Aerdrome's price has gone through a cycle, and Base has single-handedly supported the peak 1B Mcap, 2B FDV coin, showing its muscles and further activating the positive externality brought by the Base ecosystem.
In contrast, even though BSC has not made a sound in this round, where is the gap? This thread will take this as a starting point to discuss the sharp differences between the two CEXs on the chain in this round! Cryptocurrency Talk: Base Up, BSC Down
Coinbase's support for Aero is very simple. As shown in the figure below, in the past, projects incentivized DeFi miners directly, for example, a token worth $2, miners might get an additional $1 from DEX trading fees, totaling $3.
In the Ve(3,3) DEX system of Aero, this $3 is used to bribe veAero, and veAERO votes to allocate $Aero tokens (worth more, such as $9) to miners.
In the end, the project still pays $3, veAero (Aero lock-up) receives real income of $3, miners receive an incentive of $9, and the incentive is doubled.
The higher the price of Aero, the higher the value of the incentive sent out, and the higher the incentive that ecosystem projects can enjoy. The fundamental of ecosystem projects is also strengthened accordingly. The value of tokens that can be used to bribe Aero is also higher, and Aero's income is higher, making the price more promising and forming a flywheel effect.
In addition, if Base directly incentivizes on-chain projects, on the one hand, it is easy to become a relationship off-chain, and on the other hand, it is not good to openly incentivize those "local dog" and meme projects. By supporting Aero, it achieves permissionless incentives for on-chain ecosystems, because any project can further amplify the incentive effect through Aero. This approach brings benefits to ordinary developers that official incentives cannot compare with.
Looking back at BSC, are there similar products? Not only are there, but developers and products can be said to be one level stronger than Base.
Thena can be considered an enhanced version of Aerodrome, supporting V3 concentrated liquidity.
Pancake + Cakepie's dual-drive can play a stronger flywheel effect, with a higher ceiling.
Although we criticized the Cake War organization as far inferior to the Pendle War (suspected of self-promotion) in the past, Pancake's iteration has been slow, and the flywheel has not been completed. Plus, they did not learn the advanced ve(3,3) trading fees to give voters power and instead took a small portion of the voting power into the team's hands (the taste of power, who is willing to let go).
However, compared horizontally, although it is not as good as before, it is more than enough. For example, ARB's leader Camelot, has been shouting for a year and still has not voted for incentive allocation.
The Cakepie/Magpie team's capabilities are very rare in BSC, and successful in subDAO on other chains. Although Thena has not yet proven itself on other chains, from a product perspective, it is also faster and better than the Velo/Aero series.
Since the products and developers on BSC are better, why have they not achieved results similar to Base? Even this round, Mantle's ve(3,3) DEX Moe can make some waves, but BSC cannot?
As long as you study a little, you will be surprised to find that Binance's support for this area is not zero, but negative… it's negative…
Yes, on the one hand, the above projects did not receive the investment and listing support like Aero, and on the other hand, the clear addresses marked as Binance and another suspected Binance address (as inferred by the Cake community) collectively locked 26% of veCAKE, directly competing with ecosystem projects for profits. After all, the dividends and incentives for each round are limited, and the more Binance has, the less the ecosystem projects have.
The Pancake team takes more than half of the voting power, and Binance comes to take the other half, which greatly discounts the effect. Usually, this is done to inject support into ecosystem projects. But here, instead of supporting the ecosystem, Binance directly competes with the ecosystem for money. Binance should not lack the income from Pancake's dividends…
Is ve(3,3) difficult to understand? But in the last round, whether it was the Curve War between AC's Yearn and Convex, or Terra/Luna buying CVX to control Curve governance to support UST, these were focal battles, which can be said to be basic common sense for senior Web3 players.
This round's hundredfold coins Pendle and Aero also adopted this model, and even Cake relied on this to stop the decline and rebound.
Has Binance's resources on BSC gone to better projects? What are the differences between BSC projects that have received investment and listing support, such as NFP/Cyber/ID/Hook, compared to Aero?
Leaving aside the quality of the projects that have long been criticized, these projects lack positive externalities and are relatively isolated. CB gives Aero one dollar and turns it into three dollars of ecosystem incentives, while Binance throws ten dollars directly into the water, and is prone to reverse selection of developers.
In fact, reverse selection is already in operation, and developers have started to jump ship.
The Thena team has focused on Base's new project IntentX, and Magpie's new subDAO also focuses on the ETH series. Although the final large income of subDAO will flow back to MGP on BSC, how can the main DAO stay on a chain without synergistic effects with other new subDAOs in the long term? (12/n)
In summary, the main differences are:
- Coinbase focuses its resources on projects with positive externalities for the Base ecosystem, spending one dollar to achieve three times the effect, and continues to attract high-quality developers by spending resources on them.
- Binance invests resources in BSC projects without positive externalities, throwing ten dollars into the water, and instead of helping ecosystem projects with positive externalities, it seems to not understand web3, causing high-quality developers to jump ship.
This article only uses the ve(3,3) DEX as an example to illustrate, but as the saying goes, "a leaf knows autumn," the problems reflected are representative.
Base did not issue its own coins, and BNB's recent trend has been stronger than the overall market due to frequent listings, but the rise in the price of this coin still depends on imagination. If the on-chain can be made more flexible, the upward potential of BNB can be further opened up. We will continue to evaluate and observe the changes in the future.
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