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Coinbase Ethereum Layer-2 base network hit a high of $356 Million in daily trading volume.
Coinbase network, the leading US-origin cryptocurrency platform is back in the game, showcasing an outstanding performance in terms of daily trading volume. On March 20, 2023, the platform struck around $356 Million in daily trading volume and $692.8 Million in total value locked (TVL). Also, the daily transactions surged at 1.65 Million with around 129,000 new users joining on Wednesday.
Coinbase: The Standout Performer
The Coinbase Ethereum layer-2 network, a leader in the cryptocurrency market experienced a surge in daily trading volume as well as TVL.
According to DefiLlama data, the platform on March 20, 2023, showcased an outstanding performance. An upsurge of $356 Million in daily trading volume, marking a 51% surge from Monday. Also, $692.8 Million was recorded in the TVL which is Coinbase’s all-time high to date.
However, the spike dropped the next day as the total trading volume reached $261.75 Million. Additionally, the TVL continued to surge, hitting over $776.99 Million on March 21.
Apart from this, the base network generated a revenue of $1.67 Million on March 20 and declined to $826.13K on March 21. Moreover, the platform generated fees of around $827,106 in the past 24 hours and $1.67 Million on March 20, 2023.
Additionally, giant waves were recorded in the daily transactions as well as new users.
According to Dune Analytics, on March 20, the transactions count hit over $1.65 Million and the user count reached around 334.50K. However, a rapid decline was observed on the very next day as the transactions count fell to $1.15 Million and the user count reached 230.13K.
Moreover, the platform recorded around 666.87K new users and 5.22 Million accumulated new users on March 16, 2024. Also, on March 20, a sudden spike was observed in the accumulated new users of over 5.50 Million whereas, the new users count dropped to 129.57K.
Additionally, 64.96K new users count and 230.13K active users count was recorded on March 21. Furthermore, the platform recorded around 122.66 Million total transactions and 110,867,160 total user transactions in the past 24 hours.
Joe Caselin, BIT’s head of institutional marketing highlighted the surge in Base’s performance, which slashed layer 2 transactions fees. The outstanding performance made Coinbase a cost-effective Ethereum option.
The recent launch of a smart wallet could be one of the possible reasons behind the spike. The smart wallet enables traders to use the exchange balances directly on-chain.
About Coinbase
Coinbase is an online platform that delivers services linked to buying, selling, storing, and transferring cryptocurrency. That platform ensures that individuals can take part in economic activities in a fair way.
The platform was launched in June 2012 by Brian Armstrong and Fred Ehrsam and holds a strong position in the US market in terms of trading volume. The motive is to create an open financial system for the world.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
