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

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.