BALD Meme Coin Deploys on Coinbase L2 Network BASE
On July 30, a meme coin named BALD was deployed on the coinbase L2 network BASE and trading was initiated on LeetSwap. Overnight, this application-less meme coin saw a thousand-fold increase, leading to a threefold increase in BASE TVL to over $60 million.
Although BALD was removed from the liquidity pool shortly after its launch, the impact on BASE in terms of traffic and influence was significant. Whether intentional by Coinbase or unintentional, this event undoubtedly marked the beginning of the battle for L2 network dominance among exchanges.
Seeing the popularity of the BASE network, another major global exchange, Binance, was undoubtedly anxious. Coinbase and Binance are both major players in the cryptocurrency world, occupying a significant portion of the global market. The two exchanges have a fair amount of competition in their operations, and users often compare the capabilities of these two exchanges. Coinbase and Binance are like two powerful lion prides on the African savannah, competing and watching each other closely. At the slightest movement from one, the other will mobilize.
Following the surge in BASE's popularity, the Binance Chain team announced on August 2 that the Binance Chain L2 opBNB is set to launch on the mainnet. This move is clearly a challenge from Binance to Coinbase and marks the beginning of the war between the two major exchange L2 networks, opBNB and BASE.
It is well known that the deployment of a killer application is a decisive factor in the rise of an L2 network. While BALD has fired the first shot for the BASE network, the vanguard for opBNB is perhaps the recently popular global on-chain derivatives trading protocol, MEKE.
MEKE is a decentralized on-chain derivatives trading platform developed by a team in the United States, allowing trading of perpetual contracts for various mainstream cryptocurrencies such as BTC and ETH. It also plans to consider trading futures for physical assets such as gold, oil, and US bonds in the future. MEKE will initially focus on cryptocurrency derivatives trading and may consider entering the RWA market with trillions of dollars in assets in the future.
Back in 2021, during the DeFi Summer, MEKE began its development. In pursuit of the ultimate trading experience, the MEKE team spent over two years refining the product to provide decentralized trading similar to centralized perpetual contracts. Finally, they chose to deploy it on the Binance L2 network, opBNB.
As a decentralized on-chain derivatives trading protocol, user traffic and product experience are crucial. With the support of Binance's massive user base and high concurrency, fast processing capabilities, and extremely low gas fees, opBNB is positioned as the hope of the Binance ecosystem. The network has a block time of 1 second, transfer gas fees as low as $0.005, and a transaction processing capacity (TPS) exceeding 4000 per second, outperforming existing scaling solutions.
Considering these factors, MEKE chose to deploy on opBNB. With its strong performance and enormous market potential, combined with being one of the first applications to launch on opBNB, MEKE has garnered attention from cryptocurrency enthusiasts worldwide, and even top blockchain media like Cointelegraph has covered MEKE.
MEKE is currently deployed on the opBNB testnet and has passed a security audit by the globally renowned auditing firm Certik. The first phase of MEKE's public testing began on July 31 and has seen a rapid increase in trading volume on the opBNB testnet.
This testing activity will conclude on August 10.
If BALD can be considered the vanguard for BASE L2, it is at most a scattered and insignificant force. In contrast, MEKE, as the vanguard for opBNB, is more like a well-equipped special forces unit. After all, compared to a meme coin with no real application, MEKE has strong value support. In the cryptocurrency derivatives trading market, with daily trading volumes approaching nearly a billion dollars, MEKE stands out as a leader, with significant market potential.
On July 31, Binance founder CZ stated in an AMA that the crypto world has many interesting areas, and Binance plans to heavily invest in these areas, with DeFi being one of them. In an article released by the Binance Chain team on August 2, "opBNB, from Testnet to Mainnet," they mentioned their strong support for developers to build valuable projects on opBNB, with MEKE possibly being one of them.
The first phase of MEKE's public testing has been progressing rapidly, with incomplete statistics showing that its interactive wallet addresses have surpassed tens of thousands. This is not only due to MEKE's market influence but also the rewards it offers to participants in the public testing. Similar to projects like DYDX, Optimism, and Arbitrum, MEKE also provides rewards such as airdrops and fee dividends to participants in the public testing, with earlier participants receiving more generous rewards. MEKE's platform token issuance is limited, and the platform has designed a unique issuance mechanism, with earlier participants receiving more benefits, which will gradually decrease over time. It is worth mentioning that as the underlying blockchain system for MEKE, opBNB has not yet issued tokens. Will MEKE and opBNB together make a significant impact on the entire market? It is something to look forward to!
The first phase of MEKE's public testing will conclude on August 10. For more information, please long-press to copy and click to visit:
Join the MEKE official community:
Website:
Telegram:
https://t.me/MEKE_Global
Discord:
https://discord.gg/meke
Twitter:
https://twitter.com/MEKE_PROTOCOL
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