Franklin Templeton Praises Base Network in SocialFi, Cites Success with Friend.Tech
Franklin Templeton, a powerhouse asset manager overseeing trillions in assets, has spotlighted Base, an Ethereum Layer 2 network incubated by Coinbase, as a frontrunner in the realm of Social Finance (SocialFi) with its prime application, Friend.tech.
With its innovative approach and strategic partnerships, Base is poised to capture a significant share of SocialFi activity, marking a pivotal moment dubbed “Base Season” by Franklin Templeton.
According to a Franklin Templeton report, a substantial 46% of transactions within the SocialFi sector are now routed through Base, showcasing its dominance and growing influence in this layer 2 domain. Notably, Friend.Tech emerges as a standout application within the Base ecosystem, leveraging the platform to revolutionize social interactions and content monetization.
“[It is] positioning itself well to capture a material share of SocialFi activity and remain a leader in the Ethereum L2 sector going forward,” Franklin Templeton shared the report.
Friend.Tech’s recent milestone achievements, including the launch of its second version and the FRIEND token airdrop, show Base’s pivotal role in empowering SocialFi innovations. With a substantial market cap of $200 million, the FRIEND token exemplifies the robust community engagement and investor confidence fostered within Base’s ecosystem.
It's Base Season pic.twitter.com/kAhcwkpreE
— Franklin Templeton Digital Assets (@FTI_DA) May 9, 2024
One of Base’s distinguishing features is its utilization of “optimistic rollups,” a technology that accelerates transactions and reduces costs by batching them off the Ethereum mainnet. This approach enables Base to maintain Ethereum’s rigorous security standards while significantly enhancing transaction
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