Base chain has experienced a significant boost in transaction volume in recent months, now commanding 40-60% of all activity across the three major Layer 2 (L2) blockchains.
Base transaction volume has surged in the past months, with it capturing 40-60% of all volume among the three L2 blockchains pic.twitter.com/xusRTyGLkk
— IntoTheBlock (@intotheblock) October 12, 2024
According to IntoTheBlock, the chain saw a massive $15 billion in $USDC transfer volume in a single day and an astonishing $100 billion over the past month. This surge is positioning Base as a serious contender in the crypto market, drawing the attention of investors seeking high-volume transaction platforms.
According to @intotheblock The @base chain's remarkable surge in $USDC transfer volume, reaching $15 billion in a day and $100 billion for the month, positions it as a formidable player in the crypto market, potentially attracting investors seeking high-volume transaction… pic.twitter.com/zLj53hdOct
— ALTCOIN D/GDDY 🇹🇹🇳🇬 {A.D}𓃵 (@Altcoin_daddy) October 14, 2024
Crypto analysts have been taking notice, with many highlighting Bitcoin and stablecoins as the real driving forces in the current market. Bitcoin, as the first cryptocurrency, remains revolutionary due to its scarcity, transparency, and decentralized nature. However, stablecoins—while less glamorous—are increasingly recognized for their essential role in the ecosystem.
Stablecoins Now Have $171 Billion Market Cap
A crypto quant analyst recently compared the market capitalizations of leading cryptocurrencies, noting that stablecoins collectively have a $171 billion market cap, second only to Bitcoin’s $1.2 trillion and Ethereum’s $295 billion. Stablecoins are particularly useful in countries facing high inflation or for individuals looking to send money abroad with minimal fees. Their “stable” value—although not immune to inflation—makes them ideal for cross-border transactions.
Are stablecoins the biggest crypto innovation?
If you ask the average person on the street about the biggest innovation in crypto, you’ll still often hear 'BlOcKcHaIn'. I also hear this a lot from companies, and unfortunately, this narrative continues to circulate.
In my… pic.twitter.com/5NEGXSu1Ff
— Maartunn (@JA_Maartun) October 13, 2024
As the market cap of stablecoins continues to grow, their influence in the crypto space becomes more evident. There is also a clear link between the total supply of stablecoins and cryptocurrency prices. While they may not generate the excitement of meme coins, stablecoins have proven themselves to be a cornerstone of the crypto world, offering stability and practicality in an ever-evolving market.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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