Base Network Demonstrates Impressive On-Chain Activity In Record-Breaking Day
Base Network, the Ethereum layer 2 (L2) network incubated by Coinbase, has experienced a surge in adoption since its public launch just a month ago. Not only has the blockchain platform gained significant traction, but it has also seen a remarkable expansion in its user base and protocols.
In a testament to the rapid growth, Base recently achieved its highest number of transactions in a single day.
According to data from IntoTheBlock, Base broke its previous records with a total of 1.88 million transactions on Thursday, September 14. Lucas Outumuro, head of research at IntoTheBlock, revealed that Base surpassed both Arbitrum and Optimism in terms of daily transactions, with 780,000 and 370,000 transactions, respectively.
The network fees also reflect the surge in on-chain activity on Base. Data from TokenTerminal shows that Base generated more network fees than Arbitrum and Optimism.
Furthermore, Base achieved its peak transaction throughput in the past week, reaching an impressive 21.29 transactions per second (TPS) on September 14. This figure surpasses other L2 chains and even Ethereum itself in terms of transaction throughput. To date, Base remains in the top spot, maintaining a current TPS of 19.58.
These remarkable achievements highlight the strong performance of Base Network, positioning it among the top L2 blockchains due to its surging on-chain activity.
However, it’s important to note that Base still lags behind Arbitrum and Optimism when it comes to total value locked (TVL). DefiLlama reports that Base’s TVL is around $373 million, while Arbitrum and Optimism boast approximately $1.7 billion and $650 million, respectively.
The recent surge in on-chain activity on Base has primarily been linked to the renewed excitement surrounding Friend.tech, a decentralized social network built on Base. In a report, IntoTheBlock noted that a significant portion of Base’s activity can be attributed to this new social application, rather than to DeFi applications or NFT marketplaces.
Friend.tech allows users to trade “keys” to X (formerly Twitter) accounts and engage with social media personalities in a closed, group chat format. Despite being previously dismissed by critics, Friend.tech has experienced a resurgence in user interest, with its TVL surpassing $30 million in recent days.
The platform has also seen a surge in trading volume, breaking its own records for two consecutive days. Moreover, capture fees on Friend.tech reached an all-time high of about $2 million on September 14.
Base Network’s impressive on-chain activity and the renewed hype surrounding Friend.tech demonstrate the network’s potential and growing prominence. As Base continues to attract users and expand its protocols, it solidifies its position as a leading L2 blockchain.
(Quotes and information sourced from credible reports: IntoTheBlock, TokenTerminal, and DefiLlama)
[Featured image from Unsplash, chart from TradingView]
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