The recently launched L2 network Base by Coinbase based on OP Stack has recently sparked heated discussions in the crypto community, mainly due to the "hundredfold myth" created by the meme coin BALD issued on Base. Subsequently, tens of millions of dollars in hot money were attracted to the Base chain, and hundreds of dog coins emerged. As of the time of writing, the TVL of the Base chain has exceeded 80 million US dollars.
However, besides meme coins, what DeFi projects are available to play 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:
- The strong popularity of Coinbase + OP
- The myth of wealth creation by the meme coin leader BALD, with its price increasing by X times
However, the Base chain currently only has a one-way cross-chain bridge without a front end (Ethereum → Base), so the experience is still very early.
How to view Base? Does it have development 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 the Optimism ecosystem succeed as an L2? Can it bring value to the OP token?
For now, it is too early to draw conclusions about the future of Base, as most of the EVM chains currently running are just a "fork."
The crypto community likes new things, but it can also be boring if they are just different "colors" of the same "toy."
Overall, Base chain is worth a try because the crypto industry often rewards those who try new things.
How to play the current Base chain?
First, set up the Base network in the MetaMask wallet, which can be added with one click through Chainlist (Chainlist.org), or manually add the following content:
- Network: Base Mainnet
- RPC: https://mainnet.base.org
- Chain ID: 8453
- Currency: ETH
- Explorer: https://basescan.org
Cross-chain of ETH tokens (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
- Note that this contract can currently only receive ETH from the Ethereum mainnet, and do not 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 do not recommend it, if you really want to participate, following the "smart money" and "whales" is the best way.
You can check the wallet value 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 currently "working" on Base, and the ecosystem projects are expanding rapidly. Among them, there are many DeFi projects. As a new project on a new chain, the expectation for token airdrops is high. I categorize these projects into three types: #worth trying, #watching, #high risk but maybe high return.
worth trying:
Void Exchange
A perpetual Dex built on Base, currently in the testnet stage.
The project documentation on GitBook is very detailed.
After a quick study, Void looks like an improved version of GMX, with its own treasury but shared stablecoins.
Aerodrome
A Solidly Dex, the marketing seems decent, and they are airdropping to $veVELO token holders.
Pike Finance
A decentralized lending platform, Pike seems to focus more on legitimacy compared to other Base ecosystem projects.
LeetSwap
A Dex migrated from Canto to Base, already live on the mainnet, with frequent user activity.
RocketSwap
A Dex, already live on the mainnet.
watching:
AkidoDEX
A Dex that has not yet gone live.
No official website or GitBook, the tweets seem to indicate that they are going to do a Solidy Dex.
CloudBase
A Dex that is about to go live.
According to the introduction, the features of this Dex will include token exchange, liquidity mining, LaunchPad, NFT market.
DackieSwap
A Dex in the testnet.
Horiza
A Solidity Dex in the testnet.
Zebra Swap
A Dex that has not yet gone live in the testnet, and has no official website.
CBSwap
A Dex that has not yet gone live in the testnet, and has no official website.
Blue Swap
A Dex that has not yet gone live in the testnet, and has no official website.
BaseX
A Dex in the testnet.
BaseSwap
A Dex that has not yet gone live in the testnet, with no official website or tweets.
Ogma Finance
A decentralized lending platform that has not yet gone live in the testnet, and has no official website.
BasedLend
A decentralized lending platform (for yield farming), not yet live in the testnet, and has no official website.
BaseLend
A decentralized lending platform that has not yet gone live in the testnet.
BGTX
A perpetual Dex that has not yet gone live in the testnet.
YieldBase
A yield platform.
high risk but maybe high return:
Basethereum
Issued an algorithmic stablecoin called SHARE.
However, there is no official website or Gitbook (but could it be the first stablecoin on the Base chain?)
BaseOhm
About to go live on the mainnet, the first OHM fork?
Crypto Bosses
Already live on the mainnet, a PVP game based on token+NFT staking.
BaseBot
A Telegram Bot narrative project.
Note:
The above projects and opinions should not be considered as investment advice. DYOR. According to the notice issued by the central bank and other departments on "Further Preventing and Dealing with the Risks of Virtual Currency Trading Speculation," the content of this article is for information sharing only and does not promote or endorse any business and investment activities. Readers should strictly comply with local laws and regulations and not participate in any illegal financial activities.
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