Friend.tech, a decentralized social media platform built on the Base, the Ethereum layer-2 scaling solution backed by Coinbase, has generated more fees and revenue than Bitcoin. This transactional platform allows users to move value, and on October 6, it generated $28.6 million in fees, above Bitcoin’s $26.8 million. Base periodically bundles transactions and confirms them on the Ethereum mainnet, which should result in lower fees. However, the millions of fees generated by Friend.tech indicate that it has processed tens of millions of unique transactions. According to L2Beat, Base has a total value locked (TVL) of $558 million, with $267 million held in Ethereum (ETH). Stablecoins, including DAI and USDC, dominate the rest. The more fees a platform generates, the more promising its future is. This indicates that Friend.tech is actively used and its solutions are in demand. Ethereum and some of its active protocols, like Uniswap and Lido Finance, generate some of the highest fees for network validators. In the last 30 days, Ethereum generated $91.1 million from gas fees, while Tron created $87.1 million from fees.However, there have been reports of compromise. Early this month, several users reported being victims of SIM-swap attacks, in which the attacker gained control of the victim’s mobile number and intercepted two-factor authentication (2FA) codes before draining coins. One user lost over 20 ETH, and musician Daren Broxmeyer also reportedly lost coins via the same attack vector.
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 | Daren Broxmeyer, froggie.eth |
| Companies | L2Beat, Lido Finance, Ethereum, Token Terminal, Uniswap, X, Coinbase, Tron, Dune Analytics, Base |
| Currencies | Xido Finance, USDC, Ethereum, Bitcoin, Dai |
| Securities | None |
