Friend.Tech and Base: Collaboration for the Future of Social Finance
The cryptocurrency market is experiencing a new trend: Social Finance (SocialFi). In this field, applications that aim to go beyond the limits of traditional social media platforms are being developed using blockchain technology. At the forefront of this trend is Base, the Ethereum Layer 2 network supported by Coinbase. Asset management company and Bitcoin exchange-traded fund issuer Franklin Templeton says Base has "made a hit" in the SocialFi space with the success of apps like Friend.Tech.
So what makes Base so successful? Let’s look at the numbers first. Base accounts for about 46% of all SocialFi transactions, according to a report published Thursday by Franklin Templeton. This significantly reduces the market share of Polygon and BNB Chain, which were previously dominant in this space.
Behind this success lies Base’s strong collaboration with innovative applications such as Friend.Tech. Friend.Tech offers a networking service based on an invited user system, which was launched last August. Using social tokens called “keys,” users gain access to private chats and exclusive content from creators. This innovative approach quickly brought Friend.Tech to the forefront and increased the popularity of the Base network.
According to DeFiLlama data, Friend.Tech currently has a total locked value of approximately $14 million. Its own token, FRIEND, is currently trading at $2.23, with a 15% increase in value in the last 24 hours, reaching a market value of $208 million. This data shows that Friend.Tech is gaining traction among both users and investors.
Franklin Templeton emphasizes that Base’s success is not just about collaborating with Friend.Tech. Base is also in an advantageous position with its direct integration with Coinbase. In this way, Base, which can provide direct access to Coinbase’s wide user network, has the potential to capture a “significant user base” in the SocialFi field.
Base’s success is not limited to market share gains. According to data from The Block, Base currently leads Layer 2 networks in terms of both revenue and number of transactions. While Base accounted for more than 60% ($355,000) of total Layer 2 revenue on Thursday, it surpassed competitors such as Optimism and Arbitrum in terms of transaction volume. This shows that Base has become an attractive platform for both users and developers.
All in all, the Base network powered by Coinbase seems to usher in a new era in the SocialFi space. Collaboration with innovative applications, direct Coinbase integration and high transaction volume stand out as factors that reinforce Base’s leadership in this field. In the coming period, other Layer 2 networks are expected to move into the SocialFi space and compete with Base. This competition can create more innovation and opportunities for users and investors.
