Franklin Templeton identifies Base as a dominant player in the SocialFi sector

The multi-trillion-dollar asset manager, Franklin Templeton, has designated Base as one of the key participants in the developing field of Social Finance (SocialFi) applications. 

Base leading charge in SocialFi 

As per the report from the investment firm, Franklin Templeton argues that SocialFi activity is likely to be headed by Base, a recently launched L2 Ethereum technology.  Base will have significant dominance with industry leaders to expand the Ethereum L2 frontier 

It's Base Season pic.twitter.com/kAhcwkpreE

— Franklin Templeton Digital Assets (@FTI_DA) May 9, 2024

The report shows that Base conducts 46% of the overall social-fi transactions on-chain, more than BNB Chain and Polygon. This has demonstrated significant volume growth in recent months, which means the Base is developing as a sector leader. 

Support from Coinbase pushes Base forward. 

 According to Franklin Templeton, whose estimates were based on the partnership with Coinbase, a major cryptocurrency exchange and investor education platform, Base has made great progress. Over time, the platform has established itself in the crypto social networking market by amassing a large portion of the SocialFi market share, accounting for about half of the category. 

It has been among the breakthrough platforms that attracted attention in the SocialFi area and is referred to as “Friends” by its users. This platform provides a link between the creators and their followers while still giving them the chance to make money through innovative approaches such as “key” shares or “tokenized attention” schemes. The emergence of these elements proves to be a medium that mentors a blockchain for SocialFi innovations.