on the same day it hit an all-time-high transaction count.
Notching a record market share of stablecoin volume on Oct. 26, Base accounted for 30.06% of all <a href="https://cointelegraph.com/learn/stablecoins-101-what-are-crypto-stablecoins-and-how-do-they-work" rel="noopener noreferrer nofollow" target="null">stablecoin</a> volume, beating out other chains, including Solana, Ethereum and Tron, for the top spot, according to <a href="https://app.artemis.xyz/stablecoins" rel="noopener noreferrer nofollow" target="null">data</a> from Artemis Terminal, <a href="https://x.com/peterschroederr/status/1850556872727945285" rel="noopener noreferrer nofollow" target="null">cited</a> by Peter Schroder in an Oct. 27 post to X.&nbsp;
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 <img alt="Transactions, Stablecoin" src="https://s3.cointelegraph.com/uploads/2024-10/0192d0c7-c2d7-7ba2-a8e6-1bc7ba1e846b" title="">
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 Base accounted for 30% of all stablecoin volume on Oct. 26. Source: Artemis
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Following Base in one-day stablecoin volume was Solana, which accounted for 25%, Ethereum was third with 20% and Tron fourth with 16.7%.&nbsp;
In an Oct. 27 <a href="https://x.com/jerallaire/status/1850660271204995112" rel="noopener noreferrer nofollow" target="null">post</a> to X, <a href="https://cointelegraph.com/news/usdc-issuer-circle-onchain-compliance-platform" rel="noopener noreferrer nofollow" target="null">Circle</a> CEO Jeremy Allaire weighed in on Base’s brief dominance, saying that if this trend continued, USD Coin (<a href="https://cointelegraph.com/usdc-price-index" rel="noopener noreferrer nofollow" target="_blank">USDC</a>) would reach an “annual run rate” of $6.6 trillion on Base alone.&nbsp;
USDC accounted for 62% of all <a href="https://cointelegraph.com/news/stablecoins-capture-10-percent-world-money-2034-and-beyond" rel="noopener noreferrer nofollow" target="null">stablecoin volume</a> on Oct. 26, while Tether’s (<a href="https://cointelegraph.com/tether-price-index" rel="noopener noreferrer nofollow" target="_blank">USDT</a>) stood at 30%. In third place was the <a href="https://cointelegraph.com/learn/a-beginner-s-guide-on-algorithmic-stablecoins#:~:text=Stablecoins%20are%20digital%20currencies%20that,currencies%20for%20trading%20crypto%20assets." rel="noopener noreferrer nofollow" target="null">algorithmic stablecoin</a> DAI (DAI), which made up 7.4% of the total daily volume.&nbsp;
The increase in stablecoin volume market share comes amid a consistent uptick in network activity on Base.
On Oct. 26, Base notched a record 5.6 million daily transactions, a 20% increase in the last month, according to <a href="https://dune.com/watermeloncrypto/base" rel="noopener noreferrer nofollow" target="_blank">data</a> from Dune Analytics.
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 <img alt="Coinbase, Transactions, Base, Stablecoin" src="https://s3.cointelegraph.com/uploads/2024-10/0192d0d5-7b2d-7d11-94ff-16713bf8f000" title="">
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 Base notched a record 5.6 million daily transactions on Oct. 26. Source: Dune Analytics
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Related: <a href="https://cointelegraph.com/news/tether-ceo-breaks-down-reserves-backing-usdt-stablecoin" rel="noopener noreferrer nofollow" target="null">Tether CEO breaks down reserves backing USDT stablecoin</a>
Historically, Solana was the dominant network for <a href="https://cointelegraph.com/learn/stablecoin-regulations-in-the-us-a-beginners-guide" rel="noopener noreferrer nofollow" target="null">stablecoin</a> transactions until mid-June, routinely accounting for about 60% of total volume across all major blockchain networks.&nbsp;
Solana still stands as the leader in terms of volume year-to-date, with over $8.6 trillion in stablecoin volume, ahead of Ethereum’s $6.1 trillion.&nbsp;
While Solana, Ethereum and Tron have outdone Base so far this year, the layer-2 network is gaining ground this month, with Base slightly outpacing Solana in terms of volume.&nbsp;
At the time of publication, Base’s stablecoin volume market share stands at 20.8% compared to Solana’s 20.6%. Ethereum leads the month with 25.6%.&nbsp;
AI Eye: <a href="https://cointelegraph.com/magazine/a-bizarre-cult-is-growing-around-ai-created-memecoin-religions-ai-eye/" rel="noopener noreferrer nofollow" target="null">A bizarre cult is growing around AI-created memecoin ‘religions’</a>

Base stablecoin transaction volume briefly tops all other chains

Cointelegraph

Other articles published on Oct 28, 2024

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