Base achieves new all-time high in daily transactions during Friend.tech resurgence

Base achieves new all-time high in daily transactions during Friend.tech resurgence

Base Network: A Rising Star in the Blockchain Industry

The blockchain industry continues to evolve at a rapid pace, with new technologies and platforms constantly emerging. One such platform that has been gaining significant traction is Base, an Ethereum layer 2 (L2) network incubated by Coinbase. Since opening its doors to the public just a month ago, Base has experienced a surge in adoption, signaling its potential to become a major player in the blockchain industry.

Unprecedented On-Chain Activity

Base recently reached a major milestone by registering its highest number of daily transactions to date. According to data from IntoTheBlock, the platform recorded a staggering 1.88 million transactions on a single day, showcasing its tremendous growth in a short amount of time.

Comparing Base’s transaction volume with other L2 networks, it becomes evident that Base is outperforming its competitors. On the same day, Base recorded more transactions than the combined total of Arbitrum and Optimism, two prominent L2 networks in the Ethereum ecosystem.

The network fees generated by Base also reflect its surging on-chain activity. TokenTerminal data highlights that Base generated more network fees than Arbitrum and Optimism, further solidifying its position as a leading L2 network.

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Impressive Transaction Throughput

In addition to its significant transaction volume, Base has also achieved notable transaction throughput. L2beat reports that Base recorded an impressive 21.29 transactions per second (TPS) on the mentioned day, surpassing other L2 chains and even Ethereum itself.

This surge in transaction throughput indicates the scalability and efficiency of the Base network. Despite the fierce competition in the L2 landscape, Base has managed to secure its position at the top in terms of transaction speed, with a current TPS of 19.58.

A Strong Contender, Yet Room to Grow

With its remarkable performance in recent weeks, Base has emerged as a top-tier L2 blockchain. However, it is important to note that Base still lags behind Arbitrum and Optimism in terms of total value locked (TVL). DefiLlama data reveals that Base has a TVL of nearly $373 million, while Arbitrum and Optimism boast approximately $1.7 billion and $650 million, respectively.

While Base has made significant strides in transaction volume and throughput, it is clear that there is room for growth in terms of TVL. As the platform expands and attracts more users and protocols, we can expect to see an increase in the value locked within the Base network.

The Role of Friend.tech in Base’s Surge

What has driven the recent surge in on-chain activity within the Base network? Interestingly, it is not decentralized finance (DeFi) applications or non-fungible token (NFT) marketplaces that are primarily responsible for this surge. Instead, a decentralized social media platform called Friend.tech has played a significant role.

Friend.tech, built on the Base network, allows users to trade “keys” of X (formerly Twitter) accounts and interact with social media personalities in a closed, group chat format. Despite initial skepticism, the platform has experienced a revival in user interest recently, with its TVL surpassing $30 million in just a few days.

The uptick in activity on Friend.tech is evident from its record-breaking trading volume for two consecutive days. Additionally, the platform has seen a surge in capture fees, reaching an all-time high of about $2 million on September 14th.

This newfound popularity of Friend.tech and the subsequent increase in on-chain activity within the Base network highlight the potential impact of social media applications in driving blockchain adoption. It serves as a vivid example of how decentralized platforms can provide unique and engaging experiences for users.

Conclusion

Base Network, incubated by Coinbase, has made significant strides in the blockchain industry in a relatively short period of time. Its remarkable transaction volume, throughput, and user adoption showcase its potential to become a major player in the L2 landscape.

While Base still has room to grow in terms of TVL, the recent surge in on-chain activity fueled by Friend.tech demonstrates the diverse applications and possibilities that blockchain technology can offer. As the industry continues to evolve, we can expect to see more innovative platforms like Base, driving the adoption and transformation of various industries.

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