Riding the Hype Wave of Friend.Tech, Layer-2 Base Sees a Boom in Transactions

Base, the new Layer-2 solution, records record numbers with 15.88 TPS and 156% growth in the past week and attracting protocols like Arkham Intelligence.

Aug 22, 2023 - 17:49
Oct 19, 2023 - 13:08
Riding the Hype Wave of Friend.Tech, Layer-2 Base Sees a Boom in Transactions
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The new Layer-2 solution, Base, which went live just a few days ago, has already recorded record numbers fueled by the hype surrounding Friend.Tech. Specifically, the network, supported by Coinbase, has marked an average of 15.88 transactions per second (TPS) in the last 24 hours, outpacing rivals such as Arbitrum, Optimism, and even Ethereum.

This figure also represents a 156% growth in the past week, with more and more users (now over 100,000) seeking "invitations" for the new "SocialFi" experiment Friend.Tech. This platform allows users to trade "shares" tied to the Twitter profiles of public figures and others.

Despite a bearish market phase, Base's total market value (TVL) has grown enormously, with $188 million mainly moving to the decentralized exchange BaseSwap and the bridge Stargate.

Furthermore, the situation is attracting more and more protocols to the network, such as the Synthetix platform and Arkham Intelligence. The Layer-2 can thus enjoy a mini-bull run, with more projects interested in migrating to the chain, contrary to a market that continues to kneecap the competition.

Since the mainnet was launched, more than 11.7 million transactions have been carried out on Base. In some ways, this success is also amplified by the absence of a native token on the protocol, which is traditionally the main element to attract users.

At this point, it remains to be seen whether this success has also attracted the attention of the SEC, which is usually very attentive to these situations. This is especially true since the trading of "shares" on Friend.Tech could easily be associated with the trading of "financial goods." The name change to "keys" has seemed to many as an attempt to distance itself from the regulatory agency's activities.