As a crypto investor with a background in finance and a keen interest in the Ethereum layer 2 sector, I find Franklin Templeton’s recent report on Base and SocialFi apps quite intriguing. The data presented in the report suggests that Base is leading the way in this vertical, capturing nearly half of all transactions related to SocialFi and consistently stripping market share from competitors like BNB Chain and Polygon.
Expert: Franklin Templeton, a trillion-dollar asset manager, indicates that “Base Season” is upon us as Social Finance (SocialFi) apps gain popularity and rise above other Ethereum layer 2 solutions in this specific field, with Base taking the front seat.
In our analysis, we are poised to seize a substantial portion of the SocialFi market activity and continue spearheading the Ethereum L2 segment in the future. (Franklin Templeton’s perspective)
Approximately 46% of SocialFi-related transactions now occur on the Base platform, a figure that has been steadily growing at the expense of the BNB Chain and Polygon in recent months, as indicated by the chart supplied by Franklin Templeton.
The significant contribution of Coinbase’s support has been instrumental in Base securing around half of the current market share in SocialFi, according to Franklin Templeton.
Friend.tech stands out as a leading SocialFi platform on Base, enabling content creators to forge connections and generate income via “signature shares” or “attention tokens.”
“In the realm of SocialFi, Base has achieved a significant success that merits close attention. This sector will continue to be a noteworthy driver of Base’s expansion and acceptance in the marketplace over an extended period.”
Among the well-known social platforms based on Social Fi blockchain technology and protocols, Theta Network, Decentralized Social, Fantasy.top, and Steem hold significant popularity.
According to Franklin Templeton, the frenzy surrounding meme coins has significantly increased Base’s network activity, making it another significant factor in its recent growth.
As a data analyst, I’d rephrase it as: The third largest Ethereum layer 2 network in terms of total value locked currently stands at $5.4 billion, which is Base. Only Arbitrum One and OP Mainnet outrank it with respective totals of $15.9 billion and $6.90 billion.
In just under three months, Base’s value has surged from $1 billion to an impressive $5.4 billion – a significant achievement that came six months after first reaching the $1 billion mark.
Meanwhile, Arbitrum One and OP Mainnet have seen their TVLs tallies fall over the last two months.
Last August saw the debut of Base, a new offering from Coinbase, the leading authority in charge of its operation. According to L2BEAT data, this implies that Coinbase holds complete control over the blockchain.
However, Coinbase intends on progressively decentralizing Base over time.
This project was constructed utilizing the OP stack from Optimism, with a primary focus on delivering a safe, economical, and developer-friendly infrastructure for hosting Ethereum Virtual Machine (EVM)-compatible applications.
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2024-05-10 03:03