There’s a new trend in Base, the second-layer solution built by CoinbaseCOIN to help scale EthereumETH. We are talking about friend.tech, one of the hottest projects in Base. Due to its impulse, Coinbase’s chain reached a historic record of 15.88 transactions per second on August 21, according to l2beat data.

This surge marked a shift in its competition with other chains since Base’s transactions exceeded Ethereum transactions, with 5x more transactions than other second-layer solutions, Base’s contributor, Jesse Pollak, published on X. According to DeFiLama data, it’s the 10th largest fee generator in the crypto industry at the moment. Right now, friend.tech charges 10% in fees per transaction: 5% to friend.tech and 5% to the account holder.

What Is Friend.Tech And How To Use It?

Friend.tech is supposed to be a network of friends. The whole point is to sell and buy actions that are part of the user’s holdings to chat with them or to access preferred content. It’s a protocol of social tokenization, and its application reached more than 100,000 users just a few days after its release on August 10. NBA player, Grayson Allen; known crypto moguls Cobie and Gainzy and trading influencer RookieXBT are part of its community.

In this early stage, the users need an invitation to start using the DApp, leading to a fear of missing out on the fever boosting the stats. Users discover friend.tech and then have to reach friends or other users to gain access to it. Users must install an app, log into it using their ethereum wallet, and deposit ETH to their Base account using a bridge. One issue is that at this early stage, the app is buggy, and the bridges to deposit in Base are slow and sometimes broken.

After a few minutes of setting up your account, you can be lucky enough to be “bought” by other users or even bots. After this, your holders will be able to send you messages. If you buy a user’s share, you can communicate with them directly, and now this new asset will be part of your portfolio. If someone buys you, this trade will boost your share price, and you can cash out that money through any Base wallet and then bridge it out to ETH.

The total value locked under friend.tech is over $6 million, according to DeFiLama data. Still, most funds are part of what stats aggregator Dune calls insiders, with major devs and project-related people being the most significant stakeholders.

Besides this, research-driven technology investment firm Paradigm announced they’re investing in the platform, describing it as one of “the most exciting crypto-native social apps.”

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