【Miscellaneous】Base is going up, BSC is going down Aerdrome price has gone through a round, Base has supported the peak 1B Mcap, 2B FDV 100 times coin by itself, showing its muscle, and the positive externalities it brought have further revitalized the Base ecosystem On the other hand, BSC has not made any sound even if the boots have landed in this round, where is the gap? This thread will use this as a starting point to discuss and comment on the gap between the two CEXs on the chain in this round (1/n)

The reason why Coinbase pulled Aero is very simple. As shown in the figure below, in the past, projects incentivized DeFi miners directly. For example, for a project token worth $2, miners may get an additional $1 from the DEX transaction fee, for a total of $3. However, in Aero's Ve(3,3) DEX system, this $3 is used to bribe veAero. veAERO votes to allocate $Aero tokens (higher value, such as $9) to miners (2/n)

In the end, the project owner still paid $3, veAero (Aero lock-up) received $3 in real yield, and the miners received $9 in incentives, which doubled the incentives. The higher the price of Aero, the higher the incentive value issued, the higher the incentive that the Base ecological project can enjoy, and the fundamentals of the ecological project will also be strengthened. The value of the bribe token that can be given to Aero will also be higher, and Aero’s income will also be higher, and the price will be more optimistic about forming a flywheel (3/n)

In addition, if Base directly incentivizes on-chain projects, it will easily become off-chain relationship building, and it will not be easy to publicly incentivize those on-chain meme and meme projects. These projects have traffic. By supporting Aero, it is to achieve permissionless incentives for the on-chain ecosystem, because any project can further amplify the incentive effect through Aero. This approach brings benefits to ordinary developers that cannot be compared with official incentives (4/n)

Looking back at BSC, are there any similar products? Not only that, but both the developer and product levels can be said to be stronger than Base Thena is an enhanced version of Aerodrome, supporting V3 centralized liquidity Pancake + Cakepie dual-wheel drive can exert a stronger flywheel effect, with a higher ceiling (4/n)

Although we complained that the Cake War organization was far inferior to the Pendle War (suspected of self-promotion), the subsequent iteration of Pancake was also relatively slow, so the flywheel was not built, and the ve(3,3) transaction fee was not learned from the advanced ve(3,3) to give the voter, but took a small part of the voting rights and manually intervened in the hands of the team (the taste of power, who is willing to let go 🤣) But.... (5/n)

However, in horizontal comparison, although it is not as good as the top, it is more than enough compared to the bottom. For example, Camelot, the leader of ARB, has been calling for a year but still has not been on the voting gauge for voting allocation incentives. The Cakepie/Magpie team's ability is very rare in BSC, and subDAOs on other chains are also very successful. Although Thena has not yet proven itself on other chains, from the product point of view, it is also faster and better than Velo/Aero series (6/n)

ve(3,3) Is it difficult to understand? But in the last round, whether it was the Curve War between Yearn founded by AC and Convex, or Terra/Luna buying CVX to control Curve governance to support UST, they were all focus battles. This can be said to be basic common sense for senior Web3 players. Pendle and Aero, the 100x coins in this round, also adopted this model. Even Cake relied on this to stop falling and rebound (10/n)

Did Binance invest resources in BSC into better projects? What is the difference between NFP/Cyber/ID/Hook and Aero? Apart from the poor quality of the projects, these projects lack positive externalities and are relatively isolated. CB gave Aero one cent and turned it into three cents of ecological incentives, while Binance's ten cents were directly wasted, and it is easy to form a reverse screening for developers (11/n)

In fact, reverse screening is already in operation, and developers have begun to jump ship. Thena team focuses on Base's new project IntentX, and Magpie's new subDAO also focuses on the ETH system. Although the subDAO's profits will eventually flow back to MGP on BSC, how can the main DAO stay on a chain that lacks synergy with other new subDAOs for a long time? (12/n) x.com/NintendoDoomed/status/16...

To sum up, the main difference is that Coinbase has focused its resources on projects with positive externalities for the Base ecosystem, spending three times the money, and spending resources on high-quality developers to continue to attract high-quality developers to join. Binance has invested resources in BSC projects without positive externalities, and ten percent of the money has gone down the drain. For ecological projects with positive externalities, it has done more harm than good, and it seems that it does not understand web3, causing high-quality developers to jump ship (13/n)