66% Of Top Smart Contracts On Base Have One Big Problem
25 October 2023 - 12:00PM
NEWSBTC
14/21, or 66%, of the top gas-consuming smart contracts on Base, a
layer-2 platform for building and deploying smart contracts, are
unverified. According to Token Terminal data on October
24, the same contracts are some of the most actively used, reading
from gas fee trends over the last month. Friend.tech Leads
The Gas Race On Base Base is a layer-2 scaling solution and one of
OP Mainnet and Arbitrum’s competitors. The platform relies on the
Optimistic Rollup technique, allowing transactions to be batched
off-chain before being confirmed on the mainnet. This is the same
approach competitors, including Arbitrum and OP Mainnet,
adopted. As of October 24, the most gas-consuming protocol
already labeled and known to be deployed from a given developer is
Friend.tech. Still, the developer remains anonymous. The
decentralized social media protocol allows users to buy and sell
keys to each other’s X accounts. In this way, trading parties can
access exclusive in-app chatrooms and content by a given
user. By deploying on Base, Friend.tech users enjoy lower
trading fees than they would have launched on the mainnet. Beyond
fees, the protocol can also scale since the layer-2 solution can
handle higher throughput than the mainnet. Related Reading:
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the last month, Friend.tech generated over $253,000 in gas fees.
The execution fee, often known as layer-2 fee, on Base, which uses
Optimism, is set by the network and is flat. The fee prevents users
from spamming the network and rewards nodes that prove all
transactions submitted on the platform. The other fee is the
approximate for confirming the same transaction batch on the
mainnet. This fee is generally higher than the execution fee. The
Case Of Popular But Unverified Smart Contracts While gas fees
generated by Friend.tech is over $253,000, it is down over 47% in
the last month. This could suggest that trading activity fell since
the fee generated by a network is directly proportional to how
frequently it is used. Friend.tech fees, when writing, remain
suppressed, underperforming the activity of unverified smart
contracts, looking at fees generated over the last month. Over the
previous 30 days, one unverified contract has seen a 104% increase
in trading fees, reaching $42,000. Another contract has increased
by 1,690%, exceeding $11,000 in the same period. Related Reading:
Ethereum End Of Month Challenge: Can ETH Reach $2,000 Amid $21
Billion DeFi TVL? As the name suggests, these unverified codes have
yet to be confirmed by a third party. This can mean there is no
guarantee that the same developer built and deployed code on Base.
At the same time, the code might contain malicious code that could
steal from addresses it interacts with. Feature image on Canva,
chart from TradingView
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