@dipedas
Base saw $1.72T in stablecoin transfer volume over the past month. Trillion-dollar monthly throughput, on a single L2
But the real story is in the trend. Two to three months ago this volume hit a record $5.3T/month. It has now dropped to $1.72T
That's a 3x decline, yet it's still clearing $1T+ in volume every month
But now look at supply, Base's stablecoin market cap sits at just $4.51B. So supply has been roughly flat for months, while volume keeps churning in the trillions
Why?
According to Coin Metrics research, about 50% of January's volume came from @AerodromeFi concentrated liquidity rebalancing and @Morpho flash loan arbitrage. That means this isn't real payment activity, it's DeFi mechanical churn. Aerodrome's WETH/USDC pool alone moved $6.4T over the past year
So is this volume fake?
No. But it isn't "adoption" either it's "plumbing." Bots and automated strategies are cycling the money around,people aren't paying with it
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