Ethereum Layer 2 network launched by Coinbase base, has experienced notable adoption growth with the rise of SocialFi (Social Finance) apps and the growth of meme coins on the network. Asset manager Franklin Templeton comments that a new season could emerge due to increased demand for the network. shared.
It’s Base Season pic.twitter.com/kAhcwkpreE
NEWS CONTINUES BELOW— Franklin Templeton Digital Assets (@FTI_DA) May 9, 2024
According to IntoTheBlock, Ethereum layer-2 networks are gaining strength with unparalleled user engagement and transaction management. Among these networks, Base stands out with 1.48 million transactions per day.
Blockchain’s ability to sustain large-scale transactions is one of the key reasons why users choose Base over other layer-2 networks. For example, USDC supply on the network has experienced strong growth, exceeding $2.5 billion.
According to reports by Franklin Templeton like Friend.Tech SocialFi The increase in applications is the underlying reason for Base’s demand. For example, more than 46% of transactions on the network are linked to SocialFi.
Friend.Tech stands out as one of the most popular SocialFi applications built on Base. Users can earn money from their content through “key shares” or “pay attention to your token”. The report suggested that Friend.Tech’s contribution to the growth of Base’s operations was very significant. He added that Coinbase has a supporting hand in growth as the platform has helped Coinbase’s L2 network capture nearly half of SocialFi’s market share.
