Crypto asset management giant Franklin Templeton is showing strong optimism towards Base, while Friend.tech is experiencing a significant surge in performance.
The growth of meme coins and Social Finance (SocialFi) applications is fueling the expansion of the Ethereum L2 network.
With a massive $1.46 trillion in assets under management, Franklin Templeton is particularly bullish on the Ethereum Layer 2 platform known as Base. Launched in February 2023, Base has witnessed a notable increase in its total value locked (TVL) in recent months. Built using the Optimism (OP) stack and incubated by Coinbase, Base is attracting attention for its performance.
In their latest industry update, Franklin Templeton’s digital assets unit highlighted the emergence of the “Base Season,” pointing to the platform’s growing activity levels amidst the rise of meme coins and SocialFi platforms.
Friend.tech, a SocialFi platform on Base, has also seen substantial growth. This application allows creators to monetize their content, making it a popular choice in the SocialFi space. Analysts at Franklin Templeton believe that Base is well-positioned to capture a significant portion of the SocialFi market through platforms like Friend.tech.
An analysis conducted by Franklin Templeton revealed that Base currently accounts for approximately 46% of all SocialFi-related transactions. With strong support from the Coinbase Platform and integration with Coinbase users, Base is poised to secure a substantial share of the SocialFi activity and maintain its leadership position in the Ethereum L2 sector.
Following this news, Friend.tech witnessed a notable increase, with its token FRIEND reaching highs of $2.53 on Friday. Although the token’s value is down by 27% from its all-time high of $3.26 on May 3, 2024, the recent gains have pushed it up from the low of $1.80 observed on May 9.
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