Comparing DEX Platforms on Base!

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    Network Fee
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    Top Tokens
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    Overview
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    Introduction

    Over a month has elapsed since the launch of the Base mainnet. Base, which is a layer-two chain developed by Coinbase, operates on Optimism—a layer-two scaling solution for Ethereum and the second-largest L2 ecosystem after Arbitrum. Optimism's primary goal is to address the blockchain trilemma by offering interoperability and composability among participating rollups, including Base.

    Among the most significant components of each chain are Decentralized Exchanges (DEXs). In this analysis, you will delve into DEXs operating on the Base chain. The analysis will encompass data from eight specific platforms:

    1. Baseswap 3.Uniswap 5.Sushiswap 7.Dackieswap

    2. Swapbased 4.Maverick 6.Balancer 8.Woofi

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    In the table below, you can observe a list of detailed activities across all the mentioned DEXs on the Base chain since the beginning of the Mainnet.

    Since July 2023, a total of 146.4K unique users have conducted 1.1M transactions, resulting in a cumulative trading volume of 1.9 billion US dollars across the eight platforms on the Base chain.

    The Airdrop Hype on the Base chain resulted in consistent daily cumulative growth. Initially, Base DEXs experienced 1-10K unique users per day upon launch. However, within a short period, the number of unique users escalated to 22K per day. Concurrently, the total transaction count surged from below 20K to 70K.

    Conversely, during the initial days, the total trading volume remained below 30-40 million US dollars. Soon after, around the middle of August, just prior to the market crash, the total volume surged beyond 230 million US dollars per day. Nevertheless, when BTC and other token prices experienced a decline, the trading volume also decreased. Recently, the volume has receded to levels similar to those of the early days, even as the number of users has continued to grow.

    Similar to other parameters, the count of pools has risen since the commencement of the launch. In the initial days, the daily pool count remained below 200, but shortly thereafter, it doubled, surpassing 400 active pools per day.

    Furthermore, the average 7-day moving volume reflects the expansion of traded volume over the past 30 days.

    In the past 30 days, the cumulative transaction fees have amounted to 1.6 million US dollars, averaging 0.39 US dollars per swap.

    I present a fee heatmap based on days and hours, illustrating the periods when users incurred lower transaction fees and highlighting the hours and days during which users faced higher transaction fees for their transactions.

    Tokens-In: When considering Token In and volume, ETH emerged as the favored token among users on the Base chain, accounting for approximately 761 million US dollars in trading activity. Following ETH, USDbC held the second position with a trading volume of 470 million US dollars.

    Tokens-Out: Analyzing transactions and users, ETH once again took the lead with 489K transactions conducted by 89K unique users, solidifying its position as the most frequently swapped token. Notably, USDbC and AXLUSDC occupied the next spots, with a significant margin between them.