According to IntoTheBlock, most of the action may be attributed to FriendTech, a platform exclusive to Base.
Data from IntoTheBlock shows that the volume of daily transactions on Coinbase’s layer 2 blockchain, Base, has reached an all-time high since its release in early August.
On Thursday, 1.88 million transactions were processed on Base, surpassing the combined totals of 780,000 and 370,000 for its layer 2 competitors, Arbitrum and Optimism.
Contrary to popular belief, the spike in Base’s activity is not being fueled by DeFi apps or NFT markets. According to IntoTheBlock’s director of research, Lucas Outumuro, a new social application called FriendTech is responsible for a significant amount of the platform’s utilization.
Based on Base, Friend.tech is a decentralized social networking site that bills itself as “the marketplace for your friends.” The number of daily transactions on the platform has surged and reached a new high during the last week. According to IntoTheBlock statistics, the number of Friend.tech transactions hit 529,000. According to IntoTheBlock, the rise might be attributed in part to users who are collecting tokens in preparation for an upcoming airdrop.
The debut of Friend.tech in early August caused a spike in activity on Base, with the number of daily active users rising to a new high. In addition, in August, Base’s average number of transactions per second, at 15.88, was higher than that of Ethereum and other competing layer 2 blockchains, like Arbitrum and Optimism. Friends.Tech was largely responsible for the increase in use.
Notably, after a meteoric rise, Friend.tech’s transaction volume plummeted to 51,000 at the end of August from a high of 525,000 in the beginning of the month. The normal flow of business at Base also slowed at this time.
According to IntoTheBlock, the recent growth of the Base platform may be attributed to the increasing specialization of participants in Ethereum’s layer 2 ecosystems. IntoTheBlock observed that due to Coinbase’s widespread use, “Base has quickly become the L2 with the most unique addresses and transactions.” This makes Base an ideal platform on which to build social apps like FriendTech.
Since Friend.tech didn’t cause Ethereum congestion or costs to skyrocket as other previous crazes have, this is being seen by some as a success for the blockchain’s ambitions to grow by encouraging supplementary “layer-2” networks like Coinbase’s new Base.