Coinbase’s Layer 2 network, Base, continues to make waves in the industry as it sets new standards. On September 14, the network saw a record-breaking number of daily transactions with a total of 1.88 million transactions, surpassing its competitors Arbitrum and Optimism. This impressive feat highlights Base’s rapid adoption since its launch just two months ago. Its success can be attributed to Coinbase’s widespread influence and the growing interest in decentralized applications (dApps) like Friend.Tech.
Aside from the record-breaking day, Base demonstrates its robust health through other metrics. It currently has an average of 888,000 daily active addresses, accounting for 60% of all addresses using the Optimism roll-up. The total value locked (TVL) within the network has also been increasing and currently stands at $386 million. This positions Base as the fourth-leading Layer 2 protocol based on TVL. The network’s daily transactions per second have climbed to 19.57, and in the past month alone, it has recorded a staggering 20.5 million transactions.
One of the main driving forces behind Base’s activity is the flagship social application Friend.Tech. It has attracted numerous decentralized protocols and high-profile dApps to the network. Friend.Tech stands out as an innovative application that allows users to link their Twitter accounts to their FT profiles, paving the way for social media monetization. With over 100,000 users, the platform has channeled inflows exceeding $200 million and generated over $10 million in fees. Although there was a minor slump in transactions from late August to early September, recent weeks have seen a resurgence in activity, possibly fueled by users accumulating points in anticipation of an upcoming airdrop.
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