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. Baseโs flagship application, Friend.tech, has sparked a significant milestone in the domain, marking what Templeton calls โBase Season.โ
Base Dominance in SocialFi Through Friend.tech
โ A Franklin Templeton report reveals that 46% of SocialFi transactions flow through Base, proving its dominance in the layer 2 landscape.
โ Friend.tech, a prominent application within the Base ecosystem, revolutionizes social interactions and content monetization.
โ Franklin Templetonโs report acknowledges that Base is poised to capture a substantial share of SocialFi activity and maintain leadership in the Ethereum L2 sector.
Friend.techโs Milestones and Baseโs Role
โ Friend.tech has achieved significant milestones, such as launching its second version and conducting a FRIEND token airdrop.
โ The FRIEND token boasts a market cap of $200 million, showcasing community engagement and investor confidence within Baseโs ecosystem.
Baseโs Revolutionary Technology
โ Base implements โoptimistic rollups,โ a technology that expedites transactions and reduces costs by batching them off the Ethereum mainnet.
โ This strategy allows Base to uphold Ethereumโs security standards while boosting transaction throughput and efficiency significantly.
Baseโs Growth and Position
โ Baseโs 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.
โ The platformโs success is attributed in part to its association with Coinbase, which acts as the sole sequencer.
Degen Chain: Riding the Base Wave
โ Degen Chain, a layer-3 blockchain built on Base, has gained rapid traction despite its recent launch.
โ 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
โ The emergence of Degen Chain has ignited discussions about the necessity and drawbacks of layer-3 networks within the crypto community.
โ 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 Templetonโs recognition of Baseโs 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!
Wyatt Newson emerges as a luminary seamlessly interweaving the roles of crypto analyst, dedicated researcher, and editorial virtuoso. Within the dynamic canvas of digital currencies, Wyatt’s insights resonate like vibrant brushstrokes, capturing the attention of curious minds across diverse landscapes. His ability to untangle intricate threads of crypto intricacies harmonizes effortlessly with his editorial mastery, transmuting complexity into a compelling narrative of comprehension.