Base Overtakes Ethereum and BNB Chain in Weekly DEX Volume for the First Time
January 22 2026 – Data from DefiLlama shows that the Coinbase‑backed L2, Base, recorded roughly $16.5 billion in decentralized‑exchange (DEX) trading volume over the past seven days, edging out both Ethereum ($13.0 billion) and BNB Smart Chain ($15.6 billion). The surge was largely powered by Uniswap’s Base deployment and the Aerodrome protocol.
What the numbers show
| Chain | 7‑day DEX volume (≈) | Rank |
|---|---|---|
| Base | $16.5 bn | 1 |
| BNB Smart Chain | $15.6 bn | 2 |
| Ethereum | $13.0 bn | 3 |
| Solana (overall) | $26.6 bn | – (largest across all chains) |
DefiLlama’s weekly snapshot marks the first occasion that Base’s DEX activity has surpassed both Ethereum and BNB Smart Chain. While Solana continues to dominate the overall DEX market with more than $26 billion in the same period, Base’s rapid ascent signals a growing appetite for Layer‑2 solutions on the Ethereum ecosystem.
Main drivers of the jump
- Uniswap on Base – The Uniswap deployment on the L2 accounted for about $11.3 billion of the week’s volume, reinforcing its position as the primary liquidity source on the chain.
- Aerodrome – The DeFi protocol built on Base contributed roughly $2.9 billion, making it the second‑largest volume generator.
- Gaming token launch – The same week saw the debut of FUN, the native token of the football‑themed gaming platform FootballFun. Backed by Coinbase Ventures via the Base Ecosystem Fund, the project received multiple promotional pushes on X (formerly Twitter) from Base and its lead, Jesse Pollak. An announced 20 million‑token airdrop and liquidity‑reward program generated a short‑term spike in trading activity, especially on the FUN/USDC pair.
Why the surge matters
- Layer‑2 traction – Base’s ability to out‑volume Ethereum on a weekly basis illustrates that L2s are no longer niche bridges but are becoming primary venues for high‑value DeFi trading.
- Competitive pressure – BNB Smart Chain, which has traditionally been the main alternative to Ethereum for DEX activity, now sits behind Base, suggesting that the L2’s lower fees and fast finality are resonating with traders.
- Ecosystem expansion – The growth is not limited to traditional DEXs. Gaming and NFT‑related protocols such as FootballFun are starting to contribute measurable liquidity, hinting at a broader diversification of use‑cases on Base.
- Liquidity migration risk – While the volume jump is positive, it is heavily concentrated in a few protocols. A prolonged shift of capital away from Ethereum could affect fee revenues on the hub chain, though the overall ecosystem still benefits from the additional activity.
Analyst perspective
“Base’s performance this week underscores the maturity of the Coinbase L2. The combination of familiar DEX infrastructure (Uniswap) and newer incentive‑driven projects (Aerodrome, FootballFun) creates a virtuous cycle that pulls both traders and liquidity providers onto the chain,” said a senior DeFi analyst at a research firm that tracks cross‑chain activity. “If the current momentum holds, Base could cement itself as the go‑to settlement layer for a sizeable slice of Ethereum‑derived DeFi, especially as gas fees on L1 remain volatile.”
Key takeaways
- Base recorded $16.5 bn in weekly DEX volume, overtaking Ethereum and BNB Smart Chain for the first time.
- Uniswap and Aerodrome together generated over $14 bn of that volume, highlighting the importance of established DEXs on L2s.
- A gaming token launch (FUN) and coordinated social‑media promotion likely amplified short‑term trading, demonstrating the impact of community‑driven events on on‑chain activity.
- Solana remains the overall DEX volume leader, but Base’s rapid climb narrows the gap among the top performing chains.
- Future growth will depend on diversification of protocols and sustained liquidity incentives; a concentration in a few projects could make the surge vulnerable to rapid reversals.
Base’s achievement marks a pivotal moment for second‑layer solutions on Ethereum, suggesting that cost‑effective, high‑throughput environments are increasingly favored by DeFi participants. Whether this weekly leadership translates into a durable market share shift will hinge on the continued deployment of compelling applications and the ability of the Base ecosystem to retain liquidity beyond headline‑making events.
Source: https://thedefiant.io/news/defi/base-dex-volume-growth
