As of the time of writing, Bitcoin 
$98,500 has fallen to $70,800, prompting rapid sell-offs in the U.S. market. Altcoins, which have struggled to recover, have once again turned red. If closures remain below $71,500, the risk appetite among traders could significantly decline, accelerating the downtrend. However, there is good news for cryptocurrencies.
Franklin and Base
Franklin Templeton, a trillion-dollar asset manager, has broadened its tokenized bond offerings to a layer 2 network. The Wall Street giant has made the RWA asset FOBXX accessible on Coinbase’s layer 2 network, Base. The Base token operates on the sixth blockchain and is currently available on Arbitrum, Polygon, Avalanche, Aptos, and Stellar networks.
Anthony Bassili, head of tokenization at Coinbase, stated, “This is the first major asset manager to launch directly on Base, signaling clearly what investors and issuers can expect.” The fund launched on the Ethereum 
$3,474 network has reached a size of $410 million to date, with market value increasing due to rising demand. Franklin competes in this area with BlackRock’s BUILD fund, which is expected to achieve massive market valuations and contribute to the Ethereum network over the years.
Base Network
Launched by Coinbase in 2022, the Base network was a step to diversify the exchange’s revenue. Competitors like Kraken are now following suit. The success of the Base network is becoming more prominent as its Total Value Locked (TVL) surpasses that of other networks. According to L2Beat data, it is only behind Arbitrum, with total locked value exceeding $8 billion.
The number of active users on the Base network is increasing daily, with transactions growing by 55% in the last quarter compared to the second quarter of 2024. It is evident how far crypto has come in terms of institutional adoption, with giants like Franklin distributing their tokenized funds across various networks.
However, it is important to recognize that such positive news holds little significance for short-term market performance. At the time of writing, BTC is making new lows, dropping to $70,624, leading to a challenging evening for altcoins.
