Ethereum is losing its dominance in stablecoin payment infrastructure as Layer 2 networks like Base capture an increasing share of settlement activity
Too little corroboration in the last 3 days to call a trend (3 articles). Watching for it to gain traction.
Still mostly niche and specialist coverage — not yet picked up broadly by mainstream press.
"Current DefiLlama data shows that activity remains spread across several networks. Its Aug. 2 trailing 30-day rankings listed Solana at about $49.86 billion, BNB Chain at $31.04 billion, Ethereum at $28.84 billion and Base at $22.38 billion in spot DEX volume."
"Base ranked first at about $565 billion in adjusted volume, just ahead of Ethereum at roughly $562 billion. When it rises to the top of an adjusted stablecoin flow table, it shifts attention from token supply to payment distribution: wallets, fees, app integrations, and settlement availability."
"L2 networks collectively surpassed Ethereum in monthly stablecoin transaction count in August 2024 and that Base saw rapid USDC growth after launching in 2023. June's volume data shows that the same pattern is beginning to appear in adjusted dollar flows."