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Base Network Sets New Standard with Record-Breaking On-Chain Activity

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In a turn of events reverberating across the crypto sphere, Base Network witnessed an astonishing surge in on-chain activity. Esteemed blockchain analytics firm IntoTheBlock has meticulously dissected the network’s metrics, unearthing intriguing revelations.

In a recent tweet from a notable crypto and blockchain community figure, IntoTheBlock highlighted the remarkable surge in on-chain metrics within Base Network. This surge encompasses a notable spike in daily transactions, a decrease in transaction sizes, and an impressively high active addresses ratio.

The most arresting revelation comes from an exponential spike in daily transactions. Starting at a 7-day average of 702,000, the network swiftly catapulted to an astronomical 1.88 million daily transactions. This surge signifies an unparalleled level of engagement within the Network, setting a new benchmark for blockchain networks.

Base Network’s Remarkable Growth Metrics

A pivotal discovery lies in the diminishing average transaction size. This development signifies an emergent trend of retail adoption and heightened smart contract interactions, symbolic of the network’s adaptability and user-centric approach.

Arguably, the most astounding statistic comes from the 30-day average active addresses ratio, boasting an impressive 64.50%. This figure starkly contrasts other Layer 2 solutions like Arbitrum (approximately 2%) and Optimism (4.5%), underscoring Base Network’s burgeoning prominence in the crypto landscape.

Investors and enthusiasts are now keeping a vigilant eye on Base Network’s growth trajectory, with rapt attention on its potential to disrupt the established order in the blockchain arena. The crypto world now fixates on this rising star, eagerly anticipating its next moves.

The Base Network’s extraordinary surge in daily transactions, with shrinking transaction sizes and an impressive active addresses ratio, validates its rapid ascent and affirms its growing significance in the crypto sphere. These trends point to a flourishing ecosystem, alluring retail users and developers alike. As Base Network continues its evolution, it remains a lodestar for crypto enthusiasts and investors seeking promising prospects in the blockchain realm.

Related Reading:| Friend.tech Phenomenon Elevates Base Network Activity Beyond Arbitrum and Optimism Levels

Coinbase’s Base Layer-2 Network Experiences Temporary Outage

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Coinbase’s Ethereum Layer-2 network, Base, experienced a temporary outage recently, shedding light on the complexities and challenges inherent in the world of blockchain technology. Lasting half an hour, with an additional 30 minutes for resolution, the incident was described as a “Base chain stall” by the development team. Despite this setback, it’s important to note that no user funds were at risk during this outage, providing a crucial reassurance to the community.

The root cause of the disruption was attributed to internal infrastructure issues, necessitating a refresh. Although the problem was swiftly identified and resolved, it took some time for Base to fully recover. While “widespread recovery” was achieved relatively quickly, a lingering issue with remote procedure calls (RPCs) prolonged the issuance of an all-clear report.

This incident served as a reminder of the fundamental distinction between Ethereum Layer-2 solutions like Base and the Ethereum mainnet. Matt Willemsen, the head of research at Collective Shift, highlighted the crucial point that Ethereum Layer-2 solutions, while promising, should not be seen as identical to the battle-tested Ethereum mainnet. It’s essential for users to understand the nuances and differences between these platforms, particularly when it comes to trust assumptions.

Base’s Remarkable Growth in Coinbase’s Ecosystem

Base, created by cryptocurrency exchange giant Coinbase, is a relatively new addition to the Ethereum Layer-2 ecosystem. Despite its youth, it has experienced remarkable growth, even surpassing Ethereum’s daily transaction volumes at times. DeFi Llama data reports that Base has generated approximately $6 million in protocol fees, largely driven by its appeal to the meme coin community.

In recent developments, Base has expanded its offerings by natively supporting USDC and integrating with platforms like Ledger Live and PancakeSwap. Furthermore, it has forged partnerships with well-established entities like Chainlink and Aragon, as well as various consumer brands. These moves indicate Coinbase’s commitment to establishing Base as a significant player in the Layer-2 ecosystem.

While the outage incident may raise concerns, it’s important to remember that even the most established blockchain solutions have experienced technical hiccups. Solana, for instance, has had its share of challenges, elevating blockchain outages to meme status. In the rapidly evolving world of blockchain technology, occasional disruptions are par for the course as the ecosystem continues to mature.

In conclusion, Coinbase’s Base Layer-2 network, while relatively young, has shown substantial promise and growth. The recent outage serves as a reminder of the importance of understanding the distinctions between different blockchain solutions. As the cryptocurrency landscape evolves, Coinbase’s commitment to improving and strengthening Base should provide users with confidence in its long-term viability.

Ethereum Advocate Stirs Controversy, Takes A Swipe At Cardano

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The rivalry between Ethereum and Cardano supporters is no secret, as passionate communities on these two blockchain platforms consistently engage in playful banter. Recent attention has shifted towards the prominent Proof of Stake blockchain, especially following the impressive performance of its newly launched Layer-2 Base, which outshone Cardano in terms of Total Value Locked [TVL].

Evan Van Ness, a central figure in this discourse, took the opportunity to provoke Cardano enthusiasts with a tweet. He stated that a new and nascent Base had already surpassed its larger rival in mere weeks of its launch.

With a tinge of scorn, Van Ness labeled Cardano a “zombie chain,” referencing DeFiLlama data that ranked the layer-1 blockchain a modest 14th with $163.55 million, while Ethereum stood far ahead at $21.604 billion TVL. Meanwhile, the Layer-2 network commanded an impressive $193.56 million, enjoying a $30 million lead. 

Base Outpace Ethereum In TPS

Not only that, a remarkable feat was the record-breaking average of 15.88 transactions per second [TPS] achieved within the last 24 hours, propelling Base above Ethereum and bigger Layer 2 competitors like Arbitrum and Optimism, according to analysis by L2Beat.

Coinbase’s brainchild, Base, introduced earlier this year in collaboration with Optimism, operates as an Ethereum L2 chain. Positioned atop the Ethereum blockchain, Base and similar Layer 2 networks are designed to enhance scalability, expedite transactions, and lower gas fees, all while maintaining security and decentralization.

In contrast, Cardano’s moniker “ghost chain” isn’t new—a term used to describe blockchains with minimal activity. The narrative resurfaced again in early August, when non-fungible token [NFT] sales on Cardano experienced a decline. Responding in his trademark fashion, Cardano founder Charles Hoskinson swiftly countered the claim with a cartoon gif of a person dancing and impersonating a ghost while covered with a white sheet with the comment “Ghostchain gonna Ghost.”

He also shared a tweet from user TapTools, presenting a case against the “ghost chain” characterization on August 1st. As of now, Hoskinson has not yet reacted to Ness’ tweets. It will be intriguing to observe how he addresses this situation in his response this time around.

Base Spectacular Rise: Surpasses Ethereum’s TPS With Record Highs

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Coinbase’s Layer 2 blockchain, Base, shattered records by achieving an unprecedented average of 15.88 transactions per second [TPS] within the last 24 hours. This surge has propelled the L-2 beyond its rivals, most notably Ethereum and other prominent Layer 2 solutions like Arbitrum and Optimism, according to data analysis conducted by L2Beat.

Moreover, the rapid ascent of Base’s TPS comes hand in hand with an astounding growth rate of 157% over the course of just one week. This staggering progression is primarily tied to the immense popularity of the brand-new social application, Friend.Tech, which has so far attracted over 100,000 individuals within days of its launch.

As earlier reported by TronWeekly, Friend.Tech has taken the crypto world by storm, serving as a virtual marketplace where enthusiasts can buy and sell fractional ownership in their favorite celebrities. It has recently scored a new milestone by reaching the top 3 protocols, surpassing both the Uniswap and Bitcoin networks, and ranking second only to the Ethereum and Lido protocols in terms of generated revenue.

Built on OP Stack in collaboration with Optimism, the synergy between the two has undoubtedly unleashed a revolution, redefining the scope of what blockchain and social interaction can achieve together. In the midst of a broader crypto market decline, Base has managed to defy expectations.

Base’s Ascent Beckons A New Era For L-2 Blockchains

As indicated by DefiLlama, the Base’s Total Value Locked [TVL] has surged impressively in the same period. The driving forces behind this remarkable achievement are the decentralized exchange “BaseSwap” and the cross-chain bridge “Stargate.” These components have played a pivotal role in propelling the TVL to an impressive $188 million mark, a testament to the trust and engagement the community places in layer 2.

It is not only investors who are captivated by Base’s allure; other prominent protocols are looking for ways to leverage it. Among these is Synthetix, a derivatives liquidity protocol, which is actively considering the protocol for its deployment strategy. The significance of the L-2’s achievements has been solidified by on-chain analytics firm Arkham Intelligence, which recently announced its support for the Ethereum L2 chain.

As Base continues its upward trajectory, its rise to prominence signifies a new era, one where Layer 2 solutions stand at the forefront of blockchain innovation, forging a new path of engagement with technology and finance.

Friend.tech Ascends: Joins The Elite Top 3 Protocols

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Friend.Tech, an innovative decentralized application, is rapidly gaining attention as it achieves the astonishing feat of generating more than $1 million in fees within a mere 24 hours, effortlessly overshadowing the Uniswap and Bitcoin networks.

Built on the OP Stack in collaboration with Optimism, Base, Friend.Tech introduces a distinctive concept, allowing users to invest in shares of their friends and influencers. This investment not only grants them ownership but also provides exclusive access to private conversations with the chosen individual.

In the preceding 24 hours, Friend.Tech has managed to accumulate a staggering $1.12 million in protocol fees, effectively surpassing both the Uniswap and Bitcoin networks, ranking second only to Ethereum and Lido protocols in terms of generated revenue. The platform’s earnings have surged to an impressive 1165.2 ETH, along with a total transaction volume of 25,633.5 ETH.

Additionally, an online source highlighted that Friend.Tech has climbed up to reach the top 3 protocols in terms of fees and revenues, signifying a remarkable accomplishment within the context of the BuildOnBase initiative.

David Phelps, co-founder of the governance platform JokeRace, lauded FriendTech for its exceptional user experience, describing it as the most exciting innovation witnessed in the cryptocurrency domain. He underscored its advantages, such as functioning as an app without requiring an app store, facilitating seamless bridges, and allowing one-time deposits without the need for repeated transaction signing.

Critics Are Not Impressed With Friend.Tech

While the app garners praise for its role in bringing numerous individuals into the cryptocurrency realm and attracting sign-ups from non-crypto figures, cautionary voices have emerged, highlighting the potential risk of burnout.

Doing some research on friendtech, please be careful putting too much money into it. The same team launched. KosettoIsKawaii end of 2022. Sold a bunch of wearable NFT stickers. Had users spamming referral codes. Hyped and pumped. Then the entire thing just disappeared, last update was in January that a Chrome extension was available. No communication or warning to users.

On a contrasting note, some experts contend that FriendTech’s success is closely linked to the triumph of Coinbase Base. Evidently, the app’s impact on Base’s recent success is evident, with over 257k transactions on FriendTech and a total of 600k transactions on the Base network. This symbiotic relationship has resulted in approximately $50k in fees generated for the chain within a mere 24-hour period.

Coinbase CEO Acknowledges App Issues Amidst Base Network’s Onchain Summer

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Coinbase CEO Brian Armstrong has made a candid admission about the state of their platform, acknowledging the “broken” state of the Coinbase app’s user experience (UX) in the face of the rise of on-chain activities on their new layer-2 network, Base. 

This revelation came via a Twitter post on August 13, amidst the ongoing “Onchain Summer” festival that features product launches, brand showcases, and NFT reveals on the Base network. The festival, which commenced on August 9 and will continue until August 31, has acted as a spotlight, showing several pain points in Coinbase’s existing infrastructure.

Armstrong’s tweet hinted at the company’s recognition of the issues and commitment to addressing them. He stated, “One thing #OnchainSummer is exposing is just how broken our UX is in the main Coinbase app for NFTs, Dapps, and L2s today. Sorry to say, but true.” 

This moment of truth has ignited a motivation within the organization to enhance the user experience, with Armstrong emphasizing the necessity of elevating these facets to “first-class experiences.”

The CEO also acknowledged that while CoinbaseWallet is ahead in addressing these issues, significant work remains to be done. The upside is that every Coinbase employee actively engages with these processes, lending a “dogfooding” approach to internal testing. Armstrong encouraged users to provide feedback on their UX concerns, promising rapid updates over the next two weeks to tackle the most pressing pain points.

Coinbase: Community Feedback Spotlights Challenges

Feedback from the community highlights areas that require immediate attention. One user highlighted the difficulty in connecting the mobile app to approve transactions, while others criticized the industry’s focus on layer-2 solutions over existing scalable alternatives. Additionally, there were calls for enhanced functionality, like the direct transfer of Base ETH from Coinbase Exchange to its Wallet.

Armstrong openly acknowledged these challenges, echoing users’ experiences and struggles. He admitted the unreliability of connecting mobile wallets to the Chrome extension and expressed surprise at the persistence of this bug.

Nevertheless, the spotlight on Base has catalyzed a push for innovation and improvement across the platform’s user experience, driven by the CEO’s commitment and the involvement of the entire Coinbase team.

Related Reading | Shiba Inu Tokens To Debut On KuCoin Amid Shibarium Launch

OKB Rose To 4 Months High $49 As OKX Wallet & Base Join Forces

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OKB, the native cryptocurrency of the OKX exchange, has staged an impressive comeback following a lackluster performance in late July. Investors and enthusiasts are now brimming with optimism as the token surged back to life at the start of August.

The token reached a four-month high today, hitting $49 with an exceptional 15% surge on the weekly chart. Presently, OKB is trading at $47.53, showcasing a notable 6.87% increase over the past seven days. However, the 24-hour chart reveals a slight bearish trend with a 1.89% decline.

Source: Coinmarketcap

Notably, the majority of OKB token holders are currently sitting in the profit zone, as indicated by data from Into The Block. Out of a total of 43,856 addresses, only 336 are experiencing losses, while a significant 43,520 remain profitable. Those in the red either bought around the all-time high or more recently and are now grappling with depreciated prices.

Ownership distribution reveals that OKB holders are primarily retail investors, trailed by whales and a relatively small number of traditional investors. Whale addresses represent those holding over 1% of the circulating supply; investors own between 0.1% and 1%, while retail addresses hold less than 0.1%.

OKB’s Price Driving Factor

The recent increase in OKB’s value, evident from August 4 onwards, appears to be driven by factors other than whales, as indicated by the numerous transactions observed. This bucks the trend of past surges, including the remarkable 467% rise from June 18, 2022, which also lacked substantial, large transactions.

The recent resurgence in OKB’s price can be directly attributed to a significant announcement that took place on August 10, 2023. On this date, OKX Wallet successfully integrated with Base, a notable development that has sent ripples of excitement throughout the cryptocurrency community. 

Moreover, OKX Discover, a platform associated with OKX, has taken a step forward by integrating several decentralized applications (DApps) from the expansive Base ecosystem.

Base, an innovative Ethereum Layer 2 (L2) solution built upon the open-source OP Stack, is at the heart of this integration. Functioning as a rollup scaling solution, Base diverts transaction processing away from the primary Ethereum blockchain, thereby establishing a more streamlined, efficient, and cost-effective environment for creating and operating decentralized applications.

OKX Wallet, a versatile cryptocurrency wallet accessible across multiple platforms and interfaces, including apps, web, and web extensions, complements this partnership. 

Noteworthy features of OKX Wallet encompass access to over 3,000 cryptocurrencies, compatibility with 60+ networks, an extensive array of DApps, and a comprehensive decentralized NFT Marketplace. This integration marks a strategic move towards enhancing user accessibility, convenience, and engagement within the cryptocurrency ecosystem.

Related Reading | Sandbox’s Token Unlock Sparks Concerns Amidst Market Volatility

Coinbase’s Base Mainnet Unleashes A New Era Of Decentralized Possibilities

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Coinbase’s eagerly anticipated Base mainnet has officially thrown open its doors to the public, marking a significant milestone in the world of decentralized applications (dapps) and blockchain technology. 

After a brief period designated solely for builders, Coinbase’s Base network has now transitioned into a phase of general user onboarding, as per the announcement made on August 9 by the Base team. This move signals the network’s readiness to cater to a wider audience, offering them access to a dynamic spectrum of decentralized applications.

The launch has spurred an enthusiastic response from the Web3 development community, with numerous teams concurrently revealing their plans to release innovative apps on Coinbase’s Base platform. To commemorate the occasion, the network’s team has also revealed a lineup of upcoming events to celebrate this significant milestone.

 Celebrating Coinbase’ Base Mainnet’s Milestone

In a blog post discussing the launch, the­ Base team expre­ssed their enthusiasm re­garding the milestone. The­y emphasized the availability of ove­r 100 dapps and service providers within the­ Base ecosystem.

The Base platform offe­rs seamless integration with the­ wider Coinbase product ecosyste­m. Importantly, users now have the opportunity to e­xplore decentralize­d applications (dapps) on Base without incurring significant gas fees, e­njoy fast transaction speeds, and bene­fit from Ethereum’s robust security me­asures.

The Base network was conceived with a clear vision in mind: to facilitate the transition of millions of builders and billions of users onto the blockchain. This step is envisioned as a catalyst for a global financial system characterized by decentralization, fostering enhanced economic freedom across the globe. 

The journey began with the network’s testnet launch in February, followed by a developer launch in July, during which the foundations of a vibrant ecosystem began to take shape, according to the blog post.

A wide array of proje­cts is being implemente­d on Base, covering a broad range of se­ctors such as on-chain finance, art, music, games, and eve­n advocacy initiatives. Noteworthy collaborations with prominent walle­ts, bridges, security providers, oracle­s, and analytics services have e­quipped develope­rs with the necessary tools to cre­ate robust dapps.

As part of the Base launch festivities, Onchain Summer has commenced, ushering in a season of art, culture, music, gaming, and more, supported by a series of events, collaborations, and grants.

Related Reading | Coinbase’s Report: Crypto Thrives In New York with 19% Ownership

Coinbase L2 Network Eyes Inflation-Pegged Stablecoins

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Coinbase developers are working towards building a new form of decentralized stablecoins that tracks the rate of inflation called ‘flatcoins’ on its newly launched layer-2 network Base.

These asset classes, in contrast to typical stablecoins, are anchored to the cost of living rather than being linked to real-world assets like fiat currencies, which enables them to maintain stability during times of market unrest.

According to a blog titled ‘Request for Builders’, published by Coinbase’s Base Network, flatcoins would enable users to have stability in purchasing power while having resiliency from the economic uncertainty caused by the legacy financial system.

We also welcome other forms of ‘flatcoins’ that do not peg to fiat but rather fill the space between fiat-pegged coins and volatile crypto assets. With the recent challenges in our global banking system, we believe these explorations are more important than ever.

The Coinbase team then provided a brief overview of the other important areas that require attention in addition to flatcoins. They are Onchain reputation, Onchain Limit Order Book [LOB] Exchanges, and Safer DeFi.

By using reputation methods that are inherent to on-chain entities, developers would concentrate on enhancing online trust and preserving user privacy and autonomy at the same time.

This may resemble a FICO or Google page rank type score on ENS names, merchant ratings and reviews, and other trust-building factors on-chain, the blog read.

Next on the agenda is to create a more sophisticated exchange—a limit order book exchange [LOB]—that eliminates counterparty risk through self-custody.

Coinbase Push For LOBs

The team believes that while the existing exchange offerings like AMMs, are crucial DeFi primitive, LOBs would play a greater role, especially for professional traders and institutions.

Finally, in order to construct a more secure DeFi, the exchange would focus on expanding better tools that would allow users and developers to keep up with the speed of innovation while protecting their funds from flaws in smart contract code, assaults on the ecosystem, etc.

The latest plan follows after Coinbase received a Wells notice recently from the SEC involving an unspecified amount of its listed digital assets, including the staking program Coinbase Earn, Coinbase Prime, and Coinbase Wallet.

The exchange criticized the regulator for being “unfair and unreasonable when it comes to its engagement on digital assets,” and vowed to fight back.