• Base’s daily transaction volume surged 22 times, reflecting rising user activity.  
• DEX volume grew 31-fold, highlighting Base’s strong position in decentralized finance.  
• Developer engagement quadrupled in 2024, showing increased demand for revenue-generating contracts.

Coinbase’s Ethereum Layer 2 network, Base, has strengthened its position as a key player in the crypto market as it heads into 2025. Since its initiative in 2023, Base has gained significant traction, displaying growth across various metrics.

Base’s developer-friendly and cost-effective nature has made it a preferred choice for both users and developers. Recent data highlighted the network’s expansion in 2024, marked by an increase in daily transaction volumes, decentralized exchange activity, total value locked (TVL), and developer engagement, marking a strong upward trajectory for the network.

Surge in Daily Transaction Volume

A prominent factor for Base’s success in 2024 is the exponential growth of its daily transaction volume. In December 2023, the network saw around 415,000 transactions per day, and by November 2024, the figure had skyrocketed to approximately 9.4 million daily transactions.

Source: X

The 22-fold increase in transaction volume indicates a surge in user engagement and platform activity. Throughout the year, the growth points to the network’s expanding reach and the increasing interest in its services.

Explosive Growth in DEX Volume

One of the standout metrics for Base’s success in 2024 is the dramatic rise in decentralized exchange volume. In December 2023, the platform registered $66 million in volume, which surged by 31 times to reach $2.05 billion in November 2024.

Additionally, the total value locked also increased from June 2023 to December 2024. Starting with $745 million in June 2023, the TVL exploded, reaching $12.45 billion by December 2024.

Notably, as per the data, the graph further breaks down the TVL into canonical, external, and native assets, showing a steep rise in canonical assets, which indicates the growing capital inflows into the network.

Notably, the network witnessed a surge in the number of developers deploying revenue-generating contracts across various OP chains, including Base. In January 2024, nearly 634 developers were working on these contracts and by December 2024, the number increased by four times to 2,649 developers.