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Coinbase’s Base blockchain hits new remarkable milestone

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TL;DR Breakdown

  • Coinbase’s layer-2 blockchain Base has hit a remarkable 1.8 million transactions in a single day.
  • Ethereum layer-2 ecosystems continue to evolve.

Description

Coinbase’s layer 2 blockchain, Base, has been making waves in the cryptocurrency world since its launch in early August. Recent data from IntoTheBlock reveals that the blockchain has reached an all-time high in daily transactions, with 1.88 million transactions on a single day, surpassing its layer 2 rivals Arbitrum and Optimism combined, which recorded 780,000 … Read more

Coinbase’s layer 2 blockchain, Base, has been making waves in the cryptocurrency world since its launch in early August. Recent data from IntoTheBlock reveals that the blockchain has reached an all-time high in daily transactions, with 1.88 million transactions on a single day, surpassing its layer 2 rivals Arbitrum and Optimism combined, which recorded 780,000 and 370,000 transactions, respectively.

Base blockchain daily transactions surpass Arbitrum and Optimism

The interesting aspect is that the surge in the blockchain’s activity is not being driven by decentralized finance (DeFi) applications or non-fungible token (NFT) marketplaces, as one might expect. According to Lucas Outumuro, head of research at IntoTheBlock, a big portion of this increased usage can be attributed to a new social application called FriendTech. FriendTech, a decentralized social network platform, is built on top of the blockchain and describes itself as “the marketplace for your friends.”

Over the past week, the platform has witnessed a significant increase in usage, with its daily transactions also hitting an all-time high of 529,000, as reported by IntoTheBlock. This surge in usage was partially driven by users seeking to earn points for an upcoming airdrop. The launch of Friend.tech in early August had a profound impact on the blockchain’s activity, driving daily active users to a record high. The blockchain also achieved an average of 15.88 transactions per second in August, surpassing Ethereum and other rival layer 2 blockchains like Arbitrum and Optimism.

Much of this increased activity can be attributed to FriendTech. However, it is worth noting that following the initial surge, transactions on FriendTech experienced a significant decline, dropping from their peak of 525,000 in early August to 51,000 by the end of the month. Base’s daily transactions also witnessed a similar lull during the same period. IntoTheBlock attributes the recent uptick in activity on the blockchain to the evolving nature of Ethereum’s layer 2 ecosystems.

Ethereum layer-2 ecosystems continue to evolve

Players within the Ethereum layer-2 ecosystems are becoming more specialized in their respective niches. The blockchain has quickly emerged as the layer 2 network with the most unique addresses and transactions, thanks in part to Coinbase’s broad reach. This has made it an attractive platform for social applications like FriendTech to thrive. One notable aspect of Friend.tech’s success is that it did not contribute to congestion and increased fees on the Ethereum network, as has been the case with previous frenzies in the cryptocurrency space.

Some analysts view this as a positive sign that blockchain’s efforts to scale by fostering supplemental “layer-2” networks, such as Coinbase’s Base, are beginning to yield promising results. The Coinbase layer 2 blockchain has seen remarkable growth since its launch in August, with daily transactions reaching an all-time high. This surge in activity has been driven by the decentralized social network platform FriendTech, which is built on Base.

While FriendTech initially saw a substantial increase in transactions, it also experienced a subsequent decline, reflecting the dynamic nature of the cryptocurrency space. Nevertheless, the blockchain’s continued success and ability to handle increased activity without congesting the Ethereum network suggest that layer 2 solutions like Base are playing a crucial role in scaling blockchain ecosystems.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

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