The frenzy around the Friend.tech app on Coinbase’s Base blockchain appears to be cooling off, but there is a lesson to be learned from Ethereum fees. Lyllah Ledesma has the feature. According to analysis firm Messari, activity on the Friend.tech platform has cooled off as quickly as it rose. The number of traders was down 40% off their peak, and users complained of high fees and slow load times. As quickly as it rose, activity on Friend.tech has cooled off, according to Messari. Ethereum’s plan for scaling via the addition of supplemental layer-2 networks appears to be paying off, as the CoinDesk Smart Contract Platform Index (SMT) is down roughly 10% so far this month. Hedera Hashgraph’s HBAR token was sitting on a 10% gain for August after the U.S. Federal Reserve’s instant payments platform FedNow added Dropp, a Hedera-based micropayments platform, as a service provider.
The lesson from the Friend.tech frenzy is that crypto crazes may pass quickly, but Ethereum’s scaling plan is showing signs of success.