Franklin Templeton expects Base to remain a leader in the Ethereum Layer 2 sector, also driven by memecoin and stablecoin activity.
Asset manager and spot bitcoin exchange-traded fund issuer Franklin Templeton said the Coinbase-incubated Ethereum Layer 2 network Base has “hit a home run” in SocialFi, driven by activity on applications such as Friend.Tech.
Launched last August, Friend.Tech gained prominence with its unique, invite-only networking service that leverages social tokens called "keys" that give users access to exclusive chats and content from creators. The combination of Base-based applications and direct integration with Coinbase’s users means the network is well positioned to capture a “material share” of SocialFi activity and remain a leader in the Ethereum Layer 2 sector, Franklin Templeton added.Base currently dominates its rivals in terms of revenue and transactions, according to The Block’s data dashboard. Base generated more than 60% of total Layer 2 revenue on Thursday.
Though Franklin Templeton said SocialFi was the “key vertical” to watch in terms of adoption and growth for Base, the asset manager also attributed the rise in activity on the Layer 2 to memecoins and a significant increase in the supply of Circle’s USDC stablecoin on the network.
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