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 stablecoin volume, beating out other chains, including Solana, Ethereum and Tron, for the top spot, according to data from Artemis Terminal, cited by Peter Schroder in an Oct. 27 post to X.
Base accounted for 30% of all stablecoin volume on Oct. 26. Source: Artemis
Following Base in one-day stablecoin volume was Solana, which accounted for 25%, Ethereum was third with 20% and Tron fourth with 16.7%.
In an Oct. 27 post to X, Circle CEO Jeremy Allaire weighed in on Base’s brief dominance, saying that if this trend continued, USD Coin (USDC) would reach an “annual run rate” of $6.6 trillion on Base alone.
USDC accounted for 62% of all stablecoin volume on Oct. 26, while Tether’s (USDT) stood at 30%. In third place was the algorithmic stablecoin DAI (DAI), which made up 7.4% of the total daily volume.
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 data from Dune Analytics.
Base notched a record 5.6 million daily transactions on Oct. 26. Source: Dune Analytics
Related: Tether CEO breaks down reserves backing USDT stablecoin
Historically, Solana was the dominant network for stablecoin transactions until mid-June, routinely accounting for about 60% of total volume across all major blockchain networks.
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.
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.
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%.
AI Eye: A bizarre cult is growing around AI-created memecoin ‘religions’