Franklin Templeton, a renowned investment firm managing assets worth $1.46 trillion, recently released a statement titled “Base Season” to shed light on the growing significance of the Base network. This statement comes at a time when there has been a surge in activity on the cost-effective Ethereum Layer-2 (L2) solution.
Franklin Templeton believes that Base, a platform designed to enhance Coinbase’s on-chain user base by expediting transactions, is poised for success. Meanwhile, the L2 solution continues to add substantial value to the Coinbase platform.
Recent reports indicate that the Base network has played a pivotal role in the success of Coinbase. According to data from DefiLlama, Base’s Total Value Locked (TVL) witnessed a $166 million increase from May 1 ($1.379 billion) to May 9 ($1.545 billion).
This surge in TVL suggests that more assets are being incorporated into the Base chain and locked into the DeFi protocol. Additionally, there has been a noticeable rise in user numbers and a growing confidence in the platform.
The growing popularity of Base can be attributed to various Base meme coins like Brett (BRETT), Degen (Base) DEGEN, and Toshi (TOSHI). The Base L2 scaling solution enables users to easily and swiftly create meme tokens while providing access to a wide range of buyers through the Coinbase platform.
Furthermore, Base’s popularity is also reflected in its trading activities. Coinbase currently boasts over 100 million verified users, making it the largest publicly traded US-based cryptocurrency exchange. This gives Coinbase an advantage to tap into a new pool of users who have not yet ventured into DeFi.
Another factor contributing to Base’s popularity is its association with significant applications like Friend.tech in SocialFi. Friend.tech, the largest SocialFi on Base, facilitates access for content creators through tokenization methods.
Please note that the information provided in this article is not intended as investment advice. Investors should be aware of the high volatility and associated risks of cryptocurrencies and should conduct their own research.
