According to IntoTheBlock, the Ethereum Layer 2 (L2) landscape is experiencing a surge of specialization among key players, with Base emerging as a frontrunner. Coinbase’s Layer 2 solution has taken the lead with the highest number of unique addresses and transactions, largely driven by Coinbase’s expansive reach. This momentum has created an ideal environment for social applications like FriendTech to thrive, reshaping the DeFi ecosystem.
According to the latest report from IntoTheBlock, Coinbase’s Layer 2 solution has witnessed renewed growth and remarkable statistics, solidifying its position in the evolving L2 ecosystem. Network fees, a crucial indicator of blockchain usage, have seen Bitcoin fees climb by 40%, while Ethereum fees experienced a 4% decline due to slower demand on the Mainnet, despite increasing adoption of Layer 2 solutions.
Notably, it has hit an all-time high, surpassing both Arbitrum and Optimism Mainnet in transaction volume. With an average of 888,000 daily active addresses over the past month, it currently holds nearly 60% of the market share of addresses using Optimism roll-ups.
Moreover, the platform has already attracted $380 million in total value locked, establishing itself as a top 10 chain in the DeFi space.
FriendTech Fuels Base’s Growth
Surprisingly, the surge in Coinbase’s Layer 2 solution activity is not solely driven by DeFi applications or NFT marketplaces. Instead, a significant portion of its usage can be attributed to a new social application known as FriendTech.
FriendTech allows users to create accounts connected to their Twitter profiles, generating keys that can be bought and sold, providing upside potential on social profiles. Influencers are incentivized to join, benefiting from both key-value appreciation and a share of trading fees, contributing to FriendTech’s revenue, which is on track to reach $93 million annually.
The rise of FriendTech has attracted over 100,000 users within weeks of its launch, expanding Coinbase’s Layer 2’s reach among retail users and strengthening Coinbase’s position in the market.
However, Ethereum’s L2 ecosystem is rapidly evolving, with each player carving out its niche. Coinbase’s Layer 2 solution’s dominance in unique addresses and transactions, Arbitrum’s transaction volume leadership, and Optimism’s adoption as the foundational infrastructure for other L2 solutions like Mantle showcase the diversity and potential within the Ethereum L2 space.
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