- friend.tech, a new application on Base, made the L2 transaction surpass others in the Ethereum ecosystem.
- Base’s TVL soared as the amount bridged passed $253 million.
As it stands, the rule of many Ethereum [ETH] L2s has been put on hold and is making way for Coinbase’s L2, base, to take the cloak. And that’s not just the case. The Ethereum Mainnet may also have stepped back to let Base take the cake in terms of increased activity and traction.
Realistic or not, here it is The market cap of OP in ETH terms
How did this come about?
Friends help Base defeat the King
Not to beat around the bush: Base’s Transactions Per Second (TPS) surpassed that of Ethereum on August 22, according to L2 Beat. According to the chart below, Ethereum’s TPS was 12.05, while its base was 15.88.
Source: L2 Beat
The data showed that Base’s TPS was up 73.56% in the past 24 hours. Ethereum, on the other hand, fell 1.47% within the same time frame. However, there was one specific reason why Base was able to reach the milestone and its name: friend.tech.
friend.tech is a mobile application built on Coinbase L2. While it prides itself as the “marketplace for your friends,” friend.tech offers users the ability to tokenize their identity. And, in turn, can sell shares of themselves to their followers or anyone interested in their community.
Despite being launched only recently, friend.tech has experienced rapid growth and adoption. According to Dune analysis, the application has collected 97,316 unique merchants. These traders have been involved in over a million transactions worth 39,195 ETH.
Source: Dune analysis
But in addition to Ethereum, Base has also scaled back Base’s dominance arbitration [ARB] And Optimism [OP]. Previously, AMBCrypto did reported how Base’s rise had disrupted L2 flow.
Daily trades enabled @BuildOnBase have surpassed @arbitrum And @optimismFND combined. pic.twitter.com/fSrqMyeeVD
— Delphi Digital (@Delphi_Digital) August 22, 2023
The daily transactions reflect the daily usage rate of the network. Hence the increase in the number of transactions suggested optimism around Base. If it stays the same or increases further, the project can fully catch up with its predecessors.
In addition, the integration of projects such as Link [COMP] And Aaf [AAVE] also made the “on-chain summer” leader attract more users. Now the shift has extended to transactions.
The L2 leaderboard has been changed
According to Delphi Digital, daily transactions on Base are greater than those of Optimism and Arbitrum combined.
How many Worth 1,10,100 ETHs today?
At the time of writing, more than $253 million had been bridged on Base. Based on Data from Dune, ETH led the cohort of assets that have appeared on the network. This was followed by stablecoins Tether [USDT] and DAI.
Base’s Total Value Locked (TVL) also rose to $185.32 million, DefiLlama revealed. The surge in TVL implies that contestants have come to trust Base, despite a series of scams that appeared on the network before Mainnet’s public launch.
