As a researcher with a background in blockchain technology and decentralized finance, I find the recent developments surrounding Coinbase’s Layer 2 network, Base, particularly intriguing. Based on the latest analysis by Franklin Templeton, it appears that Base has experienced a resurgence of user activity, driven primarily by the growing popularity of SocialFi applications like Friend.Tech.
As a crypto investor, I’ve noticed an uptick in user activity on Coinbase’s Layer 2 network, Base. Recent findings from Franklin Templeton’s analysis have shed light on this trend, revealing that social finance (SocialFi) applications like Friend.Tech have been driving this surge in attention towards Base.
TheFriend.Tech platform, which monetizes social interactions through its innovative model, has recently gained significant interest following the release of its updated version 2 and the distribution of their FRIEND tokens through an airdrop.
As a crypto investor, I’ve noticed an impressive growth in the availability of USDC on the Base network recently, with the supply exceeding $2.5 billion. This expansion occurred around the same time that Coinbase announced free USDC transfers on Base through the Coinbase Wallet. It seems clear to me that this was a strategic move by Coinbase aimed at strengthening the Base ecosystem and providing more convenient transaction options for users.
Base Hits Home Run in SocialFi
Based on Franklin Templeton’s recent findings, SocialFi’s “Base” has achieved significant success in the realm of social applications built on Layer 2 networks. The data presented by the asset manager shows that around 46% of all SocialFi transactions are processed through Base. This sector is pivotal for the network’s growth and acceptance in the crypto community.
One notable application on the Base platform is Friend.Tech, which is exclusive to mobiles and generates revenue by monetizing users’ social influence. Through Friend.Tech, users can buy “keys” or “shares” to gain entry into influencers’ chatrooms. The latest version 2 of Friend.Tech was released on May 3rd in conjunction with an airdrop of its token, FRIEND.
As an analyst, I’d rephrase it as follows: I currently analyze a company named Friend, with a market capitalization of $200 million and complete ownership by Friend.Tech’s user base. The support from the largest publicly-traded US cryptocurrency exchange, Coinbase, has significantly contributed to Friend’s growth. According to Franklin Templeton, this collaboration has resulted in an impressive blend of SocialFi applications and seamless integration for Coinbase users.
Due to its effective efforts, Base has secured a substantial share of SocialFi actions and continues to head the Ethereum L2 marketplace in the future.
Increased User Activity
Recently, there has been a substantial rise in the amount of Ether (ETH) being deposited into Base, as previously mentioned. This increase exceeds 6,500 ETH. In contrast, competitors Arbitrum and Optimism have received significantly less in terms of deposits. Arbitrum only saw about half the number of deposits that Base did, while Optimism received just a fifth.
The tendency indicates that investors are leaning towards investing in Base due to its robust infrastructure and reputed dependability compared to its rivals.
With a total value locked (TVL) of $5.45 billion, Base ranks as the third-largest Ethereum Layer 2 network, as reported by L2BEAT. However, Arbitrum One and Optimistic Ethereum (OP Mainnet) currently lead with TVL amounts of $16.14 billion and $6.99 billion respectively.
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2024-05-11 01:16