Base Sees Increasing Adoption: Does It Hint at a Base Season?

• The Ethereum Layer 2 network, Base, has seen a vast growth in adoption and activity.
• Franklin Templeton hints at the emergence of a Base Season, reflecting on the platform’s growth.
• The rise of SocialFi applications and the growth of Base memecoins have significantly contributed to the popularity of Base.

Base, a relatively new Ethereum Layer 2 network launched by Coinbase, has seen increasing adoption driven by the rise of SocialFi (Social Finance) applications and the growth of Base memecoins. Asset manager Franklin Templeton, in a recent X post, acknowledged the growing demand for Base as the emergence of a “Base Season.”

It's Base Season pic.twitter.com/kAhcwkpreE

— Franklin Templeton Digital Assets (@FTI_DA) May 9, 2024

According to a recent report released by IntoTheBlock, the L2 networks of Ethereum stand out with unique user engagement and transaction management. Among the Ethereum L2s, Base has gained traction, boasting 1.48 million transactions per day.

The blockchain’s ability to maintain large-scale operations is one of the major reasons for the users’ preference for Base over other L2 networks. In addition, the supply of USDC on Ba…

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