Base, a L^2 network launched by Coinbase based on OP Stack, has recently caused a heated discussion in the crypto community. The reason is that the meme coin BALD, issued on Base, has created a "hundredfold myth" in a single day. Since then, tens of millions of dollars of hot money have been attracted to the Base chain, and numerous new projects have emerged. As of the time of writing, the Base chain's Total Value Locked (TVL) has exceeded 80 million dollars.
However, besides the meme coin, what other DeFi projects are available on the Base chain? This article is compiled from a Twitter thread by Crypto researcher 2Lambro.
The reasons why Base chain can become popular are nothing but:
• Coinbase + OP's strong reputation
• The wealth myth created by the leading meme coin BALD with price growth of X times
However, the Base chain currently only has a one-way cross-chain bridge (Ethereum → Base) without a front-end, so the user experience is still very early.
How to view Base? Does it have prospects?
This question depends on:
• How will Coinbase adopt growth methods that can influence the ecosystem in the future?
• Will Coinbase design incentives for the Base chain?
• Can the Base chain help Optimism ecosystem as a successful L^2? Can it bring value to the OP token?
For now, it is too early to draw conclusions about the future of Base, as most running EVM chains are just a "fork".
The crypto community likes new things, but it can also be boring when it is the same "toy" with different "colors".
Overall, Base chain is worth a try because the crypto industry often rewards those who try new things.
How to make the most of the current Base chain?
First, set up the Base network in the MetaMask wallet. You can add the network with one click through Chainlist (Chainlist.org), or manually add the following:
- Network: Base Mainnet
- RPC: https://mainnet.base.org
- Chain ID: 8453
- Currency: ETH
- Explorer: https://basescan.org
ETH Token Cross-Chain (Ethereum → Base):
• There is currently no cross-chain bridge, so ETH must be manually sent from Ethereum to the proxy contract.
• Send ETH on Ethereum to 0x49048044D57E1C92A77F79988D21FA8FAF74E97E
• Please note that this contract can only receive ETH from the Ethereum mainnet and should not be used to send any assets other than ETH from any other EVM chain.
1. Follow the movements of "Smart Money" and "Whales"
Currently, like many other early users, you can still chase meme coins on the Base chain.
Although I don't recommend it, if you really want to participate, following the "Smart Money" and "Whales" is the best approach.
You can check wallet rankings on this Dune dashboard: https://dune.com/tk-research/base
2. Participate in the early ecosystem
In addition to chasing meme coins, there are also many projects "doing things" on Base, and the ecosystem is expanding rapidly. Among them, DeFi projects are particularly numerous. As a new project on a new chain, there is high anticipation for token airdrops. I categorize these projects into three types: #worthtrying, #watching, #highriskperhighreward.
#worthtrying:
Void Exchange
A perpetual Dex built on Base, currently in the testnet phase.
The GitBook project documentation is very detailed.
After a quick research, Void seems to be an improved version of GMX, with an independent treasury but shared stablecoins.
Aerodrome
A Solid Dex, with decent marketing, currently conducting an airdrop to $veVELO token holders.
Pike Finance
A decentralized lending platform that seems to prioritize legality compared to other Base ecosystem projects.
LeetSwap
A Dex that migrated from Canto to Base, has been launched on the mainnet, and has frequent user usage.
RocketSwap
A Dex that has been launched on the mainnet.
#Wait and see:
AkidoDEX
A Dex that has not been launched yet.
No official website or GitBook, tweets seem to indicate that they want to create a Solidity Dex.
CloudBase
A Dex that is about to launch.
According to the introduction, this Dex's functionality will include token exchange, liquidity mining, LaunchPad, and NFT marketplace.
DackieSwap
A Dex on the testnet.
Horiza
A Solidity Dex on the testnet.
Zebra Swap
A Dex that has not yet launched on the testnet and does not have an official website.
CBSwap
A Dex that has not yet launched on the testnet and does not have an official website.
Blue Swap
A Dex that has not yet launched on the testnet and does not have an official website.
BaseX
A Dex on the testnet.
BaseSwap
A Dex that has not been launched on the testnet, does not have an official website, and does not have any tweets.
Ogma Finance
A decentralized lending platform that has not been launched on the testnet and does not have an official website.
BasedLend
A decentralized lending platform (cyclic lending mining) that has not been launched on the testnet and does not have an official website.
BaseLend
A decentralized lending platform that has not yet been launched on the testnet.
BGTX
A perpetual Dex that has not yet been launched on the testnet.
YieldBase
A truly profitable platform.
#High risk, high return:
Basethereum
An algorithm stablecoin called SHARE has been released.
However, there is no official website or Gitbook (but can it be the first on-chain stablecoin for Base?)
BaseOhm
is about to launch its mainnet, the first OHM fork?
Crypto Bosses
has already launched its mainnet, a PVP game revolving around token+NFT staking.
BaseBot
is a Telegram Bot narrative project.
Note:
The above projects and opinions should not be construed as investment advice. DYOR. According to the notice issued by the central bank and other departments on "Further Preventing and Dealing with the Risk of Virtual Currency Trading Speculation", the content of this article is only for information sharing and does not promote or endorse any business or investment activities. Readers are strictly advised to comply with local laws and regulations and not engage in any illegal financial activities.
