Coinspeaker
Cardano Just Lost a Top Project to Base L2: Details
The Ape Society has decided to move from the Cardano blockchain after a few months of ranking as one of the top projects on the network. As part of the new “journey” that The Ape Society plans to undertake, the Non-fungible Token (NFT) project plans to utilize the Layer-2 solution Base launched by Coinbase Global Inc (NASDAQ: COIN).
The bridge to the builder-friendly Ethereum (ETH) L2 protocol is expected to happen in the coming weeks. The protocol is optimistic that Base would become one of the pillars to bring the world on-chain.
“Base has a goal of onboarding their 100 million users from Coinbase, we aim to be a part of history,” Ape Society wrote in a Medium post.
The Ape Society Acknowledges Base’s Market Performance
According to the protocol, its initial intention from when it was established was to create a Web 3.0 country club. The plan was to have this club boosted by unique creative abilities and a builder mentality. With the progression of time, the Ape Society realized that there was a need for advancement. As it revealed, this includes taking on a chain that truly reflects what the project is pushing to achieve.
Bridging to Base is an intentional move that the Ape Society has mulled for the longest possible time. The Ape Society claimed to have taken time to follow Base closely after it debuted last year. For an L2 solution that is in its early phase of adoption, the platform acknowledged that Base has performed exceptionally. It lauded the L2 as one that has outperformed the general market in such a short time.
This outlook has contributed to making Base one of the Ethereum L2 top players. One of the engagements it has recorded on the solution is its growing number of new users. On a daily basis, thousands of users are onboarded on the L2, and with the addition of more initiatives, it is expected that this number will multiply in the coming months.
Why Bridge to Base?
The Ape Society’s decision to bridge to Base is centered around Social Finance popularly referred to as SocialFi. Recently, there have been speculations suggesting that the decentralization of social interactions on the web will be a huge part of this next crypto cycle. Base is perceived as one of the leaders in this burgeoning niche, a position mirrored in a recent Franklin Templeton report.
According to Franklin Templeton, Base commands about 46% of all SociaFi-related transactions. Last Thursday, the ETH L2 solution recorded more than 60% (about $355,000) of total L2 revenue ($583,000). Its closest competitors are Polygon and BNB Chain which are also pursuing relevance and market share in SocialFi.
The Ape Society plans to integrate Farcaster, a decentralized social media platform that is believed to have defied the odds to become an active hub of crypto that hosts some of the brightest minds. Compared to Cardano, the Ape Society strongly believes that products that are in development by its community have a much larger chance of success on Base.
