A new platform called Friend.tech is driving massive growth for Coinbase’s Base layer 2 scaling solution. Friend.tech leverages Base to allow users to tokenize their social media accounts and sell fractional ownership. The app’s explosive popularity is directly fueling a spike in activity on Base.
Coinbase CEO Brian Armstrong recently confirmed that Friend.tech accounts for most of Base’s recent surge in transactions per second (TPS). Armstrong tweeted that Base has exceeded 16 TPS, surpassing Ethereum’s capacity, with Friend.tech responsible for “the majority” of this volume.
What is Friend.Tech?
The platform facilitates the tokenization of X accounts. Individuals can acquire “shares” of these accounts, which additionally offers them the opportunity to engage in private conversations with the account owners.
Influencers, particularly those operating in the cryptocurrency sector, are showing a keen interest in Friend.tech, considering it a potential progression in the realm of social media. As a layer 2 network, Base aims to boost scalability and reduce fees by settling transactions off-chain before batching them onto Ethereum.
Also read: BIS Cautions Developing Economies on Crypto’s Financial Stability Threat
The runaway early success of Friend.tech suggests Base is delivering on its promises as a commercially viable scaling solution. In turn, the app gives Base a high-profile showcase for its ability to support large, real-world consumer adoption.