|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cryptocurrency News Articles
Base Emerges as SocialFi Frontrunner, Spearheaded by Coinbase Support
May 10, 2024 at 08:01 am
Asset management giant Franklin Templeton identifies the emergence of SocialFi apps as a key trend, with Base leading the Ethereum layer 2 space in this vertical. Notably, Base has captured a significant 46% of SocialFi-related transactions, outpacing competitors like BNB Chain and Polygon. This growth is attributed to support from Coinbase and notable applications like Friend.tech. Franklin Templeton highlights SocialFi as a "key vertical to watch" for Base's future adoption and expansion.
Base Emerges as a Frontrunner in the Burgeoning SocialFi Realm, Spearheaded by Coinbase's Strategic Support
In a recent report issued by leading asset management firm Franklin Templeton, the emergence of Social Finance (SocialFi) applications has ushered in a new era, dubbed "Base Season." Among the plethora of Ethereum layer 2 solutions, Base has emerged as a formidable player in this vertical, capturing a significant portion of SocialFi activity.
Franklin Templeton's analysis reveals that Base accounts for approximately 46% of SocialFi transaction volume, surpassing established platforms like BNB Chain and Polygon. This surge in market share is largely attributed to the unwavering support from Coinbase, which has played a pivotal role in Base's meteoric rise.
One prominent SocialFi application built on Base is Friend.tech, a platform that empowers content creators to connect and monetize their work through "key" shares and "tokenized attention." Franklin Templeton commends Base's success in this burgeoning space, predicting that SocialFi will serve as a key growth driver for the layer 2 network in the long run.
Other notable SocialFi blockchains and protocols include Theta Network, Decentralized Social, Fantasy.top, and Steem. However, Base has established a clear lead by capitalizing on the recent memecoin frenzy, another key factor contributing to its rapid network growth.
According to L2BEAT data, Base has ascended to the position of the third largest Ethereum layer 2 network by total value locked (TVL), currently boasting a TVL of $5.4 billion. This puts it behind only Arbitrum One ($15.9 billion) and OP Mainnet ($6.90 billion).
Remarkably, Base has achieved this remarkable growth in less than three months, climbing from a TVL of $1 billion to $5.4 billion. In contrast, Arbitrum One and OP Mainnet have experienced declines in their TVL values over the past two months.
Coinbase officially unveiled Base in August 2022, with the cryptocurrency exchange serving as its sole sequencer, implying that the chain is entirely under Coinbase's control. Nevertheless, Coinbase has expressed its commitment to gradually decentralizing Base over time.
Built upon Optimism's OP stack, Base aspires to provide a secure, cost-effective, and developer-friendly environment for Ethereum Virtual Machine-compatible applications. Its robust infrastructure and supportive ecosystem have positioned it as a prime destination for SocialFi innovation.
However, a recent study conducted by Coinbase Magazine has raised concerns about the prevalence of meme coins on Base, with an alarming finding that nearly 1 in 6 are scams and over 90% exhibit security vulnerabilities. This underscores the need for increased vigilance in the rapidly evolving SocialFi landscape.
Despite these challenges, Base's dominance in the SocialFi arena is undeniable, and its sustained growth trajectory is a testament to its solid foundation and strategic partnerships. As the SocialFi ecosystem continues to expand, Base is poised to maintain its leadership position, leveraging its first-mover advantage and the unwavering support of the Coinbase exchange.
Disclaimer:info@kdj.com
The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research!
If you believe that the content used on this website infringes your copyright, please contact us immediately (info@kdj.com) and we will delete it promptly.
-
- Fantom (FTM) Soaring in Defi, While Sui and RebelSatoshi Navigate Market Turbulence
- May 18, 2024 at 09:39 pm
- Fantom (FTM): Climbing the Defi Ladder in Q2024 Amidst the market's recent turbulence, Fantom (FTM) has emerged as a beacon of hope for Defi enthusias
-
- BNB, Kaspa Show Positive Market Signals; BlockDAG Soars as Promising Crypto Investment
- May 18, 2024 at 09:31 pm
- Positive Market Signs Emerge for BNB and Kaspa; BlockDAG Celebrated as a Promising Crypto Investment After a protracted period of market decline, Bina
-
- Crypto Analyst Predicts Soaring RNDR, Cautions BTC, ETH, and Stays Bullish on SOL
- May 18, 2024 at 07:45 pm
- Renowned Crypto Analyst Predicts Substantial Gains for Render (RNDR), Cautions on Bitcoin (BTC), Ethereum (ETH), and Remains Bullish on Solana (SOL) A
-
- Blockchain Gaming Shatters Records in April, Reigniting Digital Asset Enthusiasm
- May 18, 2024 at 07:44 pm
- Blockchain Gaming Surges to Record-Breaking Heights in April, Signaling a Resurgence in Digital Asset Enthusiasm In a resounding testament to the burg
-
- Retik Finance Emerges as a Potential Dogecoin Rival, Poised to Shake Crypto Market
- May 18, 2024 at 07:43 pm
- Retik Finance Emerges as a Prominent Contender in the Cryptocurrency Market, Poised to Challenge Dogecoin's Dominance Introduction The cryptocurrency
-
- US Government's Swelling Bitcoin Cache: Implications for Market and Decentralization
- May 18, 2024 at 07:42 pm
- The United States Government's Growing Bitcoin Holdings: Implications for Market Dynamics Executive Summary: The United States government has signific
-
- UXLINK: Game-Changer for Web3 Social Networking
- May 18, 2024 at 07:40 pm
- UXLINK: A Paradigm Shift in Web3 Social Networking In the ever-evolving landscape of Web3, where decentralization and user-centricity intertwine, UXLI
-
- Bitcoin Market Shows Cautious Optimism Amidst Market Volatility
- May 18, 2024 at 07:38 pm
- Bitcoin Market Overview: Cautious Optimism Amidst Market Uncertainty As of today, with the total crypto market capitalization at an impressive $2.44 t
-
- Solana Soars Towards $200 as Investors Anticipate "Frankendancer" Upgrade
- May 18, 2024 at 07:38 pm
- Solana Surges Towards $200 as Investors Pin Hopes on "Frankendancer" Upgrade The cryptocurrency market is witnessing a resurgence of investor interest