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