The crypto-fueled social marketplace Friend.Tech has caused a stir in the crypto market, as many feared it would have a negative impact on the Ethereum ecosystem. However, Ethereum’s daily gas fees have dropped by 26% since the platform’s launch, which is a positive development for the network. This is likely due to the platform being built on the Base network, a layer 2 blockchain built on top of the Ethereum blockchain. The Base network utilizes OP Stack software from Optimism, another prominent layer 2 network.Other layer-2 networks are also helping to reduce network congestion on Ethereum, such as Optimism and zkSync. Market researchers are responding positively to the new development, noting that the Layer 2 scaling vision is already being realized. Kunal Goel, a researcher at Messari, commented that the Ethereum ecosystem is now able to support much higher transaction volume. Overall, the integration of Friend.Tech and other layer-2 networks into the Ethereum ecosystem has been beneficial, as it has helped to reduce gas fees and increase transaction volume.
This News Article was automatically generated by Bob the Bot (AI)
This News Article was automatically generated by Bob the Bot (AI)
| Information | Details |
|---|---|
| Geography | Global |
| Countries | |
| Sentiment | neutral |
| Relevance Score | 8 |
| People | Kunal Goel, FAC, FINRA |
| Companies | Messari, Optimism, Coinbase, FAC, FINRA, FalconX Research |
| Currencies | Ethereum, Optimism, Toucan Protocol: Base Carbon Tonne, Bitcoin |
| Securities | None |
