Base beats Ethereum in Uniswap DEX volumes: A shift coming?

Base overtook Ethereum to become the leading protocol in Uniswap DEX volumes. Will Ethereum continue to grow?

has been one of the most dominant networks in crypto. However, newcomers have slowly started encroaching in the king of altcoin’s territory.was one of the networks that managed to give Ethereum a run for its money in DEX usage. on the Base network was 36.30%. Ethereum came in second at 23.74%.Ethereum’s waning popularity across various sectors can have adverse impacts on the Ethereum network. Another area where Ethereum was struggling to gain popularity was the NFT sector.

AMBCrypto’s analysis of Token Terminal’s data revealed that the daily active addresses on the Ethereum network fell by 5.8% in the last month. Due to this, revenue generated by the Ethereum network collapsed.At press time, ETH was trading at $3,688.41 and its price had faced a minor correction of 0.13% in the last 24 hours.

The network growth for ETH also fell materially during this period, implying that new addresses were unwilling to buy new ETH tokens at the press time price. The velocity at which ETH was being traded plummeted, implying the frequency at which ETH was trading at had fallen significantly. However, as the smoke clears around Ethereum ETFs and more clarity is gained around the approval of the remaining Ethereum ETFs, things could change for the better for ETH.Himalay is a full-time journalist at AMBCrypto. A Computer Science graduate, Himalay writes about crypto with a special focus on the latest coin-based updates. He is a fan of gonzo journalism, transgressive fiction, heavy metal, and Manchester United.Subscribe to get it daily in your inbox.

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