Base Activity Surges on Hype Behind New Social Platform
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Base Activity Surges on Hype Behind New Social Platform

Base saw a substantial increase in activity driven by hype around a new blockchain-based social media platform.
Neither the author, Ruholamin Haqshanas, nor this website, The Tokenist, provide financial advice. Please consult our website policy prior to making financial decisions.

Coinbase’s Base overtook Optimism just a day after its mainnet launch and quickly became the layer-2 network with the highest number of daily active users after Arbitrum. The rapid surge in activity was largely driven by the hype around the new social network Friend.Tech built on Base. 

What is Friend.Tech?

Base, a layer 2 blockchain network launched by Coinbase, has witnessed a significant uptick in daily active users to a new record high of 136,000, Dune Analytics data shows. The primary factor behind the activity surge is believed to be the excitement around Friend.Tech, a new social network platform built on Base blockchain. 

Essentially, Friend.Tech is a platform that allows users to buy or sell shares tied to people on the app. For example, a user could buy the shares of another user at a specific price. If the floor price of those shares increases, the buyer can make a profit by selling the shares at a higher price level. 

The app is still in beta and can only be accessed with a valid sign-up code. Notably, a gray section on the app indicates the platform plans to launch a token, leaving its users scrambling to secure a potential airdrop by sharing referral codes. 

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Base Becomes the Second-Biggest L2 Blockchain, Moves on From BALD 

With the boost from Friend.Tech, Base has overtaken rival L2 blockchain Optimism regarding the number of daily active users. Roughly $175 million has been bridged to Base since its launch, with 580,000 transactions recorded on August 10. Meanwhile, Arbitrum remains the most-used L2 blockchain, with 147,000 users. 

Last month, BALD, a new meme coin launched on the Base chain, suffered a nearly 90% price drop after the token’s deployer removed pulled $25.6 million worth of liquidity. The token soared roughly 3,000% at its launch, only to plummet about 92% due to the alleged rug pull

The deployer then went on to purchase more Bald and restore some liquidity. However, after tricking the users into buying more tokens, the developer pulled the liquidity again. 

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