Summary:
The daily transactions on Ethereum layer-2 Base, incubated and launched by Coinbase, have surpassed those on Ethereum due to the popularity of social app Friend.tech. Base is an Ethereum scaling solution aimed at facilitating app development and is intended to be decentralized over time. However, there are concerns that a significant portion of transactions on Base are driven by bots and spammers looking to exploit Friend.tech. Despite this, the app’s popularity has led to a surge in transactions on Base. While Base has generated nearly $6 million in protocol fees, it still lags behind Ethereum in terms of decentralized exchange volumes and total value locked in protocols.
Key Points:
– Daily transactions on Ethereum layer-2 Base have exceeded those on Ethereum due to the popularity of Friend.tech.
– Base is a decentralized Ethereum scaling solution developed by Coinbase to facilitate app development.
– Friend.tech is a Twitter-linked crypto app where users can buy and sell shares of friends’ social media profiles.
– Concerns have been raised about the presence of bots and spammers on Base, aiming to gain an advantage on Friend.tech.
– Base has generated nearly $6 million in protocol fees since its launch, but Ethereum still outperforms it in terms of decentralized exchange volumes and total value locked in protocols.
Hot Take:
While Base’s daily transactions have surpassed Ethereum’s, the concerns about bots and spammers raise questions about the authenticity of the growth. It remains to be seen whether Base can sustain its popularity and overcome the challenges posed by Ethereum’s dominance in other metrics. Nevertheless, the success of Friend.tech highlights the potential for crypto-based social media platforms and the demand for innovative applications within the crypto space.
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