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Coinbase Layer 2 Base Overtakes Optimism in Daily Active Users as Friend.Tech Hype Soars
A grayed-out "airdrop" icon at the top of the Friend.Tech app suggests the platform will release a token.
Updated Aug 11, 2023, 2:55 p.m. Published Aug 11, 2023, 12:30 p.m.
- Base daily active users hits a record high of 136,000.
- Activity on Base is tied to Friend.Tech, a social network, rumored to be releasing a token airdrop.
- About $175 million has been bridged to Base since inception.
Frenzied activity around Friend.Tech, a social network platform built on Coinbase's (COIN) layer 2 blockchain Base, has driven daily active users to a record high of 136,000, according to Dune Analytics.
Following a modest public release on Wednesday that saw just $10 million in fresh inflows during its first day as a live blockchain, Base has now overtaken rival layer 2 blockchain Optimism in terms of daily active users and is not that far from Arbitrum's total of 147,000, according to tokenterminal data.
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A total of $175 million in cryptocurrencies has been transferred to Base since its inception, with almost 580,000 transactions recorded on Thursday.
Much of that has been attributed to Friend.Tech, a new social network that allows users to purchase or sell shares tied to popular Twitter figures.
The app is in beta mode and can be accessed only with a valid sign-up code. A grayed-out section at the top of the app suggests the platform will release a token, spurring a flurry of activity as users attempt to farm a potential airdrop by sharing referral codes.
The platform's servers experienced downtime on Thursday following a surge in sign-ups.
Base is an Ethereum layer 2 blockchain that was incubated by Coinbase and built using the Optimism software stack.
Read more: Coinbase Officially Launches Base Blockchain in Milestone for a Public Company
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