Coinbase’s Layer 2 network – Base – has witnessed a resurgence of user activity. Franklin Templeton’s latest analysis revealed that Base has received significant traction from SocialFi applications such as Friend.Tech.
Additionally, Base has experienced a notable surge in the supply of USDC on its network, surpassing $2.5 billion. This increase coincided with Coinbase’s announcement in December 2023 of free USDC transfers on Base via the Coinbase Wallet, indicating a strategic move to boost Base’s ecosystem and facilitate seamless transactions for users., “Base has hit a home run in the world of SocialFi,” with several of the top crypto-based social applications building on the Layer 2 network.
Currently, FRIEND is traded with a market cap of $200 million and is fully owned by Friend.Tech’s users. The backing of the largest publicly traded US cryptocurrency exchange has been crucial for Base, which, according to Franklin Templeton, has managed to create a powerful combination of SocialFi applications and direct integration with Coinbase users.