Coinbase’s Layer 2 blockchain platform, Base, reached a significant milestone by registering an all-time high in daily transactions on September 14, 2023. According to data sourced from IntoTheBlock, Base recorded an impressive 1.88 million transactions, surpassing the combined figures of its Layer 2 competitors, Arbitrum and Optimism.
Notably, this surge in activity on Base did not stem from decentralized finance (DeFi) or non-fungible token (NFT) applications. Instead, a substantial portion of the usage was attributed to a novel social application known as Friend.tech. Friend.tech operates as a decentralized social network platform, leveraging Base as its underlying infrastructure. It experienced a notable uptick in usage, with its daily transactions also hitting a record high of 529,000. This sudden surge was partially fueled by users seeking to accumulate points in anticipation of an upcoming airdrop.
Friend.tech’s Launch Spurs Unprecedented Activity on Base
The introduction of Friend.tech in early August marked a pivotal moment, resulting in a surge in daily active users on the Base platform, setting an unprecedented record. During this period, Base boasted an impressive average of 15.88 transactions per second, thereby outperforming rival Layer 2 blockchains.
However, it is worth noting that transactions on Friend.tech witnessed a substantial decline from their peak in early August. By the conclusion of August, daily transactions had dwindled from 525,000 to 51,000. Simultaneously, Base’s daily transaction numbers experienced a similar downturn.
Base’s Surge Attributed to Evolving Ethereum Layer 2 Ecosystem
IntoTheBlock attributes the recent upswing in Base’s activity to the dynamic evolution of Ethereum’s Layer 2 ecosystems, where different platforms carve out specialized niches. The report underscores that Base has rapidly emerged as the Layer 2 blockchain boasting the highest number of unique addresses and transactions. This is primarily due to the extensive user base of Coinbase, rendering it an appealing platform for social applications like Friend.tech.
Notably, analysts have observed that the increase in Friend.tech’s activity did not lead to network congestion or elevated fees on the Ethereum network, as was seen during prior surges in activity. This phenomenon underscores the success of initiatives to scale Ethereum by fostering “layer-2” networks such as Base.
Coinbase’s Layer 2 blockchain platform, Base, has accomplished a remarkable feat by reaching an all-time high in daily transactions, surpassing its Layer 2 counterparts, Arbitrum and Optimism, combined. The surge in activity on Base, however, is distinct in that it was primarily catalyzed by the decentralized social network platform, Friend.tech, rather than the conventional drivers of DeFi or NFT applications. Friend.tech’s introduction in early August triggered a surge in daily active users on Base, although both platforms witnessed a subsequent decline in transactions.
The rise in Base’s activity is attributed to the evolving Ethereum Layer 2 ecosystem, with each platform carving out its unique niche. As a result, Base has emerged as the Layer 2 blockchain with the highest number of unique addresses and transactions, propelled by Coinbase’s wide-reaching influence. Furthermore, the absence of network congestion or increased fees during Friend.tech’s surge indicates the effectiveness of Ethereum’s efforts to scale through Layer 2 networks, exemplified by the success of Base.