Since its official debut last month, Base, a layer-2 blockchain incubated by Coinbase, has been making waves in the crypto space. The network is experiencing a surge in retail adoption and smart contract interactions, as indicated by recent data from IntoTheBlock.
Rapid Surge in Daily Transactions on Base
Base has witnessed a remarkable surge in daily transactions, with the seven-day average consistently on the rise. Currently, the seven-day average of daily transactions stands at over 702,000, while the daily figure has already surpassed 1.88 million. This uptrend is a clear indicator of heightened activity on the platform.
Retail Adoption and Smart Contracts
Analysis by IntoTheBlock suggests that the decreasing average transaction size on Base reflects increasing retail adoption and smart contract interactions. This shift highlights the platform’s appeal to a broader user base and its growing ecosystem of decentralized applications (dApps).
Notably, the 30-day average active addresses ratio is an impressive 64.50%, setting Base apart from other layer-2 solutions like Arbitrum (approximately 2%) and Optimism (approximately 4.5%).
Influence of Friend.tech and Increased Network Activity
The introduction of the decentralized social media platform, Friend.tech, has played a pivotal role in Base’s increased traction. Friend.tech quickly attracted new users, including numerous influential celebrities, in a remarkably short period. This influx of users and activity on the platform contributed to Base’s growing prominence.
Friend.tech’s recent achievement of over $18.51 million in trading volume further bolstered network activity on the Base blockchain. This achievement demonstrates the platform’s ability to attract users and generate substantial trading activity.
Aerodome Decentralized Exchange Launch
Moreover, the launch of the decentralized exchange Aerodome on the Base blockchain acted as another catalyst for its growth. However, this development pushed the Total Value Locked (TVL) on Base north of $400 million, indicating increased liquidity and user engagement.
However, it’s important to note that a network outage on September 5th, lasting over an hour, had adverse effects on the TVL figures. Also, the TVL fell from $411 million to $383 million, representing a 7% decline the following day. According to DeFiLlama data, the TVL has continued to experience losses, falling to $377 million at the time of writing.
Base blockchain’s journey since its debut has been marked by impressive growth, increased retail adoption, and notable network activity. The platform’s ability to attract users, launch influential dApps like Friend.tech, and introduce a decentralized exchange has fueled its success.
Moreover, despite occasional setbacks, Base remains a noteworthy player in the layer-2 blockchain space, poised for further expansion and development.
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