Base Network Sees Surge in On-Chain Activity
Base, the Ethereumย (ETH) layer 2 (L2) network developed by Coinbase, has experienced wholeย lotย of growth and adoption since its launch. The platform has not only attracted more users and protocols but likewise recorded its highest number of daily transactions recently.
Record-Breaking Transactions on Base Network
Data from IntoTheBlock outlines that Base achieved a new record-breakingย peak with 1.88 Million transactions in a single day. This surpassed the combined transaction volumes of Arbitrum and Optimism on the same day.
Increased Network Fees and Transaction Throughput
Baseโs surge in on-chain activity is evident from the rise in network fees, which hadย moreย than those of Arbitrum and Optimism. Inย addition, the network achieved a peak transaction throughput of 21.29 transactions per Second (TPS), surpassing other L2 chains and Ethereumย (ETH) itself.
Base Network Proves Its Potential
These milestones demonstrate the impressive performance of Base as it establishes itself between the top L2 blockchains. Regardlessย of lagging behind Arbitrum and Optimism in total value locked (TVL), Baseโs on-chain activity outlines its growing popularity and potential.
The Role of Friend.tech in Driving Activity Surge
The recent surge in on-chain activity on Base can be attributed to the decentralized social network, Friend.tech. Althoughย while DeFi applications and NFT marketplaces usually drive activity, Friend.tech has played a wholeย lotย of role in driving usage on the platform.
Friend.tech is a decentralized social media platform built on Base that enables users to trade โkeysโ of X accounts and interact with social media personalities through closed group chats.
Renewed Interest in Friend.tech
Friend.tech, once deemed inactive, has experienced a resurgence in user interest. The decentralized appย has seen its TVL exceed $30 Million recently and has shattered its volumeย ofย trading records for two consecutive days.
The platform has likewise witnessed an increase in capture fees, reaching an record-breakingย peak of about $2 Million on September 14.
Hot Take: Base Network Thrives with Growing On-Chain Activity
Base, the Coinbase-incubated Ethereumย (ETH) layer 2 (L2) network, has achieved remarkable growth and success in recent weeks. With a surge in daily transactions, increased network fees, and impressive transaction throughput, Base has solidified its position between the top L2 blockchains. Althoughย while it still lags behind Arbitrum and Optimism in terms of total value locked (TVL), the networkโs performance outlines itsย probability and popularity.
The recent surge in on-chain activity can be attributed to Friend.tech, a decentralized social media platform built on Base. Friend.tech has experienced renewed user interest and wholeย lotย of growth, surpassing volumeย ofย trading records and capturing higher fees. This demonstrates the dynamic nature of the Base network and its capacity to attract diverse applications and users.
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