Coinbase’s friend.tech, operating on its Layer 2 solution, BASE, has generated a staggering $1.12 million in fees within the last 24 hours. This surge has positioned it ahead of industry giants like Tron, Uniswap, and MetaMask.
BASE’s Early Success Amidst Challenges
Even before BASE facilitated an exit bridge for investors, it garnered significant attention. Investors flocked to capitalize on new tokens that promised exponential returns in a short span. Even amidst cases of scams and rug pulls, BASE’s allure remained undiminished.
The Rise of friend.tech
Friend.tech stands out as a unique protocol that allows users to buy shares of popular influencers. The platform’s model rewards influencers with a percentage of trading fees, while share purchasers get exclusive access or communication channels to their favorite influencers.
A significant boost came for friend.tech when it was unveiled that Venture Capital Paradigm was backing them. Since then, the protocol’s 24-hour fee generation has consistently surpassed prominent players such as Tron, Uniswap, and MetaMask. Data from the DeFiLlama dashboard highlights this with the staggering 24-hour fee figure of $1.12 million. When we bring total value locked (TVL) into the conversation, friend.tech even surpasses LidoDAO, which has an impressive TVL of nearly $13 billion.
BASE Outperforms Leading Layer 2 Solutions
Dune Analytics offers a clearer picture of BASE’s performance. Notably, BASE surpassed transaction rates of top-tier Layer 2 solutions like Optimism and Arbitrum shortly after its launch. As it stands, while Arbitrum logs around 636,720 transactions per day, BASE marginally overtakes it with approximately 646,440.
The Future of friend.tech
While friend.tech’s current success can be attributed to factors such as airdrop promotions and being a market pioneer, its long-term trajectory remains uncertain. The fast-evolving world of DeFi suggests that it won’t be surprising if a new project, offering enhanced technology and user experience, soon emerges to challenge friend.tech’s dominance.
