Base, the Coinbase-incubated Ethereum layer 2 (L2) network, has experienced significant growth and adoption since its public launch just a month ago. Along with this growth, the number of users and protocols on the platform has also expanded significantly.
In a remarkable display of this rapid growth, Base recently achieved its highest number of daily transactions. According to data from IntoTheBlock, the blockchain platform recorded a total of 1.88 million transactions on Thursday, September 14. This surpasses the combined number of transactions on Arbitrum and Optimism, which recorded 780,000 and 370,000 transactions respectively on the same day.
Furthermore, Base has exhibited a surge in network fees in recent days, surpassing both Arbitrum and Optimism. Data from TokenTerminal indicates that the blockchain generated more network fees compared to its competitors.
Notably, Base reached its peak transaction throughput in the past week, achieving a significant 21.29 transactions per second (TPS) on September 14. This places Base ahead of other L2 chains and even Ethereum itself in terms of transaction throughput. Currently, Base maintains a TPS of 19.58, solidifying its position as a leading L2 blockchain.
These achievements highlight the strong performance of the Coinbase-incubated network over the past few weeks. Base has proven its place among the top L2 blockchains, as evidenced by its surging on-chain activity.
However, it is important to note that Base still lags behind Arbitrum and Optimism in terms of total value locked (TVL). According to DeFiLlama, Base has a TVL of approximately $373 million, while Arbitrum and Optimism boast around $1.7 billion and $650 million respectively.
The recent surge in on-chain activity on the Base network has primarily been attributed to the renewed hype surrounding the decentralized social network, Friend.tech. According to IntoTheBlock, a significant portion of the increased usage on Base can be attributed to Friend.tech, rather than DeFi applications or NFT marketplaces.
Friend.tech is a decentralized social media platform built on Base, allowing users to trade “keys” of X (formerly Twitter) accounts and interact with social media personalities through closed group chat formats.
After being written off by critics, Friend.tech has experienced a resurgence in user interest, with its TVL surpassing $30 million in recent days. The platform has also witnessed a significant increase in trading volume, breaking its record two days in a row. Additionally, capture fees on the platform reached an all-time high of approximately $2 million on September 14.
These developments demonstrate the growing interest and activity surrounding Base and its associated applications. The network’s performance and the success of platforms like Friend.tech indicate a promising future for the Coinbase-incubated Ethereum layer 2 network.
Featured image from Unsplash, chart from TradingView
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