Unveiling Base: Revolutionizing SocialFi with Friend.tech
Franklin Templeton, a major asset management firm, has identified Base, an Ethereum Layer 2 network nurtured by Coinbase, as a frontrunner in the Social Finance (SocialFi) sector. Base’s flagship application, Friend.tech, has sparked a significant milestone in the domain, marking what Templeton calls “Base Season.”
Base Dominance in SocialFi Through Friend.tech
– A Franklin Templeton report reveals that 46% of SocialFi transactions flow through Base, proving its dominance in the layer 2 landscape.
– Friend.tech, a prominent application within the Base ecosystem, revolutionizes social interactions and content monetization.
– Franklin Templeton’s report acknowledges that Base is poised to capture a substantial share of SocialFi activity and maintain leadership in the Ethereum L2 sector.
Friend.tech’s Milestones and Base’s Role
– Friend.tech has achieved significant milestones, such as launching its second version and conducting a FRIEND token airdrop.
– The FRIEND token boasts a market cap of $200 million, showcasing community engagement and investor confidence within Base’s ecosystem.
Base’s Revolutionary Technology
– Base implements “optimistic rollups,” a technology that expedites transactions and reduces costs by batching them off the Ethereum mainnet.
– This strategy allows Base to uphold Ethereum’s security standards while boosting transaction throughput and efficiency significantly.
Base’s Growth and Position
– Base’s total value locked (TVL) has surged by over 630% year-to-date, reaching $5.45 billion, making it the third-largest L2 platform after Arbitrum One and OP Mainnet.
– The platform’s success is attributed in part to its association with Coinbase, which acts as the sole sequencer.
Degen Chain: Riding the Base Wave
– Degen Chain, a layer-3 blockchain built on Base, has gained rapid traction despite its recent launch.
– The network has witnessed over 272,000 transactions and the creation of numerous contracts and tokens, albeit with some associated scams.
The Debate on Layer-3 Networks
– The emergence of Degen Chain has ignited discussions about the necessity and drawbacks of layer-3 networks within the crypto community.
– While some argue that these networks may divert value from mainnets like Ethereum, others believe they offer unique functionalities to complement existing layer-2 solutions.
Strap In for the Base Revolution!
Franklin Templeton’s recognition of Base’s significance in the SocialFi realm, coupled with its innovative technologies and strategic partnerships, positions the platform as a game-changer in the crypto industry. With Base Season in full swing and Friend.tech leading the charge, brace yourself for an exciting journey into the world of Social Finance empowered by Base!
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