Why Optimism and Base Are the New Kings of DeFi (and Ethereum Is So Last Season)
In a delightful twist of fate, Optimism has taken a rather audacious leap in the realm of cross-chain transfers, while Base has firmly ensconced itself as the reigning monarch of DEX transactions. Meanwhile, Ethereum, bless its heart, continues its steady descent into the abyss of irrelevance.
The DeFi markets, those capricious creatures, are undergoing a veritable upheaval. According to the ever-reliable Dune analytics, Optimism (OP) has experienced a rather impressive surge in cross-chain transfers. Simultaneously, Base is basking in the glory of leading DEX transactions and fees, as if it were the belle of the ball.
1/ On April 8, @Optimism led all chains in value transferred:
$410M
That’s nearly 40% of all value moved across major chains in one day. Bravo!
Also topped in value per transaction: 0.22 ETH avg per transaction
— Dune (@Dune) April 10, 2025
Traders, in a fit of enthusiasm, moved a staggering $410 million in value transfers to and from Optimism. This figure, dear reader, accounts for a whopping 40% of all value traversing the major chains. Thanks to its charming interoperability, Optimism is becoming the go-to destination for liquidity-hungry souls flitting between Ethereum layer-2 networks.
Optimism and Base: A Match Made in Interoperability Heaven
The secret sauce behind Optimism’s meteoric rise is its OP Stack, an open-sourced marvel that enhances interoperability, allowing other networks to waltz in with ease. This is particularly advantageous for Base, which, in a delightful twist of fate, is also built atop the OP Stack. Mantle, Worldcoin, and Celo are merely the supporting cast in this grand production.
Base, riding the coattails of its Optimism integration, is currently basking in the limelight, leading the charge in DEX transactions and fees. A staggering 60% of all DeFi transactions now occur on Base, while Arbitrum, bless its heart, manages a mere 25%. Ethereum, once the darling of the ball, now accounts for a paltry 7% of DEX transactions as of April 7.
4/ Now let’s talk usage. As we know, most of the DEX activity isn’t happening on Ethereum anymore. Of all DEX transactions:
📊 @base leads with ~60%
📊 @arbitrum follows with ~25%
📊 Ethereum? Just ~7%— Dune (@Dune) April 10, 2025
As DEXs scramble to compete with their centralized counterparts, they are gradually distancing themselves from Ethereum, primarily due to its exorbitant gas fees. Since blockchains, in their infinite wisdom, charge fees on each transaction, this shift also heralds a change in profitability. Specifically, Base raked in a tidy sum of 211 ETH in fees on April 7, with Arbitrum trailing closely behind at 170 ETH. How quaint!
While Ethereum may no longer reign supreme over DEX transactions, it still clings to its crown in total trading volume. Ethereum commands a staggering 60% of the $3 billion in daily DEX volume. Base, in a commendable second place, holds 20%, while Arbitrum, bless its little heart, lags behind with around 15% of the market.
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2025-04-10 20:07