– Coinbase Layer-2 chain Base recorded a new all-time high in terms of transactions on September 14, approaching 2 million.
– The volume of transactions beat peers, Arbitrum and Optimism mainnet combined, according to IntoTheBlock.
– The surge is likely due to new social application Friend.tech, which has managed to drive significant attention to BASE chain.
– Friend.tech’s transactions reached 529,280, according to data from IntoTheBlock.
Base, the Layer-2 (L2) chain for the
Coinbase ecosystem, recorded a striking number of daily transactions on September 14, outperforming its peers in the L2 space, Arbitrum (ARB) and Optimism (OP).
Also Read:
Base TVL rises $200 million after Aerodrome DEX launch, with developers pushing for enhanced liquidity
Base transactions outperform Arbitrum and Optimism combined
Base transactions recorded a new all-time high on Thursday, reaching 1.88 million.This was more than the sum of what Arbitrum and Optimism achieved, data from Dune Analytics shows
Transactions per day” Base, Arbitrum, Optimism Mainnet
On-chain analytics and market intelligence tool IntoTheBlock corroborates this with a distinct chart for the Base chain.Arbitrum and Optimism recorded 780,000 and 370,000 transactions respectively.The sum of transactions for ARB and OP is by far less than what Base achieved.
September 14 marked a new all-time high for Base transactions, recording more transactions than Arbitrum and Optimism Mainnet combined— IntoTheBlock (@intotheblock)
[pic.twitter.com/wlh5pS9f2t] [September 15, 2023]
Base premiered barely two months ago as an L2 on the Coinbase network and has since gained remarkable usage.However, things became even more interesting when Friend.tech debuted, a decentralized social network platform built atop the Base chain.
IntoTheBlock’s head of research, Lucas Outumuro believes Friend.tech is the driving force behind the sky-high transaction volume on the base chain.Citing IntoTheBlock in a
medium post:
Interestingly, it is not decentralized finance (DeFi) applications nor non-fungible token (NFT) marketplaces driving the surge in Base’s activity.Instead, a significant portion of usage can be attributed to a new social application, Friend.tech.
Friend.tech has indicated a steadily increasing number of transactions since late August, reaching 529,280 as of September 14.
Friend.tech transactions
As indicated in the chart above, the number of transactions has been increasing, particularly over the last week.Considering the social network platform has an airdrop coming soon, the increased activity could be attributed to users looking to get as many points as possible to be used for the community-focused airdrop.
The truth about Friend Tech— Moritz (@moritz_web3)
This is coming from a guy who farmed Blur Season 1 when nobody else was talking about it.
Blur Season 1 & Friend Tech comparison
I see many people comparing these two.
“This airdrop will be even greater, just look at the Total Value Locked”.…
[pic.twitter.com/A8j9k1LEjK] [September 15, 2023]
Data from DeFiLlama supports this, showing increasing capital inflow into the platform to record a total value locked of $32.99 million at press time.This represents a 514% rise since the month began when the
TVL was $5.37 million.
Friend.tech TVL
Evolution of Ethereum L2 ecosystems
Amid intensifying
L2 wars for the best Ethereum Layer-2, ecosystems in that space are recording commendable transformations.At first, competition was between Optimism and Arbitrum, before ZkSync Era jumped in, and now Base is putting up a strong fight, ascending to the top three on metrics of total value bridged, despite being only two months old.
Ethereum Layer 2 wars
IntoTheBlock acknowledges this evolution, with the L2 ecosystems each becoming “more specialized in its own niche.”
In terms of unique addresses and transactions, Base L2 is at the helm, a privilege inspired by the extensive reach of Coinbase.Notably, Base debuted under the incubator program of Coinbase.This head start positioned Base in a favorable position for the likes of Friend.tech to build.
Ethereum development FAQs
What is the next big Ethereum software update?
After the Merge, the Ethereum community is looking at the Sharding upgrade next, which has been slated for sometime later in the year.The development can be summarized in four words, “scalability through more efficient data storage.” The software update will increase the capacity of the blockchain, widening the amount of data that can be stored or accessed.At the same time, all services running atop the Ethereum blockchain will enjoy significantly reduced transaction fees.
What is the difference between hard fork and soft fork?
A fork is the splitting of a blockchain after developers agree and proceed to implement upgrades.The decision comes after these developers reach a consensus for a software upgrade.
The ensuing part will see one part continue with the status as is, while the other one will proceed with new features combined with the former ones.A hard fork basically entails permanent divergence of a new side chain from the original one, while a soft fork is doing the same, only difference being that it is temporary.
What is EIP-4844?
EIP-4844 is an improvement proposal for the Ethereum network.
The upgrade promises reduced gas fees, which is a valuable offering considering the high transaction cost that continues to daunt crypto players.It has been a long-standing concern for the Ethereum network.The proposal is also referred to as “proto-Danksharding,” with an unmatched ability to increase the speed of transactions on the Ethereum blockchain.
At the same time, it helps to reduce the transaction cost as everything becomes decentralized.
What is gas in the context of Ethereum?
Gas token is a new, innovative Ethereum contract where users can tokenize gas on the Ethereum network.This means they can store gas when it is cheap and start to deploy the gas once the market has shifted to the north.The use of Gas token helps to subsidize high gas prices on transactions, meaning investors can do everything from arbitraging decentralized exchanges to buying into initial coin offerings (ICOs) early.
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