{"id":557359,"date":"2023-10-25T01:00:46","date_gmt":"2023-10-25T01:00:46","guid":{"rendered":"https:\/\/ktsl888.com\/?p=557359"},"modified":"2023-10-24T17:48:01","modified_gmt":"2023-10-24T17:48:01","slug":"66-of-top-smart-contracts-on-base-have-one-big-problem","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/news\/66-of-top-smart-contracts-on-base-have-one-big-problem\/","title":{"rendered":"66% Of Top Smart Contracts On Base Have One Big Problem"},"content":{"rendered":"<p><span data-preserver-spaces=\"true\">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\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/twitter.com\/tokenterminal\/status\/23197508\" target=\"_blank\" rel=\"noopener nofollow\"><span data-preserver-spaces=\"true\">data<\/span><\/a><span data-preserver-spaces=\"true\">\u00a0on October 24, the same contracts are some of the most actively used, reading from gas fee trends over the last month.\u00a0<\/span><\/p>\n<h2><span data-preserver-spaces=\"true\">Friend.tech Leads The Gas Race On Base<\/span><\/h2>\n<p><span data-preserver-spaces=\"true\">Base is a layer-2 scaling solution and one of OP Mainnet and Arbitrum&#8217;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.\u00a0<\/span><\/p>\n<figure style=\"width: 1233px\" class=\"wp-caption alignnone\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full\" src=\"https:\/\/www.tradingview.com\/x\/ylEHfBLX\/\" alt=\"OP price on October 24 when unverified smart contracts on Base were on the rise, consuming more gas| Source: OPUSDT on Binance, TradingView\" width=\"1233\" height=\"592\"><figcaption class=\"wp-caption-text\">OP price on October 24| Source: <a href=\"https:\/\/www.tradingview.com\/x\/ylEHfBLX\/\" target=\"_blank\" rel=\"noopener nofollow\">OPUSDT on Binance, TradingView<\/a><\/figcaption><\/figure>\n<p><span data-preserver-spaces=\"true\">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. <\/span><\/p>\n<p><span data-preserver-spaces=\"true\">The decentralized social media protocol allows users to buy and sell keys to each other&#8217;s X accounts. In this way, trading parties can access exclusive in-app chatrooms and content by a given user.\u00a0<\/span><\/p>\n<figure id=\"attachment_557364\" aria-describedby=\"caption-attachment-557364\" style=\"width: 1024px\" class=\"wp-caption aligncenter\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-557364\" src=\"https:\/\/ktsl888.com\/wp-content\/uploads\/2023\/10\/F9MqYTbXkAAJdso.jpeg?resize=1024%2C630\" alt=\"Top gas-consuming smart contracts on Base| Source: Token Terminal on X\" width=\"1024\" height=\"630\" srcset=\"https:\/\/ktsl888.com\/wp-content\/uploads\/2023\/10\/F9MqYTbXkAAJdso.jpeg?w=3418 3418w, https:\/\/ktsl888.com\/wp-content\/uploads\/2023\/10\/F9MqYTbXkAAJdso.jpeg?w=460 460w, https:\/\/ktsl888.com\/wp-content\/uploads\/2023\/10\/F9MqYTbXkAAJdso.jpeg?w=768 768w, https:\/\/ktsl888.com\/wp-content\/uploads\/2023\/10\/F9MqYTbXkAAJdso.jpeg?w=860 860w, https:\/\/ktsl888.com\/wp-content\/uploads\/2023\/10\/F9MqYTbXkAAJdso.jpeg?w=1536 1536w, https:\/\/ktsl888.com\/wp-content\/uploads\/2023\/10\/F9MqYTbXkAAJdso.jpeg?w=2048 2048w, https:\/\/ktsl888.com\/wp-content\/uploads\/2023\/10\/F9MqYTbXkAAJdso.jpeg?w=750 750w, https:\/\/ktsl888.com\/wp-content\/uploads\/2023\/10\/F9MqYTbXkAAJdso.jpeg?w=1140 1140w, https:\/\/ktsl888.com\/wp-content\/uploads\/2023\/10\/F9MqYTbXkAAJdso.jpeg?w=3000 3000w\" sizes=\"auto, (max-width: 1000px) 100vw, 1000px\"><figcaption id=\"caption-attachment-557364\" class=\"wp-caption-text\">Top gas-consuming smart contracts on Base| Source: Token Terminal on X<\/figcaption><\/figure>\n<p><span data-preserver-spaces=\"true\">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.<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/ktsl888.com\/news\/bitcoin\/peter-schiff-spot-bitcoin-etfs\/\" target=\"_blank\" rel=\"noopener \">Economist Peter Schiff Raises Concerns About Spot Bitcoin ETFs<\/a><\/div>\n<p><span data-preserver-spaces=\"true\">In 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. <\/span><\/p>\n<p><span data-preserver-spaces=\"true\">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.<\/span><\/p>\n<h2><span data-preserver-spaces=\"true\">The Case Of Popular But Unverified Smart Contracts<\/span><\/h2>\n<p><span data-preserver-spaces=\"true\">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.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">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.<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/ktsl888.com\/news\/ethereum-end-of-month-challenge-can-eth-reach-2000-amid-21-billion-defi-tvl\/\" target=\"_blank\" rel=\"noopener \">Ethereum End Of Month Challenge: Can ETH Reach $2,000 Amid $21 Billion DeFi TVL?<\/a><\/div>\n<p><span data-preserver-spaces=\"true\">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.<\/span><\/p>\n<div class=\"disclaimer-shortcode\">Feature image on Canva, chart from TradingView<\/div>\n","protected":false},"excerpt":{"rendered":"<p>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\u00a0data\u00a0on October 24, the same contracts are some of the most actively used, reading from gas fee trends over the last month.\u00a0 Friend.tech Leads The Gas Race On Base Base is a layer-2 scaling solution and one of OP Mainnet and Arbitrum&#8217;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.\u00a0 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&#8217;s X accounts. In this way, trading parties can access exclusive in-app chatrooms and content by a given user.\u00a0 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: Economist Peter Schiff Raises Concerns About Spot Bitcoin ETFs In 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.\u00a0 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<\/p>\n","protected":false},"author":384,"featured_media":557365,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[87903,89119,8323,1946,6931,78803,89239,82797,3891],"class_list":["post-557359","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-base","tag-base-layer-2","tag-eth","tag-ethereum","tag-ethereum-price","tag-ethusdt","tag-friend-tech","tag-gas-fees","tag-smart-contracts"],"acf":[],"yoast_head":"\n<title>66% Of Top Smart Contracts On Base Have One Big Problem<\/title>\n<meta name=\"description\" content=\"14\/21, or 66%, of the top gas-consuming smart contracts on Base, a layer-2 platform for Ethereum, are unverified\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, 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His specialization in NFTs, blockchain, DeFi, and blockchain news for NewsBTC, combined with a background in mechanical engineering and over a decade of experience in journalism, has allowed him to craft over 10,000 news and feature articles over the past eight years. His diverse range of topics, including technology, Forex, and finance, reflects his comprehensive understanding of the crypto landscape. His technical expertise and analytical skills have been recognized and featured by leading news outlets such as Investing.com, CoinTelegraph, Entrepreneur, Forbes, and other authority sites. Notably, he broke key news, including the Ripple and MoneyGram partnership, cementing his position as a thought leader in crypto. The news exploded. Over 100,000 people devoured this meticulously crafted report, from seasoned investors to curious newcomers. His analysis wasn't just dry facts and figures; it crackled with insight, dissecting the implications of the partnership and its potential impact on the future of finance. His deep understanding of the financial markets, technological advancements, and blockchain developments has made him a respected voice in the industry. Dalmas is also the founder of BTC-Pulse, a crypto news site, further demonstrating his commitment to the field. He firmly believes that DeFi and NFTs are here to stay and will continue to drive financial inclusion. Coming from Nairobi, Kenya, it is easy to see the source of his inspiration: Across Africa, millions lack access to traditional banks. Remote villages, limited documentation, and high minimum balances create insurmountable barriers. DeFi, not just Maker or Aave, for example, but think of Bitcoin and USDT, cuts out the middleman. Forget banks with their limitations. Even so, DeFi isn't a magic solution. The continent still struggles with reliable internet access, and educational campaigns highlighting the benefits of this wonderful solution are insufficient. Moreover, even for those interested, understanding DeFi can look like learning a new language. Dalmas is here to help make the tech easy to understand and digestible, even for beginners. The story of DeFi in Africa is still being written. Challenges abound, but the promise of a more inclusive financial future is a powerful motivator. With innovation and collaboration, Dalmas firmly believes that DeFi could become the key to unlocking Africa's full economic potential. This possibility and its immense value motivate Dalmas to continue breaking key DeFi innovations and more across the globe. His engineering background further enhances his ability to deliver well-thought-out pieces that blend technical insight with clear, impactful reporting. Beyond his professional achievements, Dalmas is deeply passionate about technology and politics. Policies drive adoption, and being at the forefront and keeping up with how they evolve is crucial for the sphere to mature. When Dalmas is not closely monitoring the latest crypto events, he can be found in nature, exploring the picturesque countryside, and traveling with his family and friends. His love for adventure and discovery perfectly complements his investigative and reporting skills. 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