Base surpasses Ethereum and BNB Chain for the first time: a milestone moment for Layer 2

According to the latest news, as of January 22nd, the DEX trading volume on the Base chain has surpassed Ethereum and BNB Chain for the first time, setting a new record. Behind this breakthrough, the two core protocols Uniswap and Aerodrome played a key role, while multiple innovative projects within the Base ecosystem are also driving its overall development. This change in data is highly significant, not only indicating the maturity of the Layer 2 ecosystem but also reflecting that Base, supported by Coinbase as a Layer 2 solution, is rapidly becoming an important hub in the crypto ecosystem.

Accelerated Breakthrough of the Base Ecosystem

Core Drivers Behind the Surge in Trading Volume

The first-time surpassing of DEX trading volume on the Base chain mainly stems from two factors. First, the continuous growth of the two core trading protocols, Uniswap and Aerodrome, which have become the primary gateways for trading on Base. Second, the launch of the native token FUN by the well-known gaming protocol FootballFun on the same week generated significant trading activity. According to the latest data, FootballFun, as the largest gaming protocol on Base, achieves weekly trading volumes of several million dollars, and its token issuance directly boosted overall on-chain trading activity.

Signal of Ecosystem Diversification

This milestone reflects the rapid diversification of the Base ecosystem. From related news, Base is attracting various projects:

• Maple Finance and other DeFi protocols launching, providing institutional-grade lending and yield products on-chain
• Nansen introducing AI-driven trading solutions, making trading smarter and more convenient
• 1inch collaborating with Rewardy to enable gasless transactions on Base, lowering user barriers
• Infrastructure projects like Boundless exploring new possibilities for cross-chain verification and settlement

These developments indicate that Base is not only achieving a breakthrough in trading volume but also rapidly expanding in ecosystem breadth and depth.

Phenomena to Watch

The Hotness and Decline of FUN Token

It is worth noting that although FootballFun’s token issuance was highly popular initially, according to DEXScreener data, at the time of writing, FUN’s trading price has fallen nearly 7% below its TGE (Token Generation Event) price. This phenomenon highlights an important market principle: trading activity and token price performance are not always synchronized.

The underlying logic is that token issuance often attracts a large amount of speculative capital, but if the project’s fundamentals are insufficient, the price tends to retrace after the hype subsides. The takeaway for investors is to distinguish between “trading hotness” and “project value”—a high trading volume alone does not necessarily indicate a token’s investment worth.

Sustainability of Trading Volume Surpassing

Whether the surpassing of trading volume on Base DEX can be sustained remains to be seen. From this data, FootballFun’s token issuance served as a significant catalyst, but such events are usually time-limited. Without new major projects or token issuance events in the future, trading volume may revert to a more stable level. Therefore, this surpassing is more of a milestone in a phase rather than a permanent change in status.

Market Significance Assessment

The first-time surpassing of DEX trading volume on the Base chain indicates several key trends:

The rising market position of Layer 2. The dominance of Ethereum and BNB Chain as main trading venues is being challenged, as Layer 2 solutions attract increasing trading flow with lower costs and faster speeds.

The importance of ecosystem development. The achievement is backed by Coinbase’s ongoing support, deployment of leading protocols like Uniswap, and the gathering of multiple innovative projects. This shows that in Layer 2 competition, ecosystem richness and activity are decisive factors.

Balancing market hype and fundamentals. The decline of FUN token reminds us that even with high trading volume, without real application value, hype can fade quickly. The long-term development of Base depends on whether its ecosystem projects can create genuine user value.

Summary

The first-time surpassing of Ethereum and BNB Chain in DEX trading volume on the Base chain is an important milestone in Layer 2 ecosystem development. This breakthrough reflects the rapid growth of the Base ecosystem and demonstrates that Layer 2 is increasingly becoming a mainstream trading venue. However, the sustainability of this surpassing remains to be observed, with the key being whether ecosystem projects can continue to innovate and deliver real value. Meanwhile, the decline of FUN token’s hype also serves as a reminder that trading activity and project value should be viewed separately. The future of Base depends on whether it can convert this trading volume advantage into long-term ecosystem competitiveness.