Original | Odaily Planet Daily
Author | Wenser
On February 23, 2023, Coinbase announced the launch of the Ethereum Layer 2 network Base based on OP Stack to accommodate future billion-level users entering the crypto ecosystem. On August 9, 2023, Coinbase officially launched the Base Network mainnet, and the emergence of Friend.tech propelled the Base ecosystem into a period of rapid advancement. On February 24, 2024, the Base chain's social protocol Farcaster released the Frame application mini-program, building a smooth and seamless on-chain user experience product, combined with low-threshold community token issuance, once again igniting the SocialFi track.
Starting from March 2024, following the trend of Memecoin in the Solana ecosystem, many Memecoin projects in the Base ecosystem have once again attracted a lot of attention. In view of this, Odaily Planet Daily has compiled some of the top projects in the current Base chain ecosystem for everyone to discuss and exchange ideas. (Odaily Note: The following project-related information mainly comes from Defilama. Odaily Planet Daily does not endorse any projects. Please be cautious in choosing investment targets and using related products or platforms to ensure asset security.)
Currently, the number of projects in the Base ecosystem has exceeded 230, including but not limited to DeFi, cross-chain bridges, wallets, oracles, and node providers, among which DeFi projects account for a large proportion of the locked-in value and trading volume, while Memecoin contributes a significant daily trading volume.
I. DeFi
1. DEX (Decentralized Exchange)
In addition to traditional DEX projects such as Uniswap, Sushiswap, Balancer, PancakeSwap, etc., the main liquidity in the Base ecosystem is locked in the following top DEX:
Among them, Aerodrome currently has a total TVL of $538 million, a fork protocol deployed on Base by the OP head protocol Velodrome Finance, with its native token being AERO. Previously, Coinbase listed AERO and the Base ecosystem fund led by Coinbase Ventures invested in Aerodrome, making it one of the top DeFi protocols in the Base ecosystem in just a few months. At the time of writing, the price of AERO is around $1.4.
It is worth mentioning that SwapBased, as the native DEX of the Base ecosystem, although similar in functionality (providing one-stop services such as exchange trading, single staking, cross-chain bridging, perpetual contracts, and centralized liquidity), has seen its TVL drop from nearly $60 million at its peak last year to around $6.7 million due to the influence of other popular DEX in the Base ecosystem.
In addition, Infusion is an AMM protocol in the Base ecosystem, which was officially launched on March 15. It is said that it mainly consolidates on-chain liquidity through a new type of time lock component called Timefuse to achieve liquidity rewards and temporary liquidity locking, thereby incentivizing liquidity providers to achieve the long-term stability goals of DeFi projects.
Yield Aggregator Vault
Among them, Beefy currently has a TVL of approximately $52 million in the Base ecosystem, ranking first. According to Dune data, in the past March, Beefy protocol's overall staking incentives and treasury growth momentum were strong, nearly three times the overall data in February. ACryptoS operates as a yield aggregator organized as a DAO, with a TVL of only around $1.24 million in the Base ecosystem; Harvest Finance is similar, with a Base ecosystem TVL of less than $1 million, only $680,000.
Derivatives Protocol
The current total TVL of derivative protocols in the Base ecosystem is $12 million, with Avantis, IntentX, and Morphex (formerly BMX) having TVLs of $5.11 million, $2.74 million, and $1.38 million, respectively. Among them, the synthetic derivative protocol Avantis, based on oracles, completed its mainnet launch on the Base chain in February this year, allowing users to trade cryptocurrencies and real-world assets with leverage, currently ranking first.
Surf Protocol previously received a $3 million investment led by ABCDE Capital and is committed to creating a "contract version of Uniswap." It launched on the Base mainnet in December 2023 and was recently included in Binance Labs' seventh season MVB accelerator program.
Lending Protocols
In addition to traditional DeFi protocols like Compound and AAVE, other lending protocols are rapidly catching up thanks to the recent rapid growth in TVL and user influx in the Base ecosystem. Moonwell, in particular, has seen rapid growth, with its TVL in the Base ecosystem surpassing $100 million. As an open lending protocol synchronized with the Base mainnet, this achievement is commendable.
Seamless Protocol is the first native lending protocol in Base, previously listed on Coinbase, with the token name SEAM. However, its price has dropped by more than half from its peak, currently at 6.29 USD. Sonne Finance is a lending protocol active on both the Optimism mainnet and the Base chain, and has initiated cross-chain reward distribution in the DeFi field (users can stake on the OP chain and receive staking rewards on the Base chain).
CDC Collateralized Debt Positions
In the collateralized debt positions field, the Base ecosystem currently exhibits a "one strong, N weak" situation, with Overnight Finance having a TVL of approximately $52 million. According to its official introduction, "Overnight Finance is an asset management protocol that provides passive income products based on Delta-neutral strategies, mainly targeting conservative stablecoin investors." QiDao, created in 2021, is an original cross-chain over-collateralized stablecoin collateral protocol, currently with a TVL of approximately $4.2 million in the Base ecosystem and is on the rise.
II. Subdivisions
Memecoin
As one of the main driving forces behind the surge in Base TVL, Memecoin is still in its early stages in the Base ecosystem, with relatively few high-market-value projects. However, due to the influence of Base protocol head Jesse Pollak and the inherent traffic of Memecoin, this sector still has significant wealth effects and development opportunities. The following are some of the well-known top Memecoin projects in the Base ecosystem:
Currently, the circulating market value is approximately $540 million. DEGEN originated from the degen channel in the Farcaster community and was initially designed to facilitate user rewards and incentives. With a total supply of 37 billion tokens and no pre-mining, it has become one of the most active Memecoin projects in the Base ecosystem. The recent launch of the Layer3 project Degen Chain has also contributed to the price surge of DEGEN, and with the further development of Degen Chain and the growth of the degen channel, the price of DEGEN is expected to continue to rise.
Currently, the market value is approximately $38 million. It claims to be the "most popular meme on Base," using Coinbase CEO Brian Armstrong's image as a community symbol, aiming to create a crypto community similar to religious followers. Their official website even lists multiple commandments, such as respecting community members, focusing on the chain, and seeking enlightenment.
Currently, the market value is approximately $179 million. Toshi is named after Coinbase CEO Brian Armstrong's beloved cat and serves as the mascot of Base. Their goal is to use meme culture to drive adoption of the BASE chain, and the MEOW DAO community empowers members to decide the future of the Toshi ecosystem.
Currently, the market value is approximately $580 million. Brett is one of the top Memecoin projects in BASE, inspired by one of the four characters in Matt Furie's famous "Boy's Club" comic series and friends with the famous meme character Pepe. Brett has become one of the most famous cultural symbols in the BASE ecosystem.
Currently, the market value is approximately $97 million. Normie is a BASE meme coin designed for ordinary people, with a mission to strengthen the BASE ecosystem by bringing millions of ordinary people into BASE. Normie has established one of the most powerful memecoin communities within the BASE network and is also one of the Memecoin projects that Base protocol head Jesse Pollak pays attention to.
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Currently valued at approximately $130 million. Issued and launched on the Base chain by artist Sartoshi on the evening of March 30, with a total supply of 1 billion coins. The price once exceeded $0.30, with an increase of over 200 times from the opening price. Previously, the floor price of the NFT project Mfers had reached nearly 6 ETH. Sartoshi, as an OG in the overseas crypto field, has a certain level of popularity, and mfercoin also airdropped 20% of the tokens to holders of related NFTs and collaborating artists, gaining support from many people.
SocialFi
SocialFi is an important part of the Base ecosystem. Friend.tech, as the hottest SocialFi application in August last year, once brought a massive amount of attention and a surge in users to Base. However, with the gradual slowdown in the project's own development pace, the daily active user count of the application has dropped from nearly 80,000 at its peak last year to over 1,000. Many users who participated in previous shares trading have incurred significant losses and can only hope for the successful issuance of tokens by Friend.tech in the future.
On March 14, the social app Drakula.app announced on social media that it had launched the on-chain short video social app Drakula. Users can earn 250 BLOOD points by logging in with Farcaster and can also earn points by posting and watching short videos. Creators can also earn commission income from each token transaction. In addition, Drakula has partnered with Degen, using DEGEN as the primary trading token, and Degen has provided Drakula with a grant of 10 million DEGEN tokens.
Warpcast is a client platform built on the social protocol Farcaster on the Base chain. Driven by Memecoin projects like DEGEN, many people have joined different channels on this platform, becoming an important part of the Base ecosystem's SocialFi sector.
Web3 social layer CyberConnect announced in August 2023 that CyberAccount had been launched on the Coinbase L2 network Base, introducing smart accounts supported by ERCC-4337 into Base. However, CyberConnet has not made many moves in the Base ecosystem.
Launchpad
UNCX (formerly UniCrypt)
The number of Launchpad projects in the Base ecosystem is relatively limited, and no well-known high-quality projects have emerged. The TVL of the three projects is relatively small, with UNCX at approximately $13 million, Floki at approximately $3 million, and DxSale at only $399,000.
RWA
As a hot track this year, RWA projects in the Base ecosystem are still being ignored, so the TVL of the leading project Cygnus Finance is still less than $10 million.
Cygnus Finance is an RWA stablecoin protocol built on purely short-term US debt assets. It is also the first native interest stablecoin protocol on Base and the first native RWA protocol on Base, supported by institutions such as @wormholecrypto, @circle, and @base. Currently, Cygnus Finance has a TVL of approximately $9.75 million.
Tangible is an NFT marketplace for real-world assets (RWA). Tangible is also the creator of Real USD, the first stablecoin backed by tokenized, income-generating real estate. Rental income supported by Real USD is paid to Real USD holders in the form of daily rebases, with an expected annualized return rate of 10-15%.
According to its official page, Mountain Protocol provides USDM—a cutting-edge, yield-bearing, rebaseable stablecoin. Based on national debt stability and enhanced through a commitment to returns, USDM is not just a cryptocurrency but also a gateway to trusted and compliant decentralized finance, combining traditional, innovative, and secure crypto experiences through its fully regulated, permissionless design.
NFT Market
Influenced by the Ethereum NFT ecosystem, the NFT market in the Base ecosystem has not been active recently but has unexpectedly provided a new asset distribution path for many crypto artists.
As one of the mainstream NFT trading platforms, OpenSea supports the trading and display of NFT projects related to the Base ecosystem. ZORA was founded by former Coinbase product manager Jacob Horne and former Coinbase marketing manager Dee Goens. It previously completed a $50 million financing round, led by Haun Ventures, with participation from Coinbase Ventures, Kindred Ventures, and others, valuing the company at $600 million. Despite many people complaining that there are almost more NFTs related to ZORA than there are NFT users.
Manifold, as the leading NFT minting platform in the Base ecosystem, previously saw crypto artist XCOPY release the Base Chain Open Edition work "MUTATIO" on the platform, leading to a wave of crypto artists issuing their own crypto art on the Base chain. Highlight is an open-access platform for creating and collecting digital art and culture.
NFT Projects
There are relatively few NFT projects on the Base chain, as they are in the early stages of NFT development. The top-ranking NFT collection projects are mostly related to Memecoin projects. Therefore, we will briefly introduce two projects that have recently made some moves on the Base chain.
An NFT project of native pixel art on the Base chain created by artist Hun (https://twitter.com/gmhuntergm). There are only about 2,800 in total, and the floor price is currently stable at around 0.13 ETH, with Jesse Pollak, the head of the Base protocol, giving immediate approval and support at the project launch.
A collection of NFTs that recently migrated from the ETH chain to the Base chain, released in May 2022.
Gaming
In addition to established gaming guilds and gaming groups like YGG and Animoca Brands, Mavia is one of the most prominent gaming projects in the Base ecosystem. It has not only received investments from Binance Labs and Animoca Brands but also saw its game token MAVIA's price once exceed $10. As of the time of writing, the price of MAVIA is around $5.52.
Parallel is a card game developed based on a science fiction world background, where players can build decks and armies to determine the fate of humanity. It recently announced the completion of a $35 million financing round, with participation from Solana Ventures, Amber Group, Distributed Global, Big Brain Holdings, OSS Capital, VanEck, Focus Labs, and others.
FrenPet is an on-chain pet mini-game where players can control their electronic pets to battle other players, purchase cosmetics in the in-game store, and participate in mini-games like "roulette" and "dice." It can be considered a rare casual game in the Base ecosystem.
Basepaint is an art project launched to celebrate the launch of the Base mainnet, where artists collaborate on a shared pixel art canvas, which is then minted as an open edition NFT every 24 hours, with commemorative significance outweighing commercial value.
Wallets
Currently, mainstream wallet applications on the market support the addition and use of the Base chain. It is worth mentioning that Coinbase Wallet has to some extent bridged the interaction barrier between Coinbase account assets and wallet operations, making it easier for users to withdraw assets from their Coinbase accounts, and is expected to inject more liquidity into the Base ecosystem in the future.
Infrastructure
Cross Chain Bridges
Base Bridge, Orbiter Finance, Axelar, Bungee, Hop Protocol, LayerZero, Stargate, Wormhole
Here is the translated text:
Among them, Base Bridge is a member of the official ecosystem, and ETH cross-chain operations are very smooth. Other cross-chain bridge operations are also similar, so I won't go into detail here.
Oracle
Truflation, Chainlink, Pyth Network, and RedStone Oracles
Truflation is one of the first investment projects of the Base ecosystem fund. It is an on-chain financial oracle that provides automated, independent daily inflation reports, including U.S. CPI data, housing data, labor data, and more, by compiling real-time data from over 18 million points and over 40 data sources. Compared to traditional monthly updated indices, it provides more comprehensive and up-to-date information, and Truflation's secure blockchain infrastructure provides fair and verifiable data for business decision-making and sustainability. Chainlink, Pyth, and RedStone have all integrated with Base and also support Base developers' access to relevant sources and other Web3 services.
Node Providers
Block Explorers
Data Indexers
The Graph, Goldsky, Covalent, and Thirdweb developer tools.
Cryptocurrency Custody Technology Providers
Blockchain Data Analytics Platforms
Dune, Nansen also support Base-related data analytics.
ERC20 Migration Tools
A tool recently released by the Base ecosystem to facilitate the migration of Layer1 ERC20 tokens and assets to the Base network, with plans to support the migration of ERC721-related assets in the future.
Other
Web3 Version of Yelp: blackbird
Blackbird is a Web3 user loyalty service platform built for the hotel and restaurant industry, founded by industry veterans and co-founders of Resy and Eater, Ben Leventhal. In October 2022, Blackbird completed a $11 million seed round of financing, led by Union Square Ventures, Shine Capital, and Multicoin Capital, with participation from Variant, Circle Ventures, and IAC.
Web3 Crowdfunding Platform: PartyDAO
On October 5, 2023, the crowdfunding and group coordination protocol Party Protocol announced the launch of PartyDAO on the Coinbase L2 network Base. Its application currently supports Ethereum and Base networks, allowing users to interact frictionlessly with all parties through these two networks.
Risk Warning
Although the Base ecosystem is increasingly mature, as Jesse Pollak, head of the Base protocol, has repeatedly emphasized, "Base is an open and permissionless network", so there are many security incidents and rug pull projects in the ecosystem. Even projects involving Jesse himself have experienced rug pulls, which is both laughable and alarming. Here is a brief overview of some security incidents in the Base ecosystem:
On July 31, 2023, the Memecoin project BALD on the Base chain rug pulled, resulting in a total loss of approximately $25.6 million.
On August 1, 2023, the largest DEX on the Base chain, LeetSwap, suffered a price manipulation attack, resulting in a loss of approximately $624,000.
On August 15, 2023, the private key storage server of RocketSwap on the Base chain was breached, resulting in a loss of approximately $868,000.
On August 16, 2023, the SwirlLend project on the Base chain rug pulled, resulting in a loss of approximately $460,000.
On August 25, 2023, the Magnate Finance project on the Base chain rug pulled, resulting in a loss of approximately $6.4 million.
On December 26, 2023, the Pike Finance project on the Base chain rug pulled, resulting in a loss of approximately $52,600.
On February 2, 2024, the Detto Finance project on the Base chain rug pulled, resulting in a loss of approximately $95,000.
Especially with the proliferation of Memecoin projects in the Base ecosystem, there are many security risks and rug pull projects. It is important to stay vigilant and protect your assets, and choose investment targets carefully.
Conclusion
Looking at the development of Base, the ecosystem's TVL exceeded $1 billion in 203 days; the ecosystem's TVL exceeded $2 billion in 23 days; and the TVL grew from $2 billion to $3 billion in just 5 days. It is evident that the recent development of the Base ecosystem is accelerating, and as time goes on, the funds and users migrating from the Ethereum and Solana ecosystems will continue to grow. Furthermore, according to Jesse Pollak, the head of the Base protocol, the future gas fees in the Base ecosystem will be further reduced, which will support a more diverse and rich ecosystem. Beyond DeFi and Memecoin, there is a search for more possibilities.
Backed by the publicly listed exchange Coinbase and with the vision of building an Onchain ecosystem, the future of Base is promising.
Reference sources:
https://hacked.slowmist.io/search/
https://defillama.com/chain/Base
https://l2beat.com/scaling/projects/base/tvl-breakdown
Reference articles:
https://www.odaily.news/post/5193972
https://www.odaily.news/post/5189620
https://www.theblock.co/post/284601/aerodrome-base-tvl
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