Friend.tech Resurgence Boosts Base Daily Transactions to All-Time High

Friend.tech Resurgence Boosts Base Daily Transactions to All-Time High


Base Network Sees Surge in On-Chain Activity

Base, the Ethereum (ETH) layer 2 (L2) network developed by Coinbase, has experienced whole lot 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-breaking 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

Base’s surge in on-chain activity is evident from the rise in network fees, which had more than those of Arbitrum and Optimism. In addition, the network achieved a peak transaction throughput of 21.29 transactions per Second (TPS), surpassing other L2 chains and Ethereum (ETH) itself.

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Base Network Proves Its Potential

These milestones demonstrate the impressive performance of Base as it establishes itself between the top L2 blockchains. Regardless of lagging behind Arbitrum and Optimism in total value locked (TVL), Base’s 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. Although while DeFi applications and NFT marketplaces usually drive activity, Friend.tech has played a whole lot of role in driving usage on the platform.

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Friend.tech is a decentralized social media platform built on Base that enables users to trade “keys” 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 app  has seen its TVL exceed $30 Million recently and has shattered its volume of trading records for two consecutive days.

The platform has likewise witnessed an increase in capture fees, reaching an record-breaking peak of about $2 Million on September 14.

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Hot Take: Base Network Thrives with Growing On-Chain Activity

Base, the Coinbase-incubated Ethereum (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. Although while it still lags behind Arbitrum and Optimism in terms of total value locked (TVL), the network’s performance outlines its 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 whole lot of growth, surpassing volume of 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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Newt Bettec emerges as an intellectual voyager at the intersection of crypto analysis, meticulous research, and editorial mastery. Within the digital labyrinth of cryptocurrencies, Newt’s intellect traverses intricate corridors, resonating with seekers of diverse inclinations. His talent for unraveling complex threads of crypto intricacies seamlessly blends with his editorial finesse, transmuting intricacy into an engaging tapestry of understanding.

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