In just a few months, Base has quickly risen from a relatively obscure Layer 2 project to become the leader of the Ethereum-compatible ecosystem, with a TVL (Total Value Locked) exceeding $3.85 billion, surpassing Arbitrum and Optimism to become the most competitive new heavyweight in the Layer 2 market. Backed by the strong endorsement of Coinbase and the support of North American capital, the Base ecosystem experienced explosive growth in 2024, with capital inflows exceeding Solana in November, making it one of the hottest wealth tracks in the blockchain field. However, despite Base's remarkable achievements in capital inflows and ecosystem growth, its on-chain transaction volume has not yet surpassed Solana, indicating that while experiencing rapid expansion, Base still faces the dual challenges of sustained growth and market competition.
Taking market capitalization as an example, the market value of Clanker's CLANKER token has reached $70 million, reflecting the huge appeal of the Base ecosystem and the current craze. Unlike the traditional VC coin gameplay, the rise of Meme tokens has driven on-chain data and user transaction behavior in reverse to exchange listings, forming a new ecological model. Users accumulate chips on-chain and then use exchange liquidity to complete their exit, pushing CEXs (centralized exchanges) to the corners of the market, which the author believes is a powerful hint of the true bull market beginning, similar to the on-chain liquidity scene of the DeFi Summer explosion in 2020. This innovative mechanism showcases the vitality of the Base ecosystem, while also exposing the challenges it still faces in market competition.
*On-chain data comparison between Base and Solana on Artemis*
The relationship between public chains and ecosystem projects is like a couple dancing, inseparable and interdependent. As a public chain, whether Base can break through the $4 billion TVL threshold and become a market leader by empowering AI Agent and Meme culture remains an unresolved challenge. Meanwhile, it is also worth noting whether projects like Clanker and Virtual Protocol can find fertile ground in the Base ecosystem and rise with the market heat. Clanker and Virtual Protocol are representative projects in the current Base craze, with the former being a "machine for creating popular Memes" and the latter covering a development path from GameFi to AI infrastructure and consumer platforms, both of which have seized market opportunities and become the focus of attention. Through the rise of these projects, we see the appeal of the Base ecosystem and the current market craze, revealing the deep-rooted interests and tacit understanding between public chains and projects, though the winds and waves are endless, the commercial and market interests are still the driving force behind them.
### Clanker: The "Hit Meme" Maker in the Base Ecosystem
Clanker is like a crazy inventor from "Rick and Morty" who has become a reality in the laboratory of the Base public chain - it is an AI Agent full of crazy ideas, focused on using social media and smart contracts to turn ethereal creativity into real-world Meme tokens. Imagine, like Rick, just waving your hand and @clanker can directly deploy an ERC-20 token on Farcaster, complete with a liquidity pool and smart lock-up function - this is not only the magic of technology, but also a carnival of decentralized narratives. Clanker simplifies the operation process and realizes the minting of ERC-20 tokens, the initialization of Uniswap V3 pools, the injection and locking of liquidity through the Clanker.sol contract. Users only need to initiate a simple request on Farcaster to easily complete the deployment and distribution of tokens, and have already created several Meme tokens with a market value of over $10 million. It breaks down technical barriers and gives everyone the opportunity to become a creator of the Meme economy, while creating real benefits for the community through a 40% fee-sharing mechanism.
*Clanker technical implementation process diagram*
However, this carnival is not just for entertainment. Clanker is exploring how to integrate the concept of DeSci (Decentralized Science) into its system. For example, future tokens may no longer be just for fun or sentiment, but may carry functions such as research funding, experimental result sharing, or open-source tool support. Just as Rick solves cosmic problems with his casual inventions, Clanker's tokens may become experimental tools for the scientific community, providing scientists with new funding models, while reshaping the academic trust system with on-chain transparency. This combination of DeSci and Meme not only brings a fresh perspective, but also opens up an unexpected future for blockchain applications.
Clanker is such a crazy and creative laboratory, expanding the boundaries of Web3 in laughter and innovation. Who knows, the next industry it will rewrite the rules for may just be science?
*Performance of the three major tokens CLANKER, LUM, and ANON*
The issuance stories of the three major tokens CLANKER, LUM, and ANON, especially the combination of ANON and the anonymous posting tool anoncast, have even attracted the attention of Ethereum founder Vitalik. It is also worth noting the birth of AI Meme Luminous ($LUM), which originated from a flash of inspiration in the Farcaster community, where a user proposed the bold idea of creating a token that symbolizes the achievements of human-AI collaboration: the intertwined blue and gold light flows represent AI and human consciousness, forming an infinite loop, with a deep space background conveying a sense of technology and the future. Through the Clanker platform, this idea was quickly realized, with the entire process of token minting, Uniswap V3 pool initialization, liquidity injection and locking, and 40% transaction fee rebate mechanism design all automated. $LUM not only lowered the technical barrier through simplified operation, but also quickly attracted community attention through the narrative theme of "human-AI collaboration" and artistic visual design, becoming a cultural symbol within the Base ecosystem. Relying on the strong community propagation power, $LUM has already exceeded $30 million in market value from the initial inspiration.
On the one hand, as an innovative platform, Clanker has greatly reduced the technical threshold by simplifying user operation (such as directly generating tokens through @clanker) and AI-collaborative token issuance, allowing anyone to participate in the creation and dissemination of Meme tokens. On the other hand, onlookers cannot help but wonder whether the Clanker model can be sustained? As a "crypto-ized" project, its current model focuses on hype and propagation, lacking actual "use" scenarios. Here, the author would like to cite the thoughts of a cultural anthropologist scholar: in reality, a culture is neither a pure physical process nor a purely idealistic construction. It is the life of a living organism rooted in the soil, including not only the simple instinctive life of shepherds, fishermen and farmers, but also the highest achievements of artists and philosophers; just as individuals closely combine the nutritional and reproductive life of animals with higher rational and intellectual activities. As the world shifts from reality to virtuality, Clanker may not only be a technical tool, but more of an innovative and cultural propagation engine in the Base ecosystem, gradually driving the release of community interaction and creativity.
### Virtual Protocol: A Crypto Startup Success Story
Although also part of the Base ecosystem, Virtual has chosen a completely different path: with product-driven as the core, emphasizing the connection between AI and Web2 users, and gradually building a high-frequency "use" tool system. Former Google CEO Eric Schmidt and a16z co-founder Marc Andreessen have pointed out the unique advantages of the Virtual team in rapid trial and error. From PathDAO to Virtual Protocol, the team has crossed GameFi, AI infrastructure, and consumer DApps in three years, completing the miracle of market capitalization growth from $10 million to $1 billion.
*PathDAO's early GitHub and the Twitter of the ecosystem lead*
Virtual includes a diverse product line, including modules such as Alpp Store of MyShell, although the market capitalization and call volume of individual products are not as high as Clanker's crypto Meme, but it has opened up space in the Web2 tool scenario. $VIRTUAL is the native token of the Virtuals Protocol platform, designed specifically for the AI agent ecosystem. Users need to use $VIRTUAL to purchase AGENT tokens (such as $LUNA), and cannot exchange them for other tokens, making $VIRTUAL the only channel to enter this ecosystem, purchase and invest in AI agents. The VIRTUAL token plays a key role in the entire system, driving economic activity within the platform and ensuring decentralization and fair distribution. Most of the agents on the platform are intellectual property agents representing specific personalities or roles, such as virtual lifeforms, frogs, stickers, Donald Trump, Taylor Swift, etc., and the developers are also creating functional agents to enhance the user's interaction experience with AI virtual lifeforms and ensure they can be seamlessly integrated into the virtual world. These agents not only generate real income, but also achieve long-term growth and shared ownership through tokenization mechanisms, and participants can share the potential returns of the agents by holding $VIRTUAL tokens and purchasing $LUNA tokens.
However, Virtual has been questioned by Degen for its "usability" - whether tool-type products are "putting the cart before the horse"? As a crypto ecosystem project, its core is "using" rather than "speculating", but does this mean it has lost its propagation value?
Clanker: The "Rebel" of Liangshan
Clanker is more like Song Jiang when he was forced to rebel at Liangshan, relying on his own organizational power and propagation effect to allow a group of heroes to occupy a place in the chaotic world. Clanker, through the creation of hot spot Meme tokens, has attracted the attention of a large number of crypto users, creating an atmosphere of market frenzy, just like the "acting on behalf of Heaven" slogan of Liangshan, spreading the ideology of the rebellion to the world.
However, the problem is that the banner of Liangshan was ultimately just a slogan, lacking long-term support. Although the market capitalization of many tokens issued by Clanker is high, they remain at the conceptual level without solid use cases. This model is more like Liangshan's desperate attempt to survive in the chaos, constantly expanding its influence through "speculation", but it is not necessarily able to sustain it in the long run.
Virtual: The "Pacification" of Liangshan
In comparison, Virtual's path is more like the pacification faction in Liangshan. Their core demand is not rebellion, but to ensure that their brothers can eat and drink, pursuing stability and order. Virtual focuses on polishing product functions, empowering users through AI tools, and building a bridge between Web2 and Web3, more like the "orthodox status" that Liangshan tried to maintain after accepting the court's pacification.
Virtual emphasizes "using" rather than "speculating". Although its tool-type products are frequently used, they lack the propagation effect of cryptocurrencies, just like Liangshan after pacification, which solved the short-term livelihood problem but lost the original spirit of rebellion. This model may be more stable in the short term, but whether it can sustain the ideological value of cryptocurrencies remains to be seen.
Rebellion of Ideology vs. Compromise of Livelihood
The core conflict of the Liangshan rebellion lies in the balance between the ideological spirit of rebellion and the reality of survival. Song Jiang's "acting on behalf of Heaven" represents the spirit of rebellion, while the eventual pacification is a choice to find a realistic destination for his brothers. This transformation demonstrates the conflict between ideals and reality - the ideal is rebellion, and the reality is compromise.
Similarly, the divergence between Clanker and Virtual reflects another contradiction in the crypto ecosystem: the opposition between "speculation" and "using", which actually reflects a deeper problem of cryptocurrencies. As BTC and ETH are gradually accepted by the mainstream and enter the era of foreign exchange reserves and compliance, do we need more product innovation or stronger ideological propagation? As Song Jiang sighed when overlooking the camp on the mountain: "Since we are outlaws, how can we not submit to the court? If we rebel, it is only for the sake of a stable life, how can we be rebels forever?" This sentence accurately expresses the journey from rebellion to realistic compromise, and also provides a mirror for us to think about the future of cryptocurrencies.