The ‘material share’ collection of the social movement: Franklin Templeton

Trillion dollar asset manager Franklin Templeton points out that “Base Season” has arrived with the rise of social finance (SocialFi) applications, Base leads other Ethereum layer 2 verticals.

“[It is] “Positioning itself well to capture a material share of the social fi activity and continue to be a leader in the Ethereum L2 sector,” Franklin Templeton said in a May report.

About 46% of transactions connected to SocialFi are on Base, which has taken market share away from BNB Chain and Polygon in recent months, according to one of the charts presented by Franklin Templeton.

According to Franklin Templeton, support from Coinbase has played a key role in SocialFi taking almost half of the market share to date.

Friend.tech is probably the most popular social media app built on Base, which allows creators to connect and monetize their content through “key” shares or “special attention.”

According to Franklin Templeton, “Bath has created a niche in the social media world,” which remains “the key to visibility” for Bath's adoption and growth.

Theta Network, Decentralized Social, Fantasy.top, and Steem are among other popular blockchains and protocols.

Franklin Templeton cites the recent memecoin mania as another key contributor to the increase in base network activity.

Related: Coinbase Sees Endless Interoperability with Ethereum and USDC

Base, the third largest Ethereum layer 2 network by total value, is now locked in at $5.4 billion, followed by Arbitrum One and OP Mainnet at $15.9 billion and $6.90 billion, according to L2BEAT.

However, the base took six months to clear the $1 billion milestone, rising from $1 billion to $5.4 billion in less than three months.

Meanwhile, Arbitrum One and OP Mainnet have seen their TVL levels drop over the past two months.

Coinbase officially launched last August. The cryptocurrency exchange is the sole follower of Base, meaning the chain is fully controlled by the exchange, according to L2BEAT data.

However, Coinbase intends to decentralize Base over time.

It is built using Optimism's OP stack and is focused on providing a secure, cost-effective and easy-to-build environment for Ethereum virtual machine-compatible applications.

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