Base Network Sees Surge in On-Chain Activity
Base, the Ethereum layer 2 (L2) network developed by Coinbase, has experienced significant growth and adoption since its launch. The platform has not only attracted more users and protocols but also recorded its highest number of daily transactions recently.
Record-Breaking Transactions on Base Network
Data from IntoTheBlock reveals that Base achieved a new all-time high 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 exceeded those of Arbitrum and Optimism. Additionally, the network achieved a peak transaction throughput of 21.29 transactions per second (TPS), surpassing other L2 chains and Ethereum itself.
Base Network Proves Its Potential
These milestones demonstrate the impressive performance of Base as it establishes itself among the top L2 blockchains. Despite lagging behind Arbitrum and Optimism in total value locked (TVL), Base’s on-chain activity highlights 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. While DeFi applications and NFT marketplaces usually drive activity, Friend.tech has played a significant role in driving usage on the platform.
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 application has seen its TVL exceed $30 million recently and has shattered its trading volume records for two consecutive days.
The platform has also witnessed an increase in capture fees, reaching an all-time high of about $2 million on September 14.
Hot Take: Base Network Thrives with Rising On-Chain Activity
Base, the Coinbase-incubated Ethereum 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 among the top L2 blockchains. While it still lags behind Arbitrum and Optimism in terms of total value locked (TVL), the network’s performance highlights its potential 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 significant growth, surpassing trading volume records and capturing higher fees. This demonstrates the dynamic nature of the Base network and its ability to attract diverse applications and users.
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