Since its official launch just over a month ago, the Ethereum scaling solution, Base, has been a constant headline-maker for all the right reasons. Each day unveils a new milestone for this Layer-2 (L2) blockchain. Significantly, according to a 14th September post by Token Terminal, Base set a new record in terms of network fees, outperforming more established rivals like OP Mainnet [OP] and Arbitrum [ARB].
However, Base’s journey to the top has been far from linear. After a strong initial performance, the L2 solution lost its prime position. But this week, the network made a remarkable comeback. On September 14, Base accumulated nearly $189.9k in fees, a sharp increase compared to previous days. Moreover, Base is built on the OP stack, which powers both OP Mainnet and several emerging L2 solutions. Consequently, Base shares revenue with the Optimism Collective, adhering to a formula that maximizes profits for all parties involved.
Additionally, data from L2Beat showed that Base recorded its highest-ever daily transaction throughput on the same day. The L2 clocked an impressive 21.29 transactions per second (TPS), dwarfing the TPS numbers of Arbitrum and OP Mainnet, which stood at 5.83 and 3.88, respectively.
The surge in network fees can be attributed mainly to increased on-chain traffic. According to Dune analytics, a significant uptick in user activity was observed over the past 3-4 days. Most new users engaged in on-chain transfers, causing the daily transaction count to soar.
Significantly, the decentralized social network Friend.tech is emerging as a significant driver behind this surge in activity. Built on the Base network, Friend.tech has seen a drastic increase in traffic, mainly due to the platform’s dynamic features. Therefore, it’s not surprising that Base’s fortunes have improved in tandem.
In summary, Base’s recent fee spike is a testament to its growing influence and efficiency. With solid backing from platforms like Friend.tech, Base is well-positioned to be a dominant player in the Layer-2 blockchain arena. Whether this trend will sustain or be a flash in the pan remains to be seen, but for now, Base seems to be making all the right moves.