October 17, 2023

Base Ecosystem Overview: Friend.tech, DeFi, Etc.

Base, the Coinbase-backed Layer-2 blockchain platform that was launched on August 2023, is gaining momentum thanks to the quick integration of several established Web3 projects and the popularity of social media dapp Friend.tech.

The rapid rise of Base as an important Web3 platform has resulted in an increase in interest in looking into the transactions and trends happening on the platform. With 0xScope's recent addition of Base data, traders, investors, investigators, and other Web3 enthusiasts now have access to advanced tools necessary to gather valuable insights into what's happening on Base. We have compiled some of these insights in this overview of the Base ecosystem.

Base Projects: Friend.tech, etc.

Here are the Base projects with the most daily active users and wallets, based on Scopescan data.


Friend.tech, a decentralized social app that lets users capitalize on their social networks by issuing "keys" that their followers can invest in, is the most popular project on base by a wide margin. Aside from a brief period of decline that had some Web3 observers wondering if the much-hyped app's success was short-lived, the project has seen an upward trajectory in user numbers.


Since its launch around the same time as the public release of Base, Friend.tech experienced a rapid rise in active users by late August, followed by a brief dip, a steady increase in activity throughout most of September, and a rapid rise in early October.

For most of September, user activity on Friend.tech is mostly confined to existing users, as shown by the wide gap between active entities (green bar) and new entities (blue bar) in the chart above. But starting October 8, the number of new entities on Friend.tech has been close to active user numbers, a sign that the project has seen a significant increase in new users.

Looking back at the table above, the number of daily active users on Friend.tech from September 16 to October 7 was between 8,979 and 18,124, but the daily new address count never went past 8,557, only reaching below 5,000 on most days. By comparison, on October 15, the all-time high for Friend.tech activity, there were 70,034 new entities, which is pretty close to the 73,611 active entities recorded for that day.

The chart above shows that during the past month, on average, 27.5% of all Base users have logged in to Friend.tech daily. Additionally, in the last two days, more than 50% of Base's daily active users are on Friend.tech. In other words, the project is the main driver of Base's increased popularity. On a related note, Friend.tech has accumulated a total of $21.28M in protocol fees. In the bigger picture, this trend serves as a proof of concept for Base's potential to host popular projects, but also as a sign that Base needs to find more projects that will sustain its growth to avoid being too reliant on the Web3 social media app.

Meanwhile, the rest of the popular Base projects list features many well-known cross-chain projects that have also built on Base soon after the platform's launch, such as Stargate, Uniswap, PancakeSwap, and Bungee. Overall, the most popular projects on Base are a mix of established and Base-exclusive dapps.

Base TVLs: Competition with Arbitrum, Optimism

Layer-2 blockchains have become popular in recent years, due to the higher demand for faster blockchain transaction processes on major Layer-1 blockchains such as Ethereum and Bitcoin. Some popular Layer-2 platforms include Bitcoin's Lightning Network and Ethereum-based chains such as Arbitrum and Optimism.

Base's entry into the already-packed Ethereum Layer-2 field has resulted in the emergence of a major rival to Arbitrum, Optimism, and other competitors. In its two months of public existence, Base has onboarded 31 Web3 protocols, quickly catching up to Arbitrum's 97 and Optimism's 43. In that short amount of time, Base has risen to the ninth-biggest blockchain based on Total Value Locked (TVL).

Of the 31 protocols hosted on Base, 15 are decentralized exchanges (DEXes), five are lending platforms, three are bridges, and two are collateralized debt position (CDP) projects. Hence, with the exception of Friend.tech, much of the activity on Base is DeFi-driven.

Source (DefiLlama)

In the past two months, Base has seen an average net inflow of 1,551 $ETH per day. Assuming that the recent average ETH price is $1600, this amounts to a daily inflow amount of about $2.48M.

So far, 225,242 $ETH has been bridged to Base, which is pretty impressive given its short history. By comparison, the total amounts of ETH bridged on Arbitrum and Optimism, both of which have been around for around two years ahead of Base, are 2,965,845 $ETH and 626,008 $ETH, respectively.

Among addresses that have bridged $ETH to Base, the biggest balance came from the deployer address for meme coin Bald ($BALD), which deposited a total of 9385.1 ETH into Base back in August.

Base doesn't have its own native token yet, so determining the biggest whales in the network will be based on the amount of ETH tokens they have on the Base blockchain. Only five addresses have more than 10,000 $ETH stored on Base, with the top whale being Wrapped Ether (WETH), which has 42,127 $ETH on Base. Two of those whale addresses belong to Friend.tech: a deployer address that currently holds 27,804 $ETH (second-biggest whale) and an address for fees, which has 13,056 $ETH (fifth-biggest whale). The No. 3 and 4 spots in the Base whale rankings belong to Binance's hot wallet (17,914 $ETH) and the Base: L2 to L1 Message Passer (13,755 $ETH), respectively.


In its relatively short history, Base has already made a notable impact on the Web3 industry. It sure does help that it's backed by one of the biggest centralized exchanges in the world, providing it with the resources needed for a strong jumpstart. But to the credit of the developer community on Base, the platform was able to quickly onboard established DeFi brands and become the blockchain of choice for at least one viral project.

With 0xScope's launch of support for Base, users can uncover more insights and trends on the activities on this blockchain. For this report, we used Scopescan tools such as Project Explorer, Wallet Explorer, Live Statistics, and more. We encourage the Web3 community to unearth more findings about Base projects and activities using 0xScope and Scopescan. You can also share your thoughts on this topic through our links below.

0xScope is adding support for more blockchains in the future. Stay tuned for updates.

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