Coinbase’s Base Hits 1.88 Million Transactions, Tops L2 Rivals

Coinbase’s Layer 2 network, Base, continues to set new standards. Its daily transactions reached unprecedented highs on September 14.

Remarkably, the nascent network registered 1.88 million transactions that day, outpacing established competitors like Arbitrum and Optimism.

Coinbase’s Base Rapid Adoption

This flurry of transactions underlines Base’s impressive ascent since its debut less than two months ago. IntoTheBlock emphasized that Base’s success is due, in part, to Coinbase’s widespread influence and the growing enthusiasm for decentralized applications (dApps) such as Friend.Tech.

Although the numbers on September 14 set a record, other metrics also demonstrate the network’s robust health. On average, it boasts 888,000 daily active addresses, constituting 60% of all addresses using the Optimism roll-up.

Corresponding to this growing network activity, the total value locked within the network escalates. Currently, it stands at $386 million, positioning Base fourth on the list of leading Layer 2 protocols based on TVL, as per L2beats’ data.

Daily transactions per second have climbed to 19.57, and over the past month, the network has documented a staggering 20.5 million transactions.

What’s Behind Base’s Activity?

Since its inauguration, numerous decentralized protocols have found a home on Base, bolstered by many high-profile dApps. Yet, the flagship social application Friend.Tech is the primary engine driving its vibrant activity.

Friend.Tech is an innovative application that allows users to link their Twitter accounts to their FT profiles, paving the way for social media monetization. Through this platform, users can craft unique keys for purchase or sale.

From its outset, Friend.Tech has attracted over 100,000 users, channeled inflows surpassing $200 million, and generated over $10 million fees.

Despite its meteoric rise, the platform did experience a minor slump in transactions from late August through early September. However, recent weeks have witnessed a resurgence in activity, possibly fueled by users amassing points in hopes of an upcoming airdrop.