Friend.tech, a decentralized social media platform built on the Base, the Ethereum layer-2 scaling solution backed by Coinbase, generates more fees, and thus, revenue than Bitcoin. This transactional platform allows users to move value.
According to Token Terminal data on Oct. 6, Friend.tech generated $28.6 million in fees, above Bitcoin’s $26.8 million. This spike is noteworthy, considering the decentralized social media portal is launched on a layer-2 platform.
Because Base periodically bundles transactions and confirms them on the Ethereum mainnet, transaction fees should be lower. In this arrangement, for fees to be in their millions, it means Friend.tech processed tens of millions of unique transactions.
Friend.tech Activity Rising
According to L2Beat, a tracker for Layer-2 scaling solutions, Base has a total value locked (TVL) of $558 million, out of which a big percentage, $267 million, is held in Ethereum (ETH). Stablecoins, including DAI and USDC dominate the rest. Parallel data from Dune Analytics shows that Friend.tech has processed roughly 10 million transactions since launch.
The more fees a platform generates, such as with Friend.tech and Bitcoin, the more promising the network’s future is. This indicates that the portal is actively used, and its solutions are in demand.
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Author: Dalmas Ngetich
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