Author: jiucaidog, Deep Tide TechFlow

As the cryptocurrency market crazily plummets, it seems that the MEME market in the Solana ecosystem has come to an end. Where will the next focus be?

On Twitter, a large number of overseas KOLs have begun to focus on the Base chain and its ecosystem after the Cancun upgrade: Gas fees have been significantly reduced; The AA wallet brings a smooth experience; Trading and user data are rapidly increasing; It possesses a native MEME culture in the crypto world…

These factors seem to indicate the possibility of Base nurturing a new MEME king, and Base also seems to have the potential to become a MEME-themed L2 within the Ethereum ecosystem.

Significant reduction in transaction fees

After the Cancun upgrade, the transaction fees on the Base chain have been significantly reduced. On March 20, the gas fee was only $0.007, and at one point, it dropped to $0.0005, laying the foundation for the explosive growth of its on-chain ecosystem.

Coinbase AA wallet support

One of the biggest advantages of the Base chain is its reliance on Coinbase's huge user base and substantial asset accumulation. Therefore, Coinbase only needs to build a chain, connecting the Base chain with the Coinbase exchange and wallet ecosystem.

Recently, Coinbase Wallet launched the AA wallet (http://smart-wallet.xyz), eliminating the need for cumbersome operations for ordinary users. They can directly create an account using a mobile phone or computer device, touch ID, or Google account, and can also directly connect to their Coinbase account, laying the foundation for the large-scale attraction of users and funds to the Base chain.

Continuous rise in on-chain data for Base chain

According to the on-chain chart data from Dune, its new user volume continues to grow explosively, with daily transaction volume and fee income also rising synchronously. As of March 19, the total number of on-chain addresses exceeded 4.7 million.

MEME chain in the Ethereum ecosystem

In the entire Ethereum ecosystem, apart from Ethereum itself, it seems that only the Base chain has a strong MEME culture and genes.

In July 2023, the Base chain first gained widespread attention due to the 30,000-fold surge in the MEME coin BALD in one day, which was once rumored to be manipulated by Coinbase insiders.

Subsequently, new MEME leaders emerged, such as BRETT, with a current market value exceeding $300 million, and the cat-themed MEME Toshi, with a current market value of $100 million, becoming the two major blue-chip MEMEs on the Base chain.

The most popular MEME recently is NORMIE, born in early March, with continuous growth and a market value exceeding $1.2 billion, poised to become the new MEME leader on the Base chain.

At the same time, given Base's certain Ethereum orthodoxy, other areas in the Ethereum ecosystem will also use the Base chain as the launch site for their MEME tokens.

The most typical example is the Farcaster protocol and its application Warpcast, with MEMEs such as Degen, FAR, SPAM, and CAST all created on the Base chain.

In summary, Base has a "long-standing" tradition of MEME coins, to the extent that even its related person in charge, Jesse Pollak, is a fan of MEME coins and has encountered Rug in MEME projects.

Currently, the main trading bots on the Base chain are:

Shuriken: User-friendly UI, not yet launched

https://t.me/ShurikenTradeBot?start=ref-minlyang

sigma: Large user base, not yet launched

https://t.me/Sigma_buyBot?start=ref=5649277789

Looking at the MEMEs on Base, they have very obvious European and American cultural characteristics.

In terms of the overall liquidity of the chain, it is far less than Solana. From the perspective of on-chain fund flows, there is not a massive influx of funds, and a large number of memes are still PVP games, so there is no need to hold the same expectations as for the Solana ecosystem.

The Base ecosystem is still in its early stages, and the risk is greater.

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