The base network's stablecoin transaction volume briefly surpasses all other chains.

This achievement coincided with Base hitting a new daily transaction record on Oct. 26, marking a major step for the network in its rapid ascent.

According to data from Artemis Terminal, shared by Peter Schroder in an Oct. 27 post on X, Base captured an impressive 30.06% of the market share for stablecoin transactions on Oct. 26. This elevated Base above other major networks, including Solana, Ethereum, and Tron, which have traditionally led in stablecoin activity. On this day, Solana followed Base with a 25% share, Ethereum held 20%, and Tron accounted for 16.7%, making Base the dominant player in stablecoin volume for the day.

In response to Base’s unexpected lead, Circle CEO Jeremy Allaire highlighted the network’s growth potential. In an Oct. 27 post on X, Allaire noted that if the trend of high-volume stablecoin transactions on Base continued, USD Coin (USDC) could reach an “annual run rate” of $6.6 trillion on Base alone, underscoring the demand and value of stablecoins on this network. Notably, USDC was responsible for 62% of the total stablecoin volume on Oct. 26, significantly higher than Tether (USDT), which held 30%. The decentralized stablecoin DAI trailed in third, accounting for 7.4% of the total volume.

The surge in Base’s stablecoin volume coincides with a steady increase in network activity. Data from Dune Analytics reveals that Base recorded 5.6 million transactions on Oct. 26, representing a 20% growth over the past month. This rise signals broader adoption and heightened engagement on Base, which has grown its user base since its launch, steadily gaining traction among decentralized finance (DeFi) and other blockchain users.

Historically, Solana has been the leading network for stablecoin transactions, consistently accounting for approximately 60% of total stablecoin volume across all major blockchain networks until mid-June this year. This established dominance is evidenced by Solana’s current year-to-date transaction volume, which exceeds $8.6 trillion, keeping it ahead of Ethereum, which has seen $6.1 trillion in stablecoin transactions. While Solana, Ethereum, and Tron still lead Base in overall volume for 2024, Base’s recent gains demonstrate its potential to challenge these networks in the near term.

As of the latest data, Base’s share of stablecoin transaction volume for October sits at 20.8%, just above Solana’s 20.6%, with Ethereum leading for the month at 25.6%. This narrowing gap illustrates the competitive landscape among blockchains and hints at Base’s emerging role in the stablecoin market. The consistent increase in stablecoin volume on Base highlights the platform’s expanding role in the Ethereum ecosystem and suggests it could become a major player among layer-2 networks for stablecoin transactions and decentralized finance activities.