Arbitrum

Base

Optimism

Bald

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  Neither the author, Ruholamin Haqshanas, nor this website, The Tokenist, provide financial advice. Please consult our&nbsp;<a href="https://tokenist.com/terms-of-service/" style="text-decoration:underline;color:#3c7b7b" target="_blank" rel="noopener noreferrer nofollow" class="deco-link">website policy</a>&nbsp;prior to making financial decisions. 
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<p class="has-drop-cap">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 <a aria-label="surge in activity (opens in a new tab)" href="https://dune.com/watermeloncrypto/base" target="_blank" rel="noopener noreferrer nofollow" class="deco-link">surge in activity</a> was largely driven by the hype around the new <a aria-label="social network Friend.Tech (opens in a new tab)" href="https://www.friend.tech/" target="_blank" rel="noopener noreferrer nofollow" class="deco-link">social network Friend.Tech</a> built on Base.&nbsp;</p> 
<h3 id="what-is-friend-tech">What is Friend.Tech?</h3> 
<p>Base, a layer 2 blockchain network <a href="https://tokenist.com/how-optimism-powered-base-can-onboard-110m-coinbase-users-to-defi/" rel="noopener noreferrer nofollow" class="deco-link">launched by Coinbase</a>, 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.&nbsp;</p> 
<p>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.&nbsp;</p> 
<p>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.&nbsp;</p> 
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<h3 id="base-becomes-the-second-biggest-l2-blockchain-moves-on-from-bald">Base Becomes the Second-Biggest L2 Blockchain, Moves on From BALD&nbsp;</h3> 
<p>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.&nbsp;</p> 
<p>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 <a href="https://tokenist.com/bases-tvl-surges-exponentially-as-memecoin-frenzy-takes-over/" rel="noopener noreferrer nofollow" class="deco-link">soared roughly 3,000% at its launch</a>, only to plummet about 92% due to the alleged <a aria-label="rug pull (opens in a new tab)" href="https://nftnow.com/news/bald-memecoin-already-dubbed-rug-pull-after-25m-loss-in-liquidity/" target="_blank" rel="noopener noreferrer nofollow" class="deco-link">rug pull</a>.&nbsp;</p> 
<p>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.&nbsp;</p> 
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<p><em><strong>What do you think about the blockchain social media? Let us know in the comments below.</strong></em></p> 
<p>The post <a rel="noopener noreferrer nofollow" href="https://tokenist.com/base-activity-surges-on-hype-behind-new-social-platform/">Base Activity Surges on Hype Behind New Social Platform</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://tokenist.com">Tokenist</a>.</p>

Base Activity Surges on Hype Behind New Social Platform

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