Coinbase’s Ethereum layer-2 scaling solution, Base, sees surge in transactions

One sentence summary – Coinbase’s Ethereum layer-2 scaling solution, Base, has experienced a surge in daily transactions, surpassing those on the Ethereum network itself, with the increase partially attributed to the popularity of Friend.tech, a decentralized social media platform built on top of Base, although there are indications that a significant portion of the transactions may be originating from bots and spammers, and while Base has generated nearly $6 million in protocol fees and has seen significant adoption and usage, it still lags behind Ethereum in terms of volumes on decentralized exchanges and total value locked in protocols.

At a glance

  • Coinbase’s Ethereum layer-2 scaling solution, Base, has surpassed the Ethereum network in daily transactions.
  • Base was developed by Coinbase to expedite and reduce the cost of app development on Ethereum.
  • Coinbase envisions Base as a decentralized ecosystem for decentralized applications.
  • Friend.tech, a decentralized social media platform built on Base, allows users to trade shares of their friends’ social media profiles.
  • Base has generated nearly $6 million in protocol fees since its launch, indicating significant adoption and usage.

The details

Coinbase’s Ethereum layer-2 scaling solution, Base, has seen a surge in daily transactions.

These transactions have now surpassed those on the Ethereum network itself.

Base was developed by Coinbase with the aim of expediting and reducing the cost of app development on Ethereum.

Coinbase’s Vision for Base

Coinbase also envisions Base as a decentralized ecosystem for decentralized applications.

The increase in transactions on Base can be partially attributed to the growing popularity of Friend.tech.

Friend.tech and its Unique Feature

Friend.tech is a decentralized social media platform built on top of Base.

This platform introduces a unique feature that allows users to trade shares of their friends’ social media profiles.

However, there are indications that a significant portion of the transactions on Base might be originating from bots and spammers.

These bots and spammers are potentially attempting to exploit Friend.tech for their advantage.

Since its launch, Base has generated nearly $6 million in protocol fees.

This indicates a significant level of adoption and usage.

However, despite its transaction volume growth, Base still lags behind Ethereum in terms of volumes on decentralized exchanges (DEXs).

Base also lags behind Ethereum in terms of the total value locked in protocols.

This information highlights the success of Coinbase’s Base as an Ethereum scaling solution.

It also highlights its role in facilitating app development.

The traction gained by Friend.tech as a decentralized social media platform is also evident.

However, the presence of potential bot and spam activity on Base is acknowledged.

There is also a difference in adoption when compared to Ethereum.

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– Daily transactions on Ethereum layer-2 Base, incubated and launched by Coinbase, have surpassed those on Ethereum.
– Base is an Ethereum scaling solution developed by Coinbase to facilitate quicker and cheaper app development.
– Coinbase aims for Base to be a decentralized ecosystem for decentralized apps.
The popularity of Friend.tech, a decentralized social media platform built on Base, has contributed to the increase in transactions.
– Friend.tech allows users to buy and sell shares of their friends’ social media profiles.
– There are indications that a significant portion of transactions on Base may be from bots and spammers trying to gain an advantage on Friend.tech.
The total amount generated in protocol fees on Base is approaching $6 million since its launch.
– Base lags behind Ethereum in terms of volumes on decentralized exchanges (DEXs) and total value locked in protocols.

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