📰 Table Of Contents
Base: A Leader in Social Finance with Friend.tech
Franklin Templeton, a prominent asset manager, has identified Base, an Ethereum Layer 2 network incubated by Coinbase, as a frontrunner in the realm of Social Finance (SocialFi). Base’s prime application, Friend.tech, has garnered attention for its innovative approach and strategic partnerships.
Base Dominance in SocialFi
- Base processes 46% of transactions in the SocialFi sector.
- Friend.Tech stands out as a revolutionary application within the Base ecosystem.
Friend.Tech’s Milestones
Friend.Tech has recently achieved significant milestones, including the launch of its second version and the FRIEND token airdrop. These milestones highlight Base’s pivotal role in driving SocialFi innovations.
Base’s Technological Advancements
Base utilizes “optimistic rollups” technology to accelerate transactions and reduce costs. This approach maintains Ethereum’s security standards while enhancing transaction throughput and efficiency.
Base’s Growth and Position in the Market
- Base’s total value locked has increased by over 630% year-to-date, reaching $5.45 billion.
- Base is the third-largest Ethereum layer 2 network, following Arbitrum One and OP Mainnet.
Base’s Affiliation with Coinbase
Base’s success is partly attributed to its close relationship with Coinbase, the network’s sole sequencer. Plans for decentralization are underway to ensure long-term sustainability and resilience.
Degen Chain: A Layer-3 Blockchain on Base
Degen Chain, a layer-3 blockchain built on the Base network, has gained rapid traction with nearly $100 million in transaction volumes within 24 hours of its launch.
Degen Chain’s Unique Features
- DEGEN token serves as the native gas token for fee payments.
- Tokens like Degen Swap (DSWAP) and Degen Easter Eggs (DEE) have emerged, driving speculative trading.
Debates on Layer-3 Networks
The growth of Degen Chain has sparked discussions within the crypto community about the role and impact of layer-3 networks. While some question their necessity, others see them as complementary to existing layer-2 solutions.
Ian is a cryptocurrency enthusiast blending humor with professionalism. With an engineering background and a storyteller's heart, he simplifies the blockchain world with sharp analysis and a touch of wit. At Cryptowire, he brings his unique perspective to make digital financial innovation accessible to all.
