Coinbase’s layer 2 protocol BASE has become extremely popular lately due to new projects launched on it. Friend.tech, a Paradigm-backed project, has surpassed Tron, Uniswap, Bitcoin, and other popular DeFi projects in total fees generated within 24 hours. If this excitement around the newly launched social media platform continues, it could even surpass LidoDAO, the altcoin with nearly $13 billion in TVL. Here are the details…
Friend.tech popularity pushes Base forward
Coinbase’s Layer 2 solution is once again at the forefront due to the popularity of friend.tech. The newly launched project has racked up $1.12 million in fees in the last 24 hours, tackling some heavyweights like Tron, Uniswap, MetaMask, and more. Coinbase’s layer 2 solution BASE was a huge hit even before it became a bridge that allowed investors to withdraw their money from the chain. Despite the uncertainty, investors have sent millions onto the chain to take advantage of the newly released tokens that will easily yield more than 10x returns in a matter of hours. Despite numerous scams and rug pulls, the Layer 2 solution still remains popular.
Such a protocol that rises to heights is friend.tech; a social media platform that allows investors to buy shares of popular influencers. Influencers, in return, charge their users a portion of their transaction fees. On the other hand, those who buy influencer shares can gain direct access or a communication channel to their influencers. After the announcement that the project was supported by Venture Capital Paradigm, the activity on the platform increased rapidly. Now, the 24-hour fees generated by this protocol are higher than Tron, Uniswap, MetaMask and the like.
Data shows biggest altcoin projects lagging behind
As seen in the DeFiLlama dashboard, the total fee generated within 24 hours is $1.12 million. In terms of revenue, the project even surpasses LidoDAO, which has a total locked value (TVL) of approximately $13 billion. Data from Dune Analytics reveals that BASE’s daily transaction count is outpacing major Layer 2 projects like Optimism and Arbitrum a few weeks after launch. Currently, Arbitrum’s daily transaction count hovers around 636,720 while BASE’s stands at 646,440.
While the excitement around friend.tech is partly due to the airdrop scores and first mover advantage, it’s unclear whether it will maintain the same levels as time goes on. Regardless, it’s not too hard to assume that a copycat project with better technology and interface will soon emerge and steal friend.tech’s popularity, pay and revenue share.
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