Coinbase's Layer 2 network Base leads the industry, accounting for 46% of the SocialFi market's transaction volume

Franklin Templeton Company has announced that “Base Season” has arrived, marking Base’s leadership position among Ethereum Layer 2 solutions.

Recently, Coinbase’s Layer 2 network Base has experienced significant growth in user activity. Base is getting a lot of attention from SocialFi (social finance) apps like Friend.Tech, according to new analysis from Franklin Templeton.

Friend.Tech’s platform has attracted a large number of users by financializing social interactions, especially after the launch of the second version of the platform and the airdrop of the token FRIEND.

At the same time, the circulation of USDC on the Base network has also increased significantly, exceeding $2.5 billion. This is consistent with Coinbase’s policy of free USDC transfers through the Coinbase wallet on the Base network announced in December 2023, reflecting Coinbase’s strategic intention to strengthen the Base ecosystem and make user transactions smoother.

Remarkable achievements in SocialFi field

Franklin Templeton’s latest report notes that “Base has seen great success in the SocialFi space,” with many of the top crypto social apps being built on this Layer 2 network. Data shows that Base processes about 46% of SocialFi transactions, an area critical to the adoption and expansion of the network.

One prominent platform on Base is Friend.Tech, a mobile app that allows users to purchase “keys” or “shares” from influencers to gain access to chat rooms. Friend.Tech launched the second version of its platform on May 3 with an airdrop of its token FRIEND.

Currently, FRIEND has a market capitalization of $200 million and is held entirely by Friend.Tech users. The support of the largest publicly traded cryptocurrency exchange in the United States is critical for Base, which Franklin Templeton said has successfully combined a strong SocialFi app with direct integration with Coinbase users.

As a result, Base has managed to capture a large portion of SocialFi activity and is expected to maintain its leadership position in the Ethereum Layer 2 space.

Increase in user activity

As reported earlier this week, Base saw a significant increase in net ETH deposits, exceeding 6,500 ETH. In comparison, rivals Arbitrum and Optimism have received significantly smaller deposits, with Arbitrum receiving half the amount of deposits as Base and Optimism receiving only one-fifth of Base's.

This trend shows that investors are more inclined to deploy capital on Base, which may be attributed to its well-established infrastructure and reliability relative to competitors.

According to L2BEAT, Base currently has a total value locked (TVL) of $5.45 billion, making it the third-largest Ethereum Layer 2 network. It ranks behind Arbitrum One and OP Mainnet, which have locked-in values ​​of $16.14 billion and $6.99 billion respectively.

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