New All-Time High but for Coinbase_s BASE: What You Need to Know

2023-09-18 12:45:23

The Ethereum layer-2 solution developed by cryptocurrency exchange Coinbase – Base – has gained serious steam since its launch in August

One factor that has potentially triggered the development is the increased usage attributed to the social decentralized application FriendTech, which was built on Base.

Base Hits an ATH

Base revealed that its total number of daily transactions surged above 1.8 million a few days ago. In comparison, the figure was below 300K at the start of August.

🚀 Base, the Ethereum Layer 2 by Coinbase, is seeing increased adoption and interactions.

💰 Daily transactions have surged to over 1.88M, with a seven-day average of over 702k.

Data from @intotheblock shows that something big is happening on Base – stay tuned! 🌟 pic.twitter.com/nt9J0Jnoj5

— Base Recap (@BaseRecap) September 16, 2023

According to DeFiLlama, the L2 blockchain solution has attractedalmost $380 million in total assets locked, whereas trading volume has been hovering at over $20 million in the past week.

Base saw the light of day more than two months ago, with its price surging to an all-time high on August 12. Trading volume was also much higher back then, soaring above $100 million on a couple of occasions.

However, the L2 solution was a main target for hackers last month, suffering four attacks. One of the largest single frauds occurred on Magnate Finance – a lending protocol on the Base blockchain

As CryptoPotatoreported, wrongdoers pulled the rug shortly after the anonymous X (Twitter) user ZachXBT ed the community about a possible scam running on the platform. The fraud resulted in losses worth approximately $6.4 million.

FriendTech’s Revival

The comeback of the decentralized social application – FriendTech – could be one factor playing a role in Base’s increased number of daily transactions.

The former, which is built on Coinbase’s Base, has attracted new users in the last week. It reached a peak of over $18.5 million in trading volume on September 13

Its rebound is remarkable, to say the least, considering that some X (Twitter) users have previouslyproclaimedit “dead.” Lisandro Rodriguez, who serves as Payments Risk Manager at Coinbase, argued that the application has suffered due to “greed and poor ution” coming from its team management.

He also described FriendTech as “very clunky and not open to everyone” while access is restricted to a certain amount of people.

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