New All-Time High but for Coinbase’s BASE: What You Need to Know
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.
— Base Recap (@BaseRecap) September 16, 2023
According to DeFiLlama, the L2 blockchain solution has attracted almost $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 CryptoPotato reported, wrongdoers pulled the rug shortly after the anonymous X (Twitter) user ZachXBT alerted the community about a possible scam running on the platform. The fraud resulted in losses worth approximately $6.4 million.
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 previously proclaimed it “dead.” Lisandro Rodriguez, who serves as Payments Risk Manager at Coinbase, argued that the application has suffered due to “greed and poor execution” 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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