- Asset management giant Franklin Templeton has commented on Coinbase’s Base network, which currently hosts 46% of all SocialFi transactions.
- The report, released on May 9, celebrates the Base network’s success in the Ethereum layer-2 (L2) sphere, outshining competitors like Binance Smart Chain and Polygon (MATIC).
- Driven by the meme coin frenzy, the Base network has quickly assumed a leadership position among L2 networks, with USDC supply on Base surpassing $2.5 billion.
Franklin Templeton, managing $1.3 trillion in assets, praises Coinbase’s Base network for its dominance in the Ethereum layer-2 sphere, hosting 46% of all SocialFi transactions.
Franklin Templeton Acknowledges Base Network’s Success
In a report released on May 9, Franklin Templeton acknowledged the success of the Base network, a creation of cryptocurrency exchange Coinbase. The report highlighted that the Base network currently hosts 46% of all SocialFi transactions, a significant achievement in the Ethereum layer-2 (L2) space. This growth has managed to overshadow other networks like Binance Smart Chain and Polygon (MATIC).
Base Network’s Rapid Leadership in L2 Networks
The report emphasized the Base network’s swift rise to leadership among L2 networks, largely driven by the meme coin frenzy. According to the data, the USDC supply on the Base network has significantly increased, surpassing $2.5 billion. The report also noted that the direct integration of Base-based applications and Coinbase users has attracted a lot of money to this side, suggesting that this trend could continue in the coming days.
Conclusion
Franklin Templeton’s recognition of the Base network’s success in the Ethereum L2 space is a significant endorsement. The rapid growth and leadership of the Base network, driven by the meme coin frenzy and the increase in USDC supply, indicate a promising future for this network. As the integration of Base-based applications and Coinbase users continues to attract more funds, the Base network is poised to maintain its dominance in the L2 space.
