Coinbase, a major U.S. crypto exchange, has recently launched its own blockchain project called Base. One of its applications, Friend.tech, has become increasingly popular, with over 100,000 users and generating more than $25 million in fees. Friend.tech allows users to purchase shares of X (Twitter) influencers and was recently funded by the crypto-focused venture-capital firm Paradigm.The success of Friend.tech has driven up key metrics on the Base network, with total value locked (TVL) surpassing $200 million and transactions per second exceeding those of Ethereum, Arbitrum, and Optimism. According to FundStrat, Base has earned nearly $4 million in fees, with $2.5 million retained by Coinbase. This translates to an additional $30 million in revenue annually.However, there is some concern over Coinbase’s role in moderating a chain that is currently ‘decentralized’ in name only. It remains to be seen if Base can maintain its growth once the current crypto craze passes.
| Information | Details |
|---|---|
| Geography | North America |
| Countries | |
| Sentiment | neutral |
| Relevance Score | 9 |
| People | None |
| Companies | Coinbase, Friend.tech, Paradigm, FundStrat, Galaxy Research |
| Currencies | Ethereum, Bitcoin, X (Twitter), Friend.tech, USD |
| Securities | None |
