Decentralized exchanges (DEX) on Coinbase newly launched layer2 network Base had more trading volume than those on established layer1 networks like Cardano (ADA) and others less than 24 hours after it went public, according to DeFillama data.

Data from the DeFiLlama showed that Base was among the top 10 networks by trading volume, with a volume of $26.23 million. On the other hand, established layer1 blockchain networks like Fantom (FTM), Cardano, and Tron (TRX) saw less than $20 million in transactions cumulatively.

It should be noted that Base’s volume is miles behind Ethereum, Solana (SOL), and Binance-backed BNB Chain.

Meanwhile, even before its public launch, Base had seen significant usage through the BALD meme coin. At its peak, the meme coin reached a market cap of over $85 million before crashing.

TVL surpasses $150M

Besides that, the total value of assets locked (TVL) on Base also surpassed $150 million during the period, according to L2Beat data.

Grayscale’s victory against the U.S. Security and Exchanges Commission (SEC) triggered over $90 million in liquidations during the past four hours, significantly impacting traders betting on the further decline of the market.