Base, a Coinbase-powered Ethereum layer 2 network, is now an ardent competitor in the Ethereum rollup scenario, gaining a massive user base through SocialFi apps on its platform, such as Friend.tech, Aerodrome, a sought-after decentralized exchange, and Moonwell , a lending protocol. It also started mining its genesis block.
Base is known to have its networks created on top of it, including the meme coin-oriented Degen Chain, which helps boost the tokens incorporated by the social network Farcaster in the form of its currency.
According to Franklin Templeton, an asset manager, Base with SocialFi represents almost 50% of the entire share of SocialFi transactions in the crypto space, powered by the SociaFi application Friend.tech.
Friend.tech’s influence on Base is visible in graphs of previous features on Base, through the increase in Friend.tech’s transactions, combined with Base’s average transaction amount over a week.
The introduction of Ethereum’s Dencun scaling, which was responsible for lowering transaction prices, paved the way for the increased traction of the base. As for the average gas rates on Base, they have fallen from $0.5 to $0.003 after the scaling. This made Base a truly cost-effective Layer 2 network.
Base’s total value locked (TVL) rose above optimism to reach the rank of the largest network within the OP stack-oriented superchain. However, Arbitrum remains ahead of both Base and Blast when it comes to TVL. For the base, Aerodrome remains number one, with Uniswap in second position and Moonwell in third.