Base, Coinbase’s Layer-2 network, processed $4.2 billion in on-chain Bitcoin spot trading volume during July, accounting for exactly half of the $8.4 billion total on-chain spot trading across all platforms. Recent weekly assessments show Base capturing roughly 43% of this volume, with weekly totals exceeding $3 billion. The network’s Total Value Locked stands at approximately $4.6 to $4.7 billion as of early August. The concentration of 97% of on-chain Bitcoin spot volume among just six platforms indicates the market is consolidating faster than anticipated.
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