Base Network Sets New Transaction Record
Coinbase’s Layer 2 network, Base, achieved a milestone on September 14 with a record-breaking 1.88 million transactions in a single day. This surpasses competitors like Arbitrum and Optimism.
The Rapid Adoption of Coinbase’s Base
Base has seen remarkable growth since its launch less than two months ago. Its success can be attributed to Coinbase’s influence and the increasing popularity of decentralized applications (dApps) such as Friend.Tech.
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The network boasts an average of 888,000 daily active addresses, making up 60% of all addresses using the Optimism roll-up. The total value locked within the network currently stands at $386 million, placing Base fourth on the list of leading Layer 2 protocols based on TVL.
Driving Factors Behind Base’s Activity
Friend.Tech, a social application that allows users to link their Twitter accounts to their FT profiles for social media monetization, is the primary driver of Base’s vibrant activity. The platform has attracted over 100,000 users and generated significant inflows and fees.
While there was a minor slump in transactions in late August through early September, recent weeks have seen a resurgence in activity, possibly due to users accumulating points in anticipation of an upcoming airdrop.
Hot Take: Coinbase’s Base Network Sets New Transaction Record
Coinbase’s Layer 2 network, Base, continues to make waves in the crypto space with its record-breaking daily transaction volume. The network’s rapid adoption can be attributed to Coinbase’s influence and the growing interest in decentralized applications. With impressive numbers in terms of daily active addresses and total value locked, Base is positioning itself as one of the leading Layer 2 protocols. The primary driver of its activity is Friend.Tech, a social application that allows users to monetize their Twitter accounts. While it experienced a temporary slump, recent weeks have seen a resurgence in transactions, indicating the platform’s resilience and potential for further growth.
