|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cryptocurrency News Articles
Base Soars to Leadership in Burgeoning SocialFi Realm
May 10, 2024 at 07:55 am
Franklin Templeton's report highlights the emergence of "Base Season" in Social Finance (SocialFi) on the Ethereum layer 2 platform, Base. The platform has captured a significant 46% of SocialFi transactions, surpassing BNB Chain and Polygon. Coinbase's support has been instrumental in Base's dominance, particularly through the popular SocialFi app, Friend.tech. The report also notes the impact of the memecoin craze and Base's rapid growth in network activity, becoming the third-largest Ethereum layer 2 network by total value locked ($5.4 billion).
Base Emerges as a Leader in the Burgeoning Social Finance (SocialFi) Realm
Trillion-dollar asset management behemoth Franklin Templeton has heralded the advent of a new era in the blockchain landscape, christened as "Base Season." This transformative period is marked by the meteoric rise of Social Finance (SocialFi) applications, with Base spearheading the charge among Ethereum layer 2 (L2) protocols.
In its meticulously crafted May report, Franklin Templeton lauds Base's strategic positioning to capture a dominant share of the burgeoning SocialFi market while solidifying its leadership in the Ethereum L2 sector.
Base's Dominance in SocialFi
An incisive analysis of transaction volumes reveals that Base has captured a commanding 46% of SocialFi-related transactions. This remarkable achievement is a testament to Base's unwavering dominance, eclipsing the market share of formidable rivals such as BNB Chain and Polygon.
Coinbase's Indispensable Role
Franklin Templeton attributes Base's extraordinary success in the SocialFi arena to the unwavering support extended by Coinbase, the world's leading cryptocurrency exchange. Coinbase's endorsement has played a pivotal role in propelling Base to capture nearly half of the SocialFi market share, establishing it as an unassailable force.
Friend.tech: A SocialFi Pioneer
Friend.tech stands out as a trailblazing SocialFi application built on the robust foundation of Base. This transformative platform empowers creators with the ability to forge meaningful connections and monetize their invaluable content through "key" shares, effectively tokenizing their fan base's attention.
Base's Stellar Trajectory
Franklin Templeton extols Base's remarkable ascendancy in the SocialFi landscape, emphasizing its enduring significance as a "key vertical to watch" that will continue to fuel Base's adoption and long-term growth.
Other Notable SocialFi Players
Beyond Base's dominance, the SocialFi ecosystem boasts a vibrant array of other prominent blockchains and protocols, including Theta Network, Decentralized Social, Fantasy.top, and Steem. These innovative platforms are also making significant contributions to the burgeoning SocialFi revolution.
Base's Rise Beyond SocialFi
Franklin Templeton also highlights the recent memecoin craze as a significant factor contributing to Base's surge in overall network activity. This phenomenon has played a pivotal role in elevating Base to the third largest Ethereum L2 network by total value locked (TVL), with a staggering $5.4 billion under its control.
Base's Meteoric Ascent
Base's meteoric rise has been nothing short of astonishing. In less than three months, it has skyrocketed from a mere $1 billion to an impressive $5.4 billion TVL. This exponential growth stands in stark contrast to the more gradual trajectory of its competitors, Arbitrum One and OP Mainnet, whose TVL tallies have declined in recent months.
Coinbase's Commitment to Decentralization
Despite its current centralized nature, Coinbase has expressed its unwavering commitment to progressively decentralizing Base over time. This bold vision aligns with the fundamental principles of blockchain technology and will ultimately empower the community to play a more active role in the platform's governance and development.
Base's Competitive Advantages
Base's unwavering commitment to security, cost-efficiency, and builder-friendliness has cemented its position as a highly attractive choice for developers seeking to build Ethereum Virtual Machine-compatible applications. This trifecta of advantages has played a pivotal role in attracting a growing number of developers and users to the Base ecosystem.
Conclusion
As the SocialFi revolution continues to gain momentum, Base has emerged as a clear leader in this transformative space. Its strategic positioning, unparalleled dominance in the SocialFi vertical, and unwavering support from Coinbase have propelled it to the forefront of the Ethereum L2 landscape. With its unwavering commitment to innovation and decentralization, Base is poised to continue its meteoric rise, shaping the future of SocialFi and the broader blockchain ecosystem.
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
-
- Transparency Concerns Mount Over Notcoin's Donation to Telegram Founder
- May 18, 2024 at 04:43 pm
- Transparency Concerns Loom Over Notcoin's Donation to Telegram Founder The rapidly evolving world of cryptocurrency is facing renewed scrutiny over is
-
- Bank of America Upgrades Coinbase to 'Neutral,' Raises Price Target to $217
- May 18, 2024 at 04:42 pm
- Bank of America Upgrades Coinbase Amidst Crypto Boom New York, May 18, 2024 - Bank of America (BofA) has upgraded cryptocurrency exchange Coinbase Glo
-
- Bitcoin, Ethereum Surge, Hit Multi-Week Highs
- May 18, 2024 at 04:38 pm
- Bitcoin, Ethereum Tăng Mạnh, Đạt Mức Cao Mới Trong Nhiều Tuần Trong 24 giờ qua, tiền điện tử chủ chốt Bitcoin đã tiếp tục đà tăng, đạt mức giá cao nhấ
-
- Crypto Gaming Market Soars to $21.8 Billion, Ushering in Web3 Entertainment Era
- May 18, 2024 at 04:34 pm
- Crypto Gaming Market Skyrockets to $21.8 Billion, Signaling a New Era for Web3 Entertainment The crypto gaming industry, commonly known as GameFi, has
-
- Crypto Gaming Market Explodes to $21.8 Billion, Poised for Future Dominance
- May 18, 2024 at 04:34 pm
- Crypto Gaming Market Surges to New Heights, Reaching $21.8 Billion Market Cap The crypto gaming industry, commonly known as GameFi, has witnessed an e
-
- Toncoin Surges as Telegram-Linked Crypto Gains Traction
- May 18, 2024 at 04:34 pm
- Toncoin Surges: Telegram-Affiliated Cryptocurrency Gains Traction with Growing Adoption and Value In a recent surge of activity, Toncoin (TON), the na
-
- Bitcoin Soars to Monthly Peak, Ethereum Crushes $3,000 Barrier
- May 18, 2024 at 04:32 pm
- Bitcoin Surges to Monthly High, Ethereum Breaks Resistance at $3,000 The cryptocurrency market has witnessed a significant upturn in the past 24 hours