Good friend.tech driving Base transaction spike, Coinbase CEO reveals

Brian Armstrong, Coinbase CEO, highlighted how Good friend.tech, a decentralized social software, helps to gasoline the expansion and adoption of his exchange-backed Ethereum (ETH) layer-2 community, Base.

In an Aug. 23 publish on X (previously Twitter), Armstrong, whereas responding to a publish from Coinbase Head of Protocols Jesse Pollack, famous that Base hit a median of 16 transactions per second (TPS) on Aug. 21, surpassing Ethereum’s transaction depend for a similar timeframe.

In accordance with the Coinbase CEO, the big quantity of transactions could possibly be tied to the expansion and hype surrounding the Good friend.tech platform.

Good friend.tech’s gorgeous development

Good friend.tech is a decentralized social software that has gained vast adoption and utilization from the crypto neighborhood in lower than two weeks of its launch.

The appliance permits customers to buy and commerce “Keys” related to their buddies’ social media profiles. These “Keys” grant unique entry to the consumer’s personal in-app chatrooms and a stake within the consumer’s token’s worth.

Good friend.tech has swiftly gathered a complete quantity of 43,064.8 ETH, equal to over $70 million, by means of 1.8 million transactions since its inception, in response to Dune Analytics knowledge.

Further insights from DeFillama underscore its outstanding standing as one of many crypto business’s high 5 payment mills, raking in a considerable $5 million within the final week. Notably, this locations it forward of well-established DeFi protocols like MakerDao and even layer1 blockchain networks like Bitcoin.

Whereas Good friend.tech has loved some preliminary success, Evan Van Ness, a distinguished researcher within the Ethereum neighborhood, has identified a rising challenge. He noticed that the appliance was experiencing an rising presence of bots and spammers, making it troublesome for people with out substantial social media acumen to generate revenue from the platform.

The decentralized software is already having fun with utilization by NBA stars, a number of crypto influencers and has additionally drawn funding from enterprise capital agency Paradigm.

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