Franklin Templeton, a global investment firm with assets totaling $1.46 trillion, recently emphasized the significant role of the Base network in a statement titled “Base Season.” This comes during a period of heightened activity for the economical Ethereum Layer-2 (L2) solution. Base, designed to expand Coinbase’s on-chain user base, accelerates transactions and adds substantial value to the Coinbase platform itself.
Growth of Base Network
The Base network, integral to Coinbase’s success, has shown remarkable growth in its Total Value Locked (TVL). From May 1 to May 9, the TVL surged by $166 million, reaching a new high of $1.545 billion, as per DefiLlama’s reports. This uptick suggests a growing trust in the platform, with an increasing number of assets being locked into the Base chain and its associated DeFi protocols. Access NEWSLINKER to get the latest technology news.
Cultural and Market Impact
Base’s rising popularity is further evidenced by the emergence of various meme coins on its platform, such as Brett (BRETT), Degen (Base) DEGEN, and Toshi (TOSHI). These tokens benefit from the quick and user-friendly token creation processes provided by Base’s L2 solutions, coupled with access to a broad audience via the Coinbase platform. Moreover, significant trading activities underscore Base’s increasing market presence, with Coinbase hosting over 100 million verified users.
User-Usable Insights
- Increased TVL indicates robust growth and enhanced security for investors’ assets.
- The emergence of meme coins can attract a diverse demographic, potentially increasing user engagement and investment opportunities.
- The expansion into new markets, such as SocialFi, shows Base’s adaptability and potential for long-term prevalence.
The growing trend of integrating social media with finance is highlighted by platforms such as Friend.tech, the largest SocialFi application on Base. It exemplifies how Base supports content creators through innovative tokenization strategies, enhancing the platform’s appeal. The symbiotic relationship between Base and Coinbase not only leverages existing products but also taps into new demographic pools, reinforcing its position in the competitive DeFi landscape.