Base Network Sees Activity Soar Past Arbitrum, Optimism Amid Friend.tech Frenzy

The Good friend.tech app constructed on the Coinbase-incubated Ethereum layer-2 Base has seen exercise soar since Friday.

The app tokenizes Twitter accounts on-chain, letting customers purchase and promote “shares” of their favourite social media personalities.

Seemingly constructed by pseudonymous developer Racer, Good friend.tech went reside with an invite-only beta on August 11—a day after Base’s mainnet launch.

The applying hit server capability on launch day.

Its recognition exploded throughout the area of interest crypto group final Friday.

The variety of distinctive customers interacting with the app greater than doubled from roughly 31,500 to over 67,400 at press time.

Good friend.tech’s income and costs additionally outpaced market leaders in Uniswap, MakerDAO, and even layer-1 blockchains like Bitcoin and Tron on August 20, per DeFiLlama knowledge.

The applying has considerably boosted exercise on the newly-launched Base blockchain too.

The variety of day by day transactions on Base reached a brand new peak of over 900,000 on August 20, practically double of main L2 networks in Arbitrum and Optimism.

What’s Good friend.tech?

Good friend.tech is a mobile-only social media platform linked to Twitter that tokenizes person accounts. Customers that purchase one other account’s so-called shares acquire unique entry to that account’s personal chat room.

An fascinating issue including to its recognition is the implementation of a bonding curve that robotically calculates the shopping for and promoting value, much like Uniswap’s automated market-making (AMM) design.

Merchants don’t have to discover a counterparty to purchase or promote the shares on Good friend.tech, as a substitute, an automatic mathematical system determines the value primarily based on the variety of customers holding an account’s shares.

The share’s value rises with the variety of shareholders.

For example, fashionable crypto dealer and influencer Cobie’s account on Good friend.tech is at the moment valued at 2.04 Ethereum, or about $3,400, with round 145 holders.

Crypto analyst Adam Cochran’s account with 57 holders is valued at 0.576 ETH.

Whereas its recognition has risen, some analysts have identified that the hype could possibly be short-lived.

Pseudonymous crypto analyst “DeFi Made Right here” tweeted that at the moment, the app is “nothing else than a approach to speculate on shitcoins aka influencers’ shares and farm a possible airdrop.”

Furthermore, its bonding curve may be very steep, making it “tough to draw extra individuals” to purchase a person’s shares, they stated. “It simply turns into too costly after the primary 100 shareholders.”

Nonetheless, it is gaining appreciable traction with notable personnel becoming a member of the social media app outdoors the crypto circles like Y Combinator founder Garry Tan, NBA participant Grayson Allen, {and professional} gamer Faze Banks.