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Coinbase Layer 2 Base Overtakes Optimism in Daily Active Users as Friend.Tech Hype Soars

A grayed-out "airdrop" icon at the top of the Friend.Tech app suggests the platform will release a token.

By Oliver Knight
AccessTimeIconAug 11, 2023 at 12:30 p.m. UTC
Updated Aug 11, 2023 at 2:55 p.m. UTC
Base's daily active users soar (Dune)
Base's daily active users soar (Dune)
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  • Base daily active users hits a record high of 136,000.
  • Activity on Base is tied to Friend.Tech, a social network, rumored to be releasing a token airdrop.
  • About $175 million has been bridged to Base since inception.

Frenzied activity around Friend.Tech, a social network platform built on Coinbase's (COIN) layer 2 blockchain Base, has driven daily active users to a record high of 136,000, according to Dune Analytics.

Following a modest public release on Wednesday that saw just $10 million in fresh inflows during its first day as a live blockchain, Base has now overtaken rival layer 2 blockchain Optimism in terms of daily active users and is not that far from Arbitrum's total of 147,000, according to tokenterminal data.

A total of $175 million in cryptocurrencies has been transferred to Base since its inception, with almost 580,000 transactions recorded on Thursday.

Much of that has been attributed to Friend.Tech, a new social network that allows users to purchase or sell shares tied to popular Twitter figures.

The app is in beta mode and can be accessed only with a valid sign-up code. A grayed-out section at the top of the app suggests the platform will release a token, spurring a flurry of activity as users attempt to farm a potential airdrop by sharing referral codes.

The platform's servers experienced downtime on Thursday following a surge in sign-ups.

Base is an Ethereum layer 2 blockchain that was incubated by Coinbase and built using the Optimism software stack.

Read more: Coinbase Officially Launches Base Blockchain in Milestone for a Public Company

Edited by Aoyon Ashraf.

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CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

Oliver Knight
Oliver Knight

Oliver Knight is a CoinDesk reporter based between London and Lisbon. He does not own any crypto.

Follow @OKnightCrypto on Twitter

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