Crypto news: Base Network, Coinbase’s Layer-2 scalability platform, aims to reach a new historical record with trading volumes exceeding 9.4 billion dollars on Uniswap.
Let’s see below all the details.
Summary
Crypto news for Base: explosion on Uniswap with record volumes
As anticipated, the Layer-2 Base scaling solution is about to surpass its record, reaching a new all-time high in trading volumes, anchored at $9.4 billion on Uniswap.
Uniswap Labs data shows that Base has consistently surpassed its monthly records since the beginning of the year. In January, Base’s trading volume was $329 million, while in February it rose to $675 million.
The following month saw an incredible leap to 9.4 billion dollars, indicating a growing interest from users.
It is interesting to note that March was also the month in which Coinbase announced its intention to keep users’ USDC balance on the Base network.
Max Branzburg, Vice President and Head of Consumer Products at Coinbase, outlined the company’s next steps.
Coinbase aims to simplify the management and protection of customer funds with lower fees and faster settlement times, introducing additional features to the Layer-2 protocol.
By mid-April, Base has already recorded a total trading volume of 7.8 billion dollars, according to Uniswap Labs data. Considering that the month has just begun, it is likely that April’s trading volume record will significantly exceed that of March.
Comparison with other protocols
Compared to other protocols within the Ethereum L2 community, Base has shown exceptional performance.
Recently, Coingape reported that Base has surpassed Arbitrum and Ethereum in total daily transactions.
The data from L2Beat showed that the 30-day transaction count of Base was 45.21 million, surpassing Arbitrum One and Ethereum.
After registering a 19.96% increase in weekly transaction volume, Base’s total value locked (TVL) has risen to $3.89 billion in the same period.
Despite a recent network congestion, Base seems to demonstrate resilience and promising prospects for the future.
Uniswap under the SEC’s radar: a challenge to the guidelines?
According to Adam Cochran of Cinneamhain Ventures, the Securities and Exchange Commission (SEC) of the United States is challenging years of policy guidelines with its recent legal action against Uniswap.
In a legal analysis on X, Cochran examined several previous SEC decisions regarding the definition of exchange and their potential impact on the legal battle of Uniswap.
The SEC issued “No-Action Letters” in 1986, 1991, and 1997, providing guidance on electronic routing and matching of trades.
However, according to Cochran, these decisions indicated that the computer service system did not constitute a complete “exchange”.
In addition, Cochran highlighted precedents that challenge the current position of the SEC, such as the classification of front-ends as exchanges. According to the SEC, an interface that displays and communicates with an exchange is not in itself an exchange.
Uniswap facilitates the automated exchange of tokens on Ethereum, eliminating the need for traditional intermediaries.
Despite Uniswap Labs being under regulatory oversight since 2021, they have recently received a Wells notice from the SEC, indicating imminent enforcement action.
Uniswap Labs has emphasized that they are only responsible for the development of the app’s front-end, separate from the Uniswap protocol. Cochran confirms this distinction, arguing that the front-end and the smart contract are separate elements in cryptocurrency trading.
In conclusion, while Uniswap is at the center of regulatory attention, the debate on its classification continues, challenging the SEC guidelines and raising questions about the future of decentralized cryptocurrency exchange platforms.
