Base Dominates DeFi Transactions

Decentralized finance (DeFi) markets are in flux, with Optimism (OP) surging in cross-chain transfers and Base capturing the majority of DEX transactions. According to Dune analytics data, Optimism saw $410 million in value transfers to and from its network—accounting for 40% of all cross-chain movement. Meanwhile, Base currently hosts 60% of DeFi transactions, surpassing Arbitrum’s 25% share and leaving Ethereum with just 7%.

Interoperability Underpins Growth

Optimism leverages its open-source OP Stack, making it easy for other networks to plug in and move liquidity. A direct beneficiary is Base, itself built on the OP Stack. Other chains, including Mantle, Worldcoin, and Celo, use this approach to enhance compatibility with Ethereum layer-2 networks.

Base’s Ascent

• DEX Transactions: Base dominates day-to-day DeFi activity, facilitating 60% of all DEX interactions.
• Fee Generation: On April 7, Base accrued 211 ETH in network fees, closely followed by Arbitrum at 170 ETH.
• Ties to Optimism: By tapping into the OP Stack, Base benefits from high throughput and lower gas fees, attracting both users and liquidity.

Ethereum’s Declining Transaction Count

While Ethereum remains the leader in overall DEX trading volume—60% of the $3 billion daily total—its share of transaction count has dwindled to 7%. High gas fees drive many DeFi users toward cheaper layer-2 alternatives, including Base and Arbitrum. The shift affects fee revenue, with more profitable on-chain economies emerging around these newer networks.

Arbitrum’s Role

Arbitrum remains a strong competitor, capturing about 25% of DEX transactions and generating 170 ETH in daily fees. By focusing on user-friendly experiences and cost savings, Arbitrum has enticed projects away from Ethereum’s pricier environment.

Broader DeFi Outlook

As decentralized exchanges battle to stay competitive against centralized trading platforms, the migration away from Ethereum underscores the vital importance of scalability and low fees. For users and liquidity providers alike, cost-effective transactions remain a priority. Meanwhile, Ethereum still commands the largest pool of liquidity for big trades, maintaining 60% of daily DEX volume.

The Base Optimism DeFi Growth signals a new phase for decentralized finance. Optimism stands out in cross-chain liquidity, whereas Base excels in day-to-day transaction volume and fee generation. Although Ethereum’s transaction count is shrinking, its stronghold in overall volume is a reminder of its deep liquidity and enduring brand. Going forward, balancing user needs for speed and low fees against robust liquidity will determine which networks dominate DeFi’s evolving landscape.