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. <\/p>\n
In a testament to this rapid growth, Base recently registered its highest number of transactions in a single day.<\/p>\n
According to data from IntoTheBlock<\/a>, 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.<\/p>\n Lucas Outumuro, head of research at IntoTheBlock, revealed<\/a> that Base recorded more transactions than the sum of Arbitrum and Optimism transactions (780,000 and 370,000, respectively) on the same day.\u00a0<\/p>\n The network fees is another metric that reflects the apparent surge in Base\u2019s on-chain activity in recent days. Data from TokenTerminal<\/a> showed that the blockchain generated more network fees than Arbitrum and Optimism.<\/p>\n 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.\u00a0<\/p>\n 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.<\/p>\n 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.<\/p>\n However, it is worth noting that Base still lags behind Arbitrum and Optimism regarding total value locked (TVL). According to DefiLlama<\/a>, Base has a TVL of nearly $373 million, while Arbitrum and Optimism boast roughly $1.7 billion and $650 million, respectively.<\/p>\n 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.\u00a0<\/p>\n IntoTheBlock made this connection in a report<\/a>, saying, \u201cInterestingly, it is not DeFi applications nor NFT marketplaces driving the surge in Base\u2019s activity. Instead, a significant portion of usage can be attributed to a new social application, FriendTech.\u201d<\/p>\n Friend.tech is a decentralized social media platform built on Base. It allows users to trade \u201ckeys\u201d of X (formerly Twitter) accounts and interact with social media personalities in a closed, group chat format.<\/p>\n The Friend.tech platform, once pronounced dead by critics<\/a>, 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.<\/p>\n Friend.tech has been experiencing an uptick in activity, shattering its trading volume record<\/a> 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.<\/p>\n\n \u00a0<\/p>","protected":false},"excerpt":{"rendered":" <\/p>\n 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. <\/p>\n In a testament to this rapid growth, Base recently registered its highest number of transactions in a single day.<\/p>\n According to data from IntoTheBlock<\/a>, 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.<\/p>\n Lucas Outumuro, head of research at IntoTheBlock, revealed<\/a> that Base recorded more transactions than the sum of Arbitrum and Optimism transactions (780,000 and 370,000, respectively) on the same day.\u00a0<\/p>\n The network fees is another metric that reflects the apparent surge in Base\u2019s on-chain activity in recent days. Data from TokenTerminal<\/a> showed that the blockchain generated more network fees than Arbitrum and Optimism.<\/p>\n 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.\u00a0<\/p>\n 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.<\/p>\n 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.<\/p>\n However, it is worth noting that Base still lags behind Arbitrum and Optimism regarding total value locked (TVL). According to DefiLlama<\/a>, Base has a TVL of nearly $373 million, while Arbitrum and Optimism boast roughly $1.7 billion and $650 million, respectively.<\/p>\n 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.\u00a0<\/p>\n IntoTheBlock made this connection in a report<\/a>, saying, \u201cInterestingly, it is not DeFi applications nor NFT marketplaces driving the surge in Base\u2019s activity. Instead, a significant portion of usage can be attributed to a new social application, FriendTech.\u201d<\/p>\n Friend.tech is a decentralized social media platform built on Base. It allows users to trade \u201ckeys\u201d of X (formerly Twitter) accounts and interact with social media personalities in a closed, group chat format.<\/p>\n The Friend.tech platform, once pronounced dead by critics<\/a>, 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.<\/p>\nWhat\u2019s Behind This Latest On-Chain Activity Surge?<\/strong><\/h2>\n
Base Network Records Massive On-Chain Activity In One Day<\/strong><\/h2>\n
What\u2019s Behind This Latest On-Chain Activity Surge?<\/strong><\/h2>\n