Base Achieves Record Stablecoin Volume as Solana Hits All-Time High in Transaction Fees

Base achieved the highest daily stablecoin transaction volume across networks, accounting for 30% of US$60B, surpassing Ethereum, Solana, and Tron.
Stablecoin Breakdown: USDC led with US$37.3B, followed by USDT at US$18B, and DAI at US$4.5B, making up the majority of transactions on that day.
Solana set a record in transaction fees last week, exceeding US$1M, supported by transaction fees and MEV tips.

As data from analytics firm Artemis shows, on October 26, Base, a Layer-2 network developed by Coinbase, reached the highest single-day stablecoin transaction volume among blockchain networks.

This achievement marks the first time Base outperformed major competitors like Ethereum, Tron, and Solana, holding 30% of the day’s total US$60B (AU$90.9B) stablecoin transfers.

For the first time ever, @base led all chains for total stablecoin transfer volume in a single day.
On October 26th, Base processed 18.1B+ in stablecoin transaction volume (99.9% was in USDC) accounting for over 30% of all stablecoin transaction volume that day. pic.twitter.com/OXKdSLgWUR
— Peter Schroeder (@peterschroederr) October 27, 2024

Following Base, Solana accounted for 25% of the volume, with Ethereum at 20%. The largest portion of these transactions involved Circle’s USDC, responsible for US$37.3B (AU$56.5B), or over 62% of the day’s activity.

Related: Despite ‘Trump Trade’ Jitters, Analysts Say On-Chain Metrics Bullish for Bitcoin, Likely Providing ‘Tailwind for Market’

Tether’s USDT contributed nearly US$18B (AU$27.2B), 30%, while MakerDAO’s DAI was third with US$4.5B (AU$6.82B), representing 7.4%.

For cumulative stablecoin volume this year, Solana leads with US$8.6T (AU$13T), followed by Ethereum’s US$6.1T (AU$9.25T). However, October’s volume tells a different story, with Base slightly ahead at US$361B (AU$548B), just above Solana’s US$357B (AU$541B).

Base’s Head of DeFi, Johnny_TVL on X, emphasised the potential of stablecoins to expand financial freedom, noting Base’s role in facilitating stablecoin-based innovation and product adoption.

Base enables builders to create great products using stablecoins, and those products are rapidly gaining traction. Huge opportunities in the works, proud of this progress so far.

Johnny_TVL, Head of DeFi, Base – X

Solana Nets ATH In Daily Transaction Fees

In related news, Solana also set a new record in transaction fees last week, surpassing US$1M (AU$1.51M), based on Blockworks Research data. This figure, called “real economic value” (REV), reflects transaction fees alongside MEV tips provided to validators.

Solana: Real Economic Value (Transaction Fees + MEV Tips). Source: Blockwork Research

Solana has led the DeFi space in daily trading volumes for nearly two weeks, with its decentralised exchanges processing over US$2.6B (AU$3.94B) in trades on October 24 alone, according to data from DefiLlama.

This surge aligns with growing interest in AI-driven memecoins, a trend largely driven by AI agent Truth Terminal, which spurred the creation of the memecoin Goatseus Maximus (GOAT).

GOAT’s market cap has reached US$650M (AU$985M), with nearly US$450M (AU$682M) transacted in a day. Last week, a whale spent over US$2.41M (AU$3.6) on the meme coin, causing it to spike over 60% almost immediately.

The launchpad Pump.fun played a significant role in this activity, setting a record with 36,339 tokens launched on October 24—84% of all new tokens issued on Solana that day. These tokens also led in weekly trading volume, moving US$8.7B (AU$13B).

Related: Solana Leads 2024 Token Launches, Capturing Over 87% in Recent Surge

Further highlighting its success, Pump.fun exceeded 1 million SOL in revenue within nine months of its debut, adding to Solana’s momentum in the DeFi sector.

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