Franklin Templeton Announces New Season for Altcoins: Spotlight on Key Cryptocurrencies and Their Symbols

  • Ethereum Layer 2 network, Base, initiated by Coinbase, has seen a surge in adoption due to the rise of SocialFi (Social Finance) applications and the growth of meme coins on the network.
  • Asset manager Franklin Templeton shared the increasing demand for the network, hinting at the possibility of a new season emerging.
  • According to IntoTheBlock, Ethereum layer-2 networks are gaining strength with unique user participation and transaction management, with Base standing out with 1.48 million transactions per day.

Base, Ethereum’s Layer 2 network, is experiencing a surge in adoption, driven by the rise of SocialFi applications and meme coins. This article explores the factors contributing to this trend and what it could mean for the future of crypto.

Base’s Rising Popularity

Base, launched by Coinbase, is gaining attention due to the rise of SocialFi applications and the growth of meme coins on the network. Asset manager Franklin Templeton has noted the increasing demand for the network, suggesting that a new season could be on the horizon.

Ethereum Layer-2 Networks Gain Strength

According to IntoTheBlock, Ethereum layer-2 networks are gaining momentum with unique user participation and transaction management. Among these networks, Base stands out, recording 1.48 million transactions per day. The blockchain’s ability to maintain large-scale transactions is a key reason users prefer Base over other layer-2 networks. For instance, the supply of USDC on the network has surpassed $2.5 billion, indicating strong growth.

Role of SocialFi Applications

Reports from sources like Franklin Templeton suggest that the rise of SocialFi applications like Friend.Tech is a key driver of demand for Base. Over 46% of transactions on the network are linked to SocialFi. Friend.Tech, one of the most popular SocialFi applications built on Base, allows users to earn money from their content through “key shares” or “tokenized attention”. The report suggests that Friend.Tech’s contribution to Base’s growth is significant. The platform has helped Coinbase’s L2 network capture about half of the SocialFi market share.

Conclusion

The rise of Base, Ethereum’s Layer 2 network, is a testament to the growing influence of SocialFi applications and meme coins in the crypto space. As these trends continue, we can expect to see further growth and innovation in this sector.

Don't forget to enable notifications for our Twitter account and Telegram channel to stay informed about the latest cryptocurrency news.
spot_imgspot_imgspot_imgspot_img

Latest News

Algorand (ALGO) Asserts Dominance in Everyday Blockchain Use: A Game-Changer for Crypto Adoption

<ul> <li>Algorand, the layer-1 blockchain network, has launched...

Upcoming IPOs: Key Companies Set to Launch Initial Public Offerings Next Week

<ul> <li>This week, the stock market...

Binance (BNB) Executive Hospitalized Amid $35M Money Laundering Case Delay in Nigeria

Binance executive Tigran Gambaryan has been hospitalized in Abuja,...
spot_imgspot_imgspot_imgspot_img

PRO Analysis

Daily Crypto Market Review: BTC, ETH, ONDO, LDO, LINK Price Trends and Analysis

Cryptocurrency markets have shown significant volatility today,...

Bank Nifty (NIFTYBANK) Share Price Live Updates: Real-Time Analysis and Trends for May 24, 2024

<ul> <li>The Bank Nifty index has shown significant...
Sheila Belson
Sheila Belsonhttps://en.coinotag.com
Sheila Belson is a 20-year-old financial content editor who ventured into the realm of cryptocurrencies in 2023. Enthralled by the innovative world of non-fungible tokens (NFTs), she harbours a profound affection for Ethereum. With a sharp eye for detail, Sheila skillfully navigates the dynamic crypto landscape, continuously seeking to enrich her understanding and share her passion through engaging and insightful content.
spot_imgspot_imgspot_imgspot_img

Algorand (ALGO) Asserts Dominance in Everyday Blockchain Use: A Game-Changer for Crypto Adoption

<ul> <li>Algorand, the layer-1 blockchain network, has launched a bold and unapologetic advertising campaign taking direct aim at industry heavyweights like Bitcoin, Ethereum,...

Maximize Gains with MoonBag ($MBAG) Presale: Explore Lucrative Opportunities on Arbitrum & Avalanche

The cryptocurrency market is abuzz with the latest presale of MoonBag, a promising new token. Investors are also keenly watching developments...

London Stock Exchange Slashes ETF Team by 50% Ahead of Major Crypto Launch Featuring Bitcoin (BTC)

<ul> <li>The London Stock Exchange Group Plc (LSE) faces significant changes as it prepares to list its first cryptocurrency-related products.</li> ...