First Mover Americas: Drives Up Coinbase’s Base Blockchain Activity


18 Sep 2023 12:10 PM

The latest price moves in crypto markets in context for Sept. 18, 2023....

  • Coinbase's layer 2 blockchain, Base, has reached a record high of 1.88 million daily transactions, surpassing competitors Arbitrum and Optimism.
  • The surge in Base's activity is driven by a social application called FriendTech, rather than DeFi or NFT marketplaces.
  •, a decentralized social network platform built on Base, also experienced increased usage with daily transactions reaching 529,000.
  • Coinbase believes that the sale of tokens held by bankrupt crypto exchange FTX will not cause a market shock due to limited liquidations and approval requirements from FTX debtors.
  • FTX holds significant amounts of solana, bitcoin, ether, and other tokens, which can now be sold to repay creditors.
  • The U.S. Department of Justice has raised concerns about FTX founder Sam Bankman-Fried's proposed jury questions, considering them unnecessarily intrusive and potentially biased.

The article provides a mix of positive and neutral information. The positive sentiment is reflected in the record high transactions on Base and FriendTech's increased usage. The neutral sentiment is seen in Coinbase's analysis of the FTX token sale and the DOJ's concerns about jury questions.

Go to publisher site

You May Ask

What is driving the surge in activity on Coinbase's layer 2 blockchain, Base?How many daily transactions did, a decentralized social network platform built on Base, reach?What are the mitigating factors that Coinbase believes will prevent a market shock from the sale of tokens held by FTX?What are the concerns raised by the U.S. Department of Justice regarding Sam Bankman-Fried's proposed jury questions?

Suggested Reads