New Crypto Project Hits Record, Overtaking Competitors

Earlier this year, Coinbase introduced Base, its own Layer 2 blockchain that allows you to place decentralized apps (dApps) on top of Ethereum (ETH). It was a big event And This is also a bold step, but now a single app is providing a major growth spurt in usage. The network is now even more active than major competitors including Arbitrum, Optimism and even some Layer 1 protocols.

Crypto app for tokenizing social media accounts

The decentralized app was designed to manage Twitter accounts (or “X accounts”). tokenizewhich allows users to buy shares of their favorite Twitter influencers.

It is not officially clear who invented the platform, but many people think that the mysterious programmer Racer is behind it.

The network was launched on August 11, but for an exclusive group of people. August 11 is also the day that Coinbase officially released the Base blockchain mainnet.

Data from blockchain analytics platform Dune shows that the app is already extremely popular. At the time of writing, the number of transactions is already close to 1.2 million.

The app’s official Twitter account even points out that the entire server capacity is already exhausted and an expansion is needed. According to DefiLlama, ranks third in transaction costs and revenue, with values ​​of $1.4 million and $710,000, respectively.

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That’s even more than Tron, a full Layer 1 blockchain. This chain has taken in just $835,000 in transaction costs in the last 24 hours.

Crypto project Base is suddenly much more popular

Thanks to this app, the usage of Base has also increased enormously. According to Network Explorer, 901,000 transactions were processed yesterday. That’s almost double the competitor Arbitrum (ARB) and more than double the Optimism (OP).

We should also emphasize that Base is based on optimism. So, as Coinbase’s blockchain grows, optimism will eventually grow with it.

However, the launch of Base was not without problems. Shortly after the introduction of the beta phase, the blockchain crashed due to a software error. Luckily it was only the beginning phase. The mainnet has now been introduced and is currently running without any problems.

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