Author: Grapefruit, ChainCatcher
Editor: Marco, ChainCatcher
In the last two days of March, the MEME currency mfercoin on the Base chain experienced an increase of more than 100 times within 6 hours of its launch, causing a stir in the crypto community.
mfercoin is a meme token issued by Sartoshi, the founder of the well-known NFT project Mfers. The opening price was around US$0.0015. It once rose to a maximum of US$0.31, with a cumulative increase of more than 200 times. It has now fallen back to US$0.18.
Then, Doodles founder Poopie issued the meme currency POOP, and its market value exceeded US$50 million at the opening. Catching up with Base’s meme hype became the top priority for users in the crypto community.
In fact, since the Ethereum Cancun upgrade, the data on the Base chain has entered a state of explosive growth. In the second week after Cancun went online (March 25), Dune data showed that Base added approximately 850,000 new users last week, and the number of new users hit a record high.
TVL has grown by more than 1.5 billion US dollars in 10 days. According to L2Beat data, the value of crypto assets locked on the Base chain has exceeded 3 billion US dollars (currently 3.2 billion US dollars) on April 1. It has increased by 65.4% in the past 7 days. TVL has increased by 65.4% in the past 7 days. The Layer2 sector jumped to third place. The first and second places were Arbitrum (TVL of US$17.13 billion) and OP Mainnet (TVL of US$8.52 billion).
In addition to the growth of TVL on the chain, the price of tokens in the ecosystem has also increased. Among them, the price of MEME coin DEGEN in the social application Farcaster platform has been rising from around US$0.0014 on March 13, and has continuously hit record highs. The highest quotation on April 1st exceeded US$0.06, and the increase exceeded 40 times in the past half month; DEX platform The price of Aerodrome’s token AERO has increased by more than 100% in the past seven days, and is currently quoted at $1.4.
The skyrocketing prices of TVL and meme tokens in the ecosystem have made Base ecology the hottest topic in the current encryption market. A large number of KOLs at home and abroad have begun to focus on the Base chain and its ecological applications.
According to past experience in the development of public chain ecology, once a public chain takes off, the on-chain ecology will explode, such as native DEX, lending, native Meme, NFT, Social, etc., and new opportunities will emerge. So, what are the opportunities to participate in the Base ecosystem? Why has Base ecology become so popular recently?
Why does Base chain data skyrocket?
There may be two major driving forces behind the recent substantial growth in Base chain data. First, the EIP-4844 solution reduces the Gas fee of the Base chain, boosting its chain transaction demand and ecological development; second, Coinbase's continued empowerment of the Base chain.
Since the EIP-4844 solution was adopted on March 16, the Gas fee on the Base chain has dropped from around US$0.58 to US$0.07 in a short period of time, and the cost of data submission to L1 DA has also dropped from hundreds of thousands of US dollars per day. For thousands or hundreds of dollars, it attracted a large number of users. The number of active user addresses increased to 850,000 on that day, and the number of completed transactions exceeded 2.06 million, setting a historical record.
However, the number of active users on the Base chain soon pushed up the gas surge, even exceeding the cost before the Cancun upgrade. On March 26, the gas fee for each transaction on the chain was as high as $9.9.
In this regard, Base core contributor @jessepollak tweeted that although EIP-4844 reduced Base fees, it released more than 5 times the transaction demand than before, causing the gas fees on the chain to skyrocket. The team is already working to reduce network fees. Gas fee and effort.
Roberto Bayardo, a member of the Base team, said that it will start to increase the target throughput by 50% on March 27 and observe the impact. If all goes well, it will increase the throughput again next week to at least double today's target.
As of March 29, each GAS fee on the Base chain is about US$0.5, which is the same as before the Cancun upgrade.
Base, as the Layer 2 network launched by Coinbase, is backed by Coinbase's huge user base and strong asset accumulation. Naturally, it cannot avoid the support of related resources, allowing its Base chain to form a linkage with the Coinbase exchange and wallet ecology.
First of all, regarding the interoperability of resources between exchanges and chains, Base issued a document on February 29 stating that one of the key focuses in 2024 is smart wallets.
Coinbase's new smart wallet (AA wallet has been launched on the Base Sepolia test network. Ordinary users no longer need tedious operation steps such as seed phrase and extensions. They can directly use mobile phones or computer devices or Google accounts to generate accounts. New users can directly Using the Coinbase account balance to pay gas fees or purchase tokens on the chain, etc., lowers the user threshold and also lays the foundation for the Base chain to attract users and funds on a large scale.
In addition, Coinbase intends to transfer some exchange operations to the Base chain. On March 27, Max Branzburg, Coinbase’s vice president of consumer products, issued a statement stating that Coinbase will store more corporate and customer USDC balances on Base.
With the help of the EIP-4844 plan and Coinbase, the Base chain has also ushered in new opportunities, and both on-chain applications and MEME have entered a period of rapid growth.
According to DeFiLlama data, there were 240 applications on the Base chain on April 1, and the locked TVL exceeded US$1.1 billion, an increase of more than 149% in the past half month. The fees captured by the on-chain DEX platform Aerodrome exceeded US$2.61 million. Ranked in the top fifteen in the entire crypto market.
However, it should be noted that the Base ecosystem is still in its early stages and there are more risks. Users need to be cautious when choosing projects. For example, the Meme coin combination of OVER and BACK, which became popular on March 20, disappeared in less than a day. sound.
How much do you know about Base ecological applications?
1. Decentralized social protocol Farcaster and ecological applications
Farcaster is a decentralized social media protocol created by former Coinbase executive Dan Romero and others. It is also a Web3 social underlying infrastructure. Developers can build various new social applications based on this social network, and users can freely use these applications Move their social identities and their data between programs.
At the end of January this year, Farcaster launched a new feature, Frames, which can convert any content published by Farcaster into interactive applications, similar to the mini program function in WeChat, with which users can interact.
Based on the social application Warpcast independently developed by Farcaster's official team, the user interface and functions are similar to Twitter. Users can post, follow, comment and interact, build their own communities, etc. on the platform.
Users who want to participate in Farcaster can participate in the application built on it, download and use the Warpcast App. It costs 5 US dollars to register an account, which is about 35 yuan in Renmin currency.
Currently, there are products based on Farcaster such as decentralized video platform Darkula (similar to Titok) and social citation Jam.
Bloomberg reported on March 31 that social network Farcaster developer Merkle Manufactory is about to complete a round of financing led by Paradigm, with a valuation of approximately US$1 billion.
Currently, the Farcaster protocol has not yet issued coins.
2. DEGEN
DEGEN was originally an airdrop reward token for Farcaster DEGEN channel participants. It was initially just a MEME coin. Now it has a large number of developers, crypto content creators and enthusiasts who have purchased the coin, and it has become the leading token on the Base chain. It can be used for post rewards of Farcaster ecological applications, etc.
The total genesis supply of DEGEN tokens is 37 billion, with plans to eventually airdrop 70% of the total token supply. During the early launch period, 15% of the total supply was airdropped to active members of Farcaster’s DEGEN channel. Tokens The distribution rules are based on Farcaster users' likes, retweets, and followers to obtain corresponding Degen points and hold some community-related NFTs.
On February 21, DEGEN announced the completion of angel round financing of 490.5 ETH (valued at about US$1.47 million at the time). 1confirmation led the investment and Farcaster OG and others participated. The funds will be used to develop the DEGEN ecosystem and community.
DEGEN is now the most active channel on Farcaster, and DEGEN tokens have been integrated into Drakula, a social video application in the Base ecosystem, which supports the use of DEGEN tokens for rewards.
As of April 1, DEGEN tokens were quoted at $0.06, with a market cap of $1.92 billion.
3. DEX leader Aerodrome
Aerodrome is a Ve (3, 3) decentralized trading platform forked from the OP ecosystem's DEX Velodrome. It is the DEX with the largest trading volume in the Base ecosystem.
In early February, Aerodrome's native token AERO was launched on the Coinbase platform; and on February 27, it was announced that it had received investment from the Base Ecological Fund led by Coinbase Ventures. The specific amount was not disclosed. The investment method was to purchase Aerodrome's native token AERO tokens.
On April 1, AERO tokens were quoted at $1.4, and FDV’s market capitalization was $1.25 billion.
4. SocialFi social application Friend.tech
Friend.tech is a SocialFi application built on the Base chain. Its core concept is to turn users' influence on Twitter into a tradable token "KEY".
To put it simply, Twitter KOL can bind its account to Friend.tech and issue social token KEY. Users can obtain specific rights by purchasing KEY, such as entering specific channels to browse content.
When it was launched in August last year, Friend.tech was once the king product on the Base chain and became very popular.
On March 13, Friend.tech announced that its V2 version will be released one week after 420. Its v2 version will launch new features such as Money Club, new points plan, and custom curves.
5. Pre-sale MEME coin ROOST
ROOST is the new MEMECOIN of the BASE chain. The pre-sale started on March 22. Users deposited ETH in exchange for ROOST tokens. In less than 24 hours after it went online, the pre-sale raised US$12.5 million, becoming a new hype project in the crypto community. ROOST opened at US$0.07 on March 26, and has risen as high as US$0.135. It is now quoted at US$0.05, with a market value of US$47.7 million.
6. NFT and MEME project Base Gold
Base Gold is a MEME project on the Base chain. Its main products are Base Gold NFT and MEME token TYBG.
Among them, the Base Gods NFT avatar series is a comic avatar element based on the image of Coinbase founder Brian Armstrong. The series contains 809 NFTs to commemorate the launch of the Base mainnet on August 9. The current floor price is 1.23 ETH.
The total issuance of token TYBG is 12.3 billion, the current quotation is US$0.00045, and the circulating market value is US$55.39 million.
7. mfercoin , the meme currency issued by the founder of Mfers
mfercoin is a meme token issued by Sartoshi, the founder of the well-known NFT project Mfers, on the Base chain. The supply is fixed at 1 billion and there is no pre-sale. After going online, approximately 2% of the total tokens will be injected with liquidity. , mfers NFT holders and artists who have collaborated with mfers NFT can receive airdrop distribution
According to Dexscreener data, mfercoin has become extremely popular since its launch, and the token price has continued to rise. From the opening price to around US$0.0015, it rose as high as US$0.31, with a cumulative increase of more than 200 times. Now it has fallen back to US$0.18, with a market value of 186 million. Dollar.
8. POOP, the meme currency issued by the founder of Dooldes
The day after mfercoin caused a sensation in the crypto market, Dooldes founder poopie announced the issuance of meme currency POOP on the Base chain. The total amount of issuance was 1 billion, and the opening market value once exceeded 50 million US dollars.
However, POOP tokens have not been popular among users since the market opened. They have dropped from the highest price of $0.03 to today's $0.009. The price has gone out of the shape of a Christmas tree, and the market value has shrunk to $8.9 million, a five-point drop from its high point. Three.
