Base Posts New All-Time High In Daily Transactions Amidst Friend.tech Resurgence

Opeyemi Sule

Last Updated: September 16, 2023 7:14 pm

3 mins read

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Base, the Coinbase-incubated Ethereum layer 2 (L2) network, has seen rising adoption since opening its door to the public barely a month ago. While the blockchain platform has gained significant traction, its pool of users and protocols has also witnessed substantial expansion.

In a testament to this rapid growth, Base recently registered its highest number of transactions in a single day.

Base Network Records Massive On-Chain Activity In One Day

According to data from IntoTheBlock, Base has seen its daily transactions soar to a new all-time high. The blockchain platform registered a total of 1.88 million transactions on Thursday, September 14.

Lucas Outumuro, head of research at IntoTheBlock, revealed that Base recorded more transactions than the sum of Arbitrum and Optimism transactions (780,000 and 370,000, respectively) on the same day.

The network fees is another metric that reflects the apparent surge in Base’s on-chain activity in recent days. Data from TokenTerminal showed that the blockchain generated more network fees than Arbitrum and Optimism.

Furthermore, Base notched its peak transaction throughput in the past week. According to L2beat, the network recorded a significant 21.29 transactions per second (TPS) on Thursday, September 14.

This figure placed Base above other L2 chains and Ethereum in terms of transaction throughput. Nevertheless, the network remains in the top spot, with a current TPS of 19.58.

These feats underscore the positive performance of the Coinbase-incubated network in the past few weeks. Base has managed to stake a strong claim for a place amongst the top L2 blockchains, as demonstrated by its surging on-chain activity.

However, it is worth noting that Base still lags behind Arbitrum and Optimism regarding total value locked (TVL). According to DefiLlama, Base has a TVL of nearly $373 million, while Arbitrum and Optimism boast roughly $1.7 billion and $650 million, respectively.

What’s Behind This Latest On-Chain Activity Surge?

The latest surge in on-chain activity on the Base network has been linked primarily to the renewed hype of the decentralized social network, Friend.tech.

IntoTheBlock made this connection in a report, saying, “Interestingly, it is not DeFi applications nor NFT marketplaces driving the surge in Base’s activity. Instead, a significant portion of usage can be attributed to a new social application, FriendTech.”

Friend.tech is a decentralized social media platform built on Base. It allows users to trade “keys” of X (formerly Twitter) accounts and interact with social media personalities in a closed, group chat format.

The Friend.tech platform, once pronounced dead by critics, sprung back to life in the past week. The decentralized application seems to be enjoying renewed user interest, with its TVL surpassing $30 million in the last few days.

Friend.tech has been experiencing an uptick in activity, shattering its trading volume record two days in a row. Meanwhile, the platform has seen an increase in capture fees, which reached an all-time high of about $2 million on September 14.

Cryptocurrency total market cap on the daily timeframe | Source: TOTAL chart on TradingView

Featured image from Unsplash, chart from TradingView

Opeyemi Sule

Opeyemi is a proficient writer and enthusiast in the exciting and unique cryptocurrency realm. While the digital asset industry was not his first choice, he has remained absolutely drawn since making a foray into the space over two years. Now, Opeyemi takes pride in creating unique pieces unraveling the complexities of blockchain technology and sharing insights on the latest trends in the world of cryptocurrencies.

Opeyemi savors his attraction to the crypto market, which explains why he spends the better parts of his day looking through different price charts. “Looking” is a rather simple way to describe analyzing and interpreting various price patterns and chart formations. However, it appears that is not Opeyemi’s favorite part - in fact, far from it.

Being able to connect what happens on a price chart to on-chain movements and blockchain activities is what keeps Opeyemi ticking. “This emphasizes the intricacies of blockchain technology and the cryptocurrency market,” he would say. Most importantly, Opeyemi thinks of any market insights as the gospel, while recognizing that he is only a messenger.

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Ultimately, Opeyemi is a good writer and an even better person who is trying to shed light on an exciting world phenomenon - cryptocurrency. He goes to bed every day with a smile of satisfaction on his face, knowing that he has done his bit of the holy assignment - spreading the crypto gospel to the rest of the world.

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