Base, the Ethereum layer 2 (L2) network incubated by Coinbase, has experienced a significant increase in adoption and usage since its public launch a month ago. The platform has attracted a growing number of users and protocols, leading to a surge in on-chain activity.
One remarkable milestone for Base was the record-breaking number of transactions it processed in a single day. According to data from IntoTheBlock, Base recorded a total of 1.88 million transactions on Thursday, September 14. This number surpassed the combined transactions of Arbitrum and Optimism on the same day, which stood at 780,000 and 370,000, respectively.
The surge in on-chain activity is also reflected in the network fees generated by Base. Data from TokenTerminal showed that Base generated more network fees than Arbitrum and Optimism. This indicates the growing usage and adoption of the Base network by users and protocols.
In addition to the increase in transactions, Base achieved its highest transaction throughput in the past week. L2beat reported that the network recorded a significant 21.29 transactions per second (TPS) on September 14, surpassing other L2 chains and even Ethereum itself. Currently, Base maintains a TPS of 19.58, securing its position as the leading L2 blockchain.
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These achievements highlight the strong performance of Base and its position among the top L2 blockchains. However, in terms of total value locked (TVL), Base still lags behind Arbitrum and Optimism. According to DefiLlama, Base’s TVL is around $373 million, while Arbitrum and Optimism boast approximately $1.7 billion and $650 million, respectively.
The recent surge in on-chain activity on the Base network can be primarily attributed to the renewed hype surrounding Friend.tech, a decentralized social network built on Base. According to IntoTheBlock, a significant portion of Base’s usage is driven by FriendTech, rather than DeFi applications or NFT marketplaces.
Friend.tech allows users to trade “keys” of X (formerly Twitter) accounts and engage with social media personalities in a closed, group chat format. Despite being previously pronounced dead by critics, Friend.tech has experienced a revival in user interest, with its TVL surpassing $30 million in recent days. The platform has also shattered its trading volume record for two consecutive days and reached an all-time high of approximately $2 million in capture fees on September 14.
Overall, Base’s rapid growth and increasing on-chain activity demonstrate its potential as an Ethereum layer 2 network. With the continued adoption of the platform by users and protocols, Base is positioning itself as a key player in the L2 blockchain space. However, it still faces competition from other networks with higher TVLs. The connection between Base’s recent surge in on-chain activity and Friend.tech’s renewed popularity further highlights the importance of social applications in driving blockchain adoption and usage.
