- According to Brian Armstrong, Base reached 16 transactions per second, thanks to FriendTech.
- Base’s daily transactions exceeded Ethereum’s transactions on August 21, 2023.
- People were concerned over the number of bots and scammers amid FriendTech’s hype.
Brian Armstrong, CEO at Coinbase, shared on X how Base hit 16 transactions per second. Armstrong believed that most of the credit went to FriendTech, the latest DeFi social app.
Base’s transactions exceeding Ethereum were fueled mainly by the hype around the latest social app, FriendTech. Base is a new Ethereum L2 by Coinbase, the American crypto exchange platform, and it is said to be an open ecosystem where anyone can build new decentralized applications (dApps).
On Monday, August 21, 2023, Artemis Terminal, a digital asset analytics platform, showed that Base’s daily transaction was $1.37 million. Meanwhile, on Ethereum, the number was $1.01 million.
FriendTech is one of the dApps running on Base; it is linked to Twitter, and its main purpose is to tokenize the Twitter account. The social app allows users to buy and sell “shares” of someone’s profile, with the possibility of making profits.
Since the launch of FriendTech, the app has generated more than $6 million in fees and $3 million in revenue, according to Llama data.
Some believed that FriendTech’s hype and the high number of transactions on Base were coming from bots and scammers. Ethereum researcher Evan Van Ness and Flashbots product lead Robert Miller shared their concerns on X.
Van Ness said, “The bot snipers make it nearly impossible for you to make money.” He added, “People are now insta spamming Base with FT transactions for every new account that bridges to Base.” Moreover, Miller said, “I think searchers are watching for new accounts to bridge to Base, then they spam the chain with buys for those accounts’ FT shares.”
Income Sharks, a cryptanalysis channel, believed that fear of missing out was how FriendTech got people to join, and not everyone would make money from the app. They stated, “There’s only so much money to go around in this wonderful Ponzi game.”
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