Coinbase’s Base officially opens its chain; here are some of the top protocols
BASE Mainnet Starts Tomorrow – Projects will be Launching at Low Valuation
— 0xJeff (@Defi0xJeff) August 9, 2023
Here are the Top Projects on BASE that could Pump Massively
[⚠️???????: ???? ????????????? ????? – ????? ?????] pic.twitter.com/1TihHudZoK
1. @Baso_Finance
— 0xJeff (@Defi0xJeff) August 9, 2023
The First Solidly Fork on Base. For New Eco, Solidly Fork tend to attract TVL from Traditional DEXs due to its Flywheel
WL Launch is Coming in ~5 hrs
Valuation: $60k MCap at $600k FDV
Hardcap: 30 E
Allo: 3 E per Wallet
1/ pic.twitter.com/Llbf40miWB
2. @B_OHMstrong
— 0xJeff (@Defi0xJeff) August 9, 2023
We all know (3,3) model itself without the ve doesn't work. But that doesn't mean it wouldn't pump hard
Public TGE today at 19:00 UTC
Presale of 30 E was filled in 7 mins
TGE will be on @BaseSwap_Fi
2/ pic.twitter.com/RQDU4W5OqR
3. @BaseCasinoBot
— 0xJeff (@Defi0xJeff) August 9, 2023
First TG Crypto Casino on Base – Will come out with 6 games.
Fair Launch Today (Couldn't find the exact timing)
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4. @aerodromefi@VelodromeFi cousin on Base. 40% Supply will be Airdropped to veVELO lockers. There's currently no official announcements on wen TGE yet
— 0xJeff (@Defi0xJeff) August 9, 2023
Expecting "Soon"
5/ pic.twitter.com/z3tPr6Xx1t
5. @basetrade_xyz & @BMXonBase
— 0xJeff (@Defi0xJeff) August 9, 2023
Both Perp DEXs Launching on Base. Base Trade's Dapps Live on Testnets
Expecting the Launch to be "Soon"
6/ pic.twitter.com/cVYWu8gf8B
Honorable Mentions to
— 0xJeff (@Defi0xJeff) August 9, 2023
• @BaseSwap_Fi #1 TVL DEX on Base ($20M TVL) ➨ Tokens still trading at extremely low FDV/TVL
• @perpboost First Aggregator & P2P Perps utilizing LSDs as Collateral ➨ Launched yesterday and has been performing very well
7/ pic.twitter.com/Y2HxaNgTfU
Everything you need to know about Base
Coinbase's new Layer 2 'Base' is finally here.
— Miles Deutscher (@milesdeutscher) August 8, 2023
It's one of the most exciting crypto product launches of the year, and will be home to countless new opportunities.
?: Here's EVERYTHING you need to know about Base, and how you can profit as an investor. ? pic.twitter.com/rZqGMkuITg
WHAT IS BASE?
— Miles Deutscher (@milesdeutscher) August 8, 2023
Base is an Ethereum Layer 2 scaling solution built using the Optimism stack.
It is designed to deliver the security and scalability of Ethereum at a fraction of the cost.
Coinbase describes it as a product "built to bring the next billion users to web3."
— Miles Deutscher (@milesdeutscher) August 8, 2023
Base has 4 core principles. It is:
• Secured by Ethereum
• Empowered by Coinbase
• Low cost
• Open source
Base is leveraging the Optimism Stack to build its L2 (the set of software which powers Optimism).
— Miles Deutscher (@milesdeutscher) August 8, 2023
They believe by following the "Superchain" vision, they can work towards increasing the interoperability of the L2 ecosystem to help "jointly scale Ethereum." pic.twitter.com/3Uucs9gMWS
The model of a centralised business launching a decentralised chain isn't new. But it's certainly becoming a more popular trend.
— Miles Deutscher (@milesdeutscher) August 8, 2023
Why? Well, from a business perspective it provides a new avenue to monetisation via fees – as well as exposure to an entirely new user-base. https://t.co/MBkt0MxFam
Remember, Coinbase have been in the space for a long time.
— Miles Deutscher (@milesdeutscher) August 8, 2023
They could've rushed launching a chain + token during the last bull run, but didn't.
Base is a very calculated move, executed by an experienced team. https://t.co/5VBsosDLg3
THE BASE ECOSYSTEM
— Miles Deutscher (@milesdeutscher) August 8, 2023
Many protocols have already announced their official launch on Base.
With over 30+ "outstanding" projects now live.
But there are many more coming.. https://t.co/zyoRK1gnHN
In this Tweet, @BuildOnBase teased some of their new partners.@CocaCola in particular stands out.
— Miles Deutscher (@milesdeutscher) August 8, 2023
Due to @coinbase's positioning in the industry, they have an advantage when it comes to attracting big name partners (I expect that this is the first of many). https://t.co/suoBUuq3dL
Coinbase is a big company ($20b valuation), and thus has huge financial backing to invest in ecosystem and technological development.
— Miles Deutscher (@milesdeutscher) August 8, 2023
This is Base's biggest drawcard.
Coinbase is sitting on over $5 billion in cash, so they are well positioned to invest in the development of new products like Base. pic.twitter.com/vterVgacln
— Miles Deutscher (@milesdeutscher) August 8, 2023
We're already seeing a 100+ $ETH grants program for those building on Base this summer.
— Miles Deutscher (@milesdeutscher) August 8, 2023
This is a sign of things to come. https://t.co/Yg94Fcrann
Additionally, due to the reputation of Coinbase (which is hopefully aided by a positive ruling vs the SEC), new protocols may feel safer building there.
— Miles Deutscher (@milesdeutscher) August 8, 2023
I have been speaking with a bunch of protocols recently who are all excited/interested by the proposition of building on Base.
It's ironic that Base launched with the whole $BALD rug fiasco, because it's so far from the image that @brian_armstrong and @coinbase would want to portray for their new chain.
— Miles Deutscher (@milesdeutscher) August 8, 2023
However, it's crazy that even during that "unofficial" launch, Base did $700k in profit in just 3 days ($85m~ annualised).
— Miles Deutscher (@milesdeutscher) August 8, 2023
Imagine the revenue generation potential when the chain gets off the ground. https://t.co/qcp3EizFAM
However, they are facing stiff competition.
— Miles Deutscher (@milesdeutscher) August 8, 2023
We currently have L2 solutions like $MATIC, $ARB, $OP and $IMX.
Not to mention the upcoming ZkSync, Starknet, Scroll, Linea and more.
It's probably the most highly competitive sector in crypto. https://t.co/gTXSyNHbqv
However, Coinbase is uniquely positioned as a business to rise to the top.
— Miles Deutscher (@milesdeutscher) August 8, 2023
It already has 110m+ users and $80b worth of assets on the Coinbase platform.
This gives them a massive advantage as they can leverage their existing user-base. pic.twitter.com/6HVAdfStqO
Base will be prioritised when it comes to off-ramping (through lower fees/access), and feature DeFi integrations directly from the Coinbase exchange product.
— Miles Deutscher (@milesdeutscher) August 8, 2023
BSC is probably the closest retrospective example we have of how a major exchange can operate alongside a blockchain.$BNB (its utility token) was valued at $107b at its peak. If you use BNB's market cap as a proxy for "chain value" then you can see the potential here. pic.twitter.com/Fs0eHLqLMb
— Miles Deutscher (@milesdeutscher) August 8, 2023
HOW CAN YOU TAKE ADVANTAGE AS AN INVESTOR?
— Miles Deutscher (@milesdeutscher) August 8, 2023
Well, as Base doesn't have a token there's no direct way to invest in the chain itself.
So let's explore the 3 remaining options.
3. Invest in Coinbase stock ( $COIN )
— Miles Deutscher (@milesdeutscher) August 8, 2023
It's hard to predict exactly what the net benefit to $COIN shareholders will be if Base succeeds, but what we do know is that a strong chain would only add to Coinbase's core business.
(I'm not a financial advisor, DYOR before investing).
TIMING:
— Miles Deutscher (@milesdeutscher) August 8, 2023
Interestingly, the Base launch comes in the lead up to one of the most significant Ethereum upgrades for Layer 2s: EIP-4844.
The upgrade, expected to go live late-Q4 this year, is set to reduce gas fees on L2s by an order of magnitude.
Overall, I view this upgrade as a huge positive for the L2 space, as it will reduce barriers-to-entry for retail users by lowering cost, as well as making L2s comparatively more enticing to use vs ETH and other (more expensive) chains.
— Miles Deutscher (@milesdeutscher) August 8, 2023
So in summary, I'm excited for the future of Base and the upcoming opportunities it could unlock.
— Miles Deutscher (@milesdeutscher) August 8, 2023
I think it's an undeniable positive for the DeFi space as a whole, and I'm looking forward to witnessing how the chain develops.
