Rapid Insights: Base Rollup Sees Sustained Activity

Base continues to see a sustained increase in on-chain activity, owing to Friend.tech, a Web3 social media application, as well as the trading of memecoins. The sustained level of activity is particularly surprising given that there were a handful of scams and the exploit of a major decentralized exchange (DEX), Leetswap.

The biggest DEX by liquidity and volumes at the point of the exploit, Leetswap, had been drained of over 340 Ether. The founders of Leetswap had initially paused trading to investigate but later resumed it to allow traders to sell tokens whose liquidity could not be rescued from the exploit. The founders then offered to return projects which had substantial liquidity on Leetswap a pro-rated amount of the recovered funds. After returning the recovered funds to the projects whose teams had been verified, the founders of Leetswap tweeted that they would be rebuilding Leetswap.