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Coinbase Layer 2’s friend.tech overtakes Tron and Uniswap in 24-hour fees

  • Coinbase’s Layer 2 protocol BASE has become extremely popular due to the new projects launched on it.
  • Friend.tech, a Paradigm-backed project, has beaten the likes of Tron, Uniswap, Bitcoin and other popular DeFi projects in total fees generated in 24 hours.
  • If this hype around the newly launched social media platform continues, it could overtake LidoDAO, which has nearly $13 billion TVL.

Coinbase’s Layer 2 solution is again at the forefront due to friend.tech’s popularity. The newly launched project has generated $1.12 million in fees over the last 24 hours, overcoming heavyweights like Tron, Uniswap, MetaMask, etc. 

Read more: Coinbase Layer 2 BASE beats Arbitrum and Optimism in daily transactions

BASE’s friend.tech rises to popularity amid market turmoil

Coinbase’s Layer 2 solution BASE was a big hit even before a bridge allowed investors to pull their money out of the chain. Despite the uncertainty, investors sent millions to the chain to capitalize on newly launched tokens that would easily yield more than 10x return in a few hours. Despite multiple scams and rug pulls, the Layer 2 solution remains popular. 

Read more: Coinbase Layer 2 BASE battles yet another rugpull after BALD, SwirlLend exploited by attackers

One such protocol that has risen to heights is friend.tech; a social media platform allowing investors to purchase their popular influencers' shares. The influencers, in return, get a portion of the trading fees from their users. On the other hand, purchasers of influencer shares can reach direct access or communication channels to their influencers. 

After revealing the project was backed by Venture Capital Paradigm, the activity on the platform skyrocketed. Now, the 24-hour fees generated by this protocol are higher than the likes of Tron, Uniswap, MetaMask, etc. 

The DeFiLlama dashboard shows that the total fees generated in the 24 hours are $1.12 million. In terms of revenue, the project even overtakes LidoDAO, which has nearly $13 billion worth of total value locked (TVL).

DeFiLlama DeFi dashboard

DeFiLlama DeFi dashboard

Data from Dune Analytics reveal that the number of daily transactions for BASE overtook the big Layer 2 projects like Optimism and Arbitrum a few weeks after its launch. Arbitrum’s daily transaction currently hovers around 636,720, while BASE’s sits at 646,440. 

L2 transactions per day

L2 transactions per day

While airdrop points and first-mover advantage might partially drive the hype around friend.tech, it is still being determined if it will maintain the same levels as time goes by. Regardless, it is plausible to assume a copycat project will likely spawn soon with better tech and interface and steal friend.tech’s popularity and its share of the fees and revenue.


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Author

Akash Girimath

Akash Girimath is a Mechanical Engineer interested in the chaos of the financial markets. Trying to make sense of this convoluted yet fascinating space, he switched his engineering job to become a crypto reporter and analyst.

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