TVL surged by $1 billion in 5 days, tapping into wealth opportunities in Base ecosystem’s top projects

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Wenser
1 weeks ago
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Backed by Coinbase, there are more than 230 ecological projects.

Original|Odaily

Author|Wenser

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On February 23, 2023, Coinbase announced the launch of the Ethereum Layer 2 network Base based on OP Stack to carry the next billion users into the encryption ecosystem. On August 9, 2023, Coinbase officially launched the Base Network mainnet, and then the emergence of Friend.tech brought the Base ecosystem into a period of rapid development. On February 24, 2024, Farcaster, the Base on-chain social protocol, released the Frame application applet to build a smooth and smooth on-chain experience product, combined with the low-threshold community token issuance function, once again detonating the SocialFi track.

Since March 2024, following the Memecoin craze in the Solana ecosystem, many Memecoin projects in the Base ecosystem have once again attracted a lot of attention. In view of this, Odaily has sorted out some of the leading projects in the current Base chain ecology for everyone to communicate and discuss.(Odaily Note: The following project-related information mainly comes from Defilama and does not endorse any project. Please pay attention to asset security when using related products or platforms and choose investment targets carefully.)

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Currently, the number of Base ecological projects has exceeded 230, including but not limited to DeFi, cross-chain bridges, wallets, oracles, node providers, etc. Among them, DeFi projects account for a large proportion of locked positions and turnover, while Memecoin accounts for a large proportion of the lock-up volume and transaction volume. Contributed a large average daily trading volume.

1. DeFi

1. DEX (Decentralized Exchange)

In addition to traditional and established DEXs such as Uniswap, Sushiswap, Balancer, PancakeSwap and other projects, the main liquidity of the Base ecosystem is locked in the following leading DEXs:

Among them, Aerodrome currently has a total TVL of US$538 million. It is a fork protocol deployed on Base by the OP head protocol Velodrome Finance. Its native token is AERO. Previously, Coinbase launched AERO and the Base Ecological Fund led by Coinbase Ventures invested in it. A series of operations such as Aerodromes capital injection have made it one of the top DeFi protocols in the Base ecosystem in just a few months. At the time of writing, AERO price is around $1.4.

It is worth mentioning that SwapBased, as the native DEX of the Base ecosystem, has similar functions (providing one-stop functional services such as exchange transactions, single pledge, cross-chain bridging, perpetual contracts and centralized liquidity), but it is affected by other popular features of the Base ecosystem. Due to the influence of DEX, TVL has currently dropped from the total volume of nearly 60 million US dollars at last years high to about 6.7 million US dollars now.

    In addition, Infusion is the AMM protocol of the Base ecosystem and was officially launched on March 15. It is said that it mainly consolidates on-chain liquidity through a new time lock component called Timefuse, thereby achieving liquidity rewards and temporary locking of liquidity, thereby incentivizing liquidity providers and achieving the long-term stability goal of DeFi projects.

    Yield Aggregator machine gun pool (yield aggregator)

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    Among them, Beefy’s current Base ecological TVL is approximately US$52 million, ranking first. and based onDune data, the Beefy protocol’s overall staking incentives and treasury growth have been strong over the past March, nearly 3x the overall February figures. ACryptoS is a revenue aggregator operated by a DAO organization, and its TVL in the Base ecosystem is only about US$1.24 million. Harvest Finance is in a similar situation, and its TVL in the Base ecosystem is even less than US$1 million, only US$680,000.

    Derivatives Derivatives Agreement

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    The current total TVL of the Base ecological derivatives agreement is US$12 million, of which the TVL of Avantis, IntentX, and Morphex (formerly BMX) are US$5.11 million, US$2.74 million, and US$1.38 million respectively. Among them, Avantis, a synthetic derivatives protocol based on oracles, completed its mainnet launch on the Base chain in February this year. Its protocol allows users to use leverage to trade cryptocurrencies and real-world assets, temporarily ranking first in the segment.

    Surf Protocol has previously received US$3 million in financing led by ABCDE Capital and is committed to building a “contract version of Uniswap” in December 2023.Launched Base mainnet, and was recently included in Binance Labs’ seventh season MVB accelerator program.

    Lending loan agreement

    In addition to established DeFi protocols such as Compound and AAVE, other lending protocols are also catching up thanks to the recent rapid growth of TVL in the Base ecosystem and the influx of users. Among them, Moonwell is particularly gaining momentum. According to its official news, Moonwell’s TVL in the Base ecosystem has exceeded US$100 million. As an open lending protocol launched simultaneously with the Base mainnet, this achievement deserves recognition.

    Seamless Protocol is Base’s first native lending protocol. It has previouslyListed on Coinbase, the token name is SEAM, but the price has been cut by more than half compared to the highest point. At the time of writing, the price is$6.29. Sonne Finance is a lending protocol active on both the Optimism main network and the Base chain, andfirstCross-chain reward distribution in the DeFi field (users can pledge on the OP chain and receive pledge rewards on the Base chain).

    CDC Collateralized Debt Warehouse

    In the field of mortgage debt warehouses, the Base ecology currently belongs to the situation of one super and N weak, of which Overnight Finance TVL is approximately US$52 million. According to its official introduction, Overnight Finance is an asset management protocol that provides a delta-neutral strategy. passive income products, mainly for conservative stablecoin investors. QiDao is an original cross-chain over-collateralized stablecoin mortgage protocol created in 2021. The current TVL in the Base ecosystem is approximately US$4.2 million, which is on the rise.

    2. Segmentation areas

    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, and projects with higher market value are relatively limited. However, driven by Jesse Pollak, the head of the Base protocol, and the attention of Memecoin’s own traffic, the follow-up This sector still has certain wealth effects and development opportunities. The following are currently the more well-known leading Memecoin projects in the Base ecosystem:

    The current circulating market value is approximately US$540 million. DEGEN emerged from the degen channel of the Farcaster community. The main purpose of the original design was to facilitate users and others to reward and motivate each other. The total amount is 37 billion, there is no pre-mining, it is relatively fair, and it is connected to the social video application of the Base ecosystem. Within Drakula, it becomes the transaction token within the application and is currently one of the most active Memecoin projects in the Base ecosystem. The recent launch of the Layer 3 project Degen Chain has also caused the price of DEGEN to rise to a certain extent. With the further development of Degen Chain and the further growth of the number of people in the degen channel, the price of DEGEN is expected to continue to rise.

    The current market value is approximately US$38 million. It calls itself the most popular meme on Base and uses the image of Coinbase CEO Brain Armstrong as the community symbol. Base God aims to create a crypto community similar to religious believers. from projectOfficial websiteLook, they even have multiple commandments, such as respecting community members, focusing on the chain, seeking to gain enlightenment, etc.

    The current market capitalization is approximately $179 million. Toshi is named after Coinbase CEO Brian Armstrong’s beloved cat and serves as Base’s mascot. Their goal is to leverage meme culture to drive adoption of the BASE chain, and the projects MEOW DAO community empowers members to determine the future of the Toshi ecosystem.

    The current market capitalization is approximately $580 million. Brett is one of BASEs head Memecoin projects. The meme is inspired by one of the four characters in Matt Furys famous comic Boys Club series. He is friends with the famous meme image Pepe. Brett has become a member of the BASE ecosystem. One of the most famous cultural symbols in the system.

    The current market capitalization is approximately US$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 Jesse Pollak, the head of the Base protocol, is personally focused on.

    The current market capitalization is approximately US$130 million. It was issued and launched on the Base chain by artist Sartoshi on the evening of March 30, with a total supply of 1 billion pieces. The price once exceeded $0.3, an increase of more than 200 times from the opening price. Previously, the floor price of the NFT project Mfers was once as high as nearly 6 ETH. Sartoshi also has a certain reputation in the circle as an OG in the overseas encryption field, and this time mfercoin also airdropped 20% of the tokens to Mfers-related NFT holders and cooperative artists. Therefore, It has received support from many people.

    SocialFi 

    SocialFi is an important part of the Base ecosystem. Friend.tech, as the most popular SocialFi application in August last year, once brought massive attention and a surge in users to Base. However, as the development pace of the project itself gradually slowed down, according toDune data display, the current average number of daily active users of the application has dropped from the peak of nearly 80,000 last year to more than 1,000. Many users who participated in the previous shares transactions have a high sunk cost and can only hope that Friend.tech can successfully issue tokens in the future. currency.

    On March 14, the social application Drakula.app stated on the social platform that it has launched the on-chain short video social application Drakula. Users can get 250 BLOOD points by logging in with Farcaster, and can also earn by publishing and watching short videos. Points, creators also earn commission income from each token transaction. In addition, Drakula has also cooperated with the Degen channel to use DEGEN as the main transaction token. The Degen channel plans to provide Drakula with 10 million DEGEN in the future.

    Warpcast is based on the Base on-chain social protocolFarcasterThe built client platform was driven by Memecoin projects such as DEGEN, and many people flocked to different channels of the platform to participate in the community, becoming an important part of the SocialFi section of the Base ecology.

    Web3 Social Layer CyberConnect in August 2023AnnounceCyberAccount has been launched on the Coinbase L2 network Base, introducing smart accounts supported by ERCC-4337 into Base. Apart from this, CyberConnet has not made many actions in the Base ecosystem.

    Launchpad 

    The number of Launchpad projects in the Base ecosystem is relatively limited, and there are no well-known high-quality projects yet. The TVL of the three is relatively small, UNCX is about 13 million US dollars, Floki is about 3 million US dollars, and DxSale is only 399,000 US dollars.

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    RWA

    As a popular track this year, the RWA project is still ignored in the Base ecosystem. Therefore, the TVL of Cygnus Finance, the leading project, is still less than 10 million US dollars.

    Cygnus Finance is a RWA stablecoin protocol built on pure short-term US debt assets. It is also the first Base-native interest stablecoin protocol and the first native RWA protocol on Base. It has received@wormholecrypto @circle @basesupport from other institutions. Cygnus Finance TVL is currently worth approximately $9.75 million.

    Tangible is an NFT marketplace for real world assets (RWA). Tangible is also the originator of Real USD, the first stablecoin backed by tokenized, yield-generating real estate. Rental income backed by Real USD is paid to Real USD holders in the form of daily rebase, with an expected annualized yield of between 10-15%.

    According to its official page, Mountain Protocol offers USDM – a cutting-edge, yield-bearing, resettable stablecoin. Grounded in the stability of Treasury bonds and enhanced by the promise of returns, USDM is more than just a crypto token, it is a gateway to trusted and compliant decentralized finance. Participate in a crypto experience that combines tradition, innovation, and security with its fully regulated, permissionless design.

    NFT market

    Affected by the Ethereum NFT ecosystem, the NFT market in the Base ecosystem has not been active recently, but it has unexpectedly provided many crypto artists with a new asset issuance path.

    As one of the mainstream NFT trading markets on the market, OpenSea supports the trading and display of Base ecological related NFT projects. ZORA was founded by Jacob Horne, a former product manager at Coinbase, and Dee Goens, a former marketing manager at Coinbase. It has previously completed US$50 million in financing, led by Haun Ventures, with participation from Coinbase Ventures, Kindred Ventures and others, with a valuation of US$600 million. Although many people have been complaining that there are almost more ZORA-related NFTs than NFT users, this does not hinder ZORAs status as the leading NFT platform in the Base ecosystem.

    Manifold is the leading NFT casting platform of the Base ecosystem. Previously, crypto artist XCOPY released the Base chain Open Edition work MUTATIO on this platform, which led a group of crypto artists to release their own crypto art works on the Base chain. Highlight is an open access platform for creating and collecting digital art and culture.

    NFT project

    There are relatively few NFT projects on the Base chain and they are in the early stages of NFT development. Most of the top NFT collection projects are Memecoin-related projects, so here we will only briefly introduce two projects that have recently made certain moves in the Base chain.

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    Artist HunThe total number of Base native pixel NFT projects created is only about 2,800. The sale price is Jesse Pollak, the person in charge of the Base protocol. He affirmed and forwarded support for the project as soon as it was released. The current floor price is stable at around 0.13 ETH.

    A collection of NFTs recently migrated from the ETH chain to the Base chain and will be released in May 2022.

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    Gaming games

    In addition to established game unions and game groups such as YGG and Animoca Brands, Heroes of Mavia is one of the most eye-catching game projects in the current Base ecosystem. It has not only received investment from a number of star institutions such as Binance Labs and Animoca Brands, but also has game tokens. The price of MAVIA once exceeded $10. As of writing, the price of MAVIA is around $5.52.

    Parallel is a card game developed based on a science fiction worldview. Players can build decks and build armies to determine the fate of mankind. RecentlyAnnounceCompleted US$35 million in financing, with participation from Solana Ventures, Amber Group, Distributed Global, Big Brain Holdings, OSS Capital, VanEck, Focus Labs, etc.

    FrenPet is an on-chain pet mini-game. Players can control their electronic pets to fight with other players, purchase cosmetics in the in-game boutique, and participate in mini-games such as turntable and dice. It is a rare casual game in the Base ecosystem. .

    Basepaint is an art project launched to celebrate the launch of the Base mainnet. Artists collaborate on a shared pixel art canvas. The canvas will be minted into an open version of NFT every 24 hours. The commemorative significance is greater than the commercial value.

    Wallet Wallet

    At present, the mainstream wallet applications on the market all support the addition and use of the Base chain. It is particularly worth mentioning that Coinbase Wallet has opened up the interaction threshold between Coinbase account assets and wallet operations to a certain extent, making it convenient for users to withdraw from Coinbase accounts. Assets are expected to inject more liquidity into the Base ecosystem in the future.

    3. Infra infrastructure

    Cross Chain Cross Chain Bridge

    Base BridgeOrbiter FinanceAxelarBungeeHop ProtocolLayerZeroStargateWormhole

    Among them, Base Bridge is a member of the official ecosystem. The cross-chain operation of ETH is very smooth. The operations of other cross-chain bridges are also similar, so I won’t go into details here.

    Oracle

    TruflationChainlinkPyth NetworkandRedStone Oracles

    Among them, Truflation is the first investment project of Base Ecological Fund. This is an on-chain financial oracle that provides automated, independent daily inflation reports including US CPI data, housing data, labor data, etc. by compiling data from 18 million points and more than 40 data sources in real time. While providing more comprehensive and updated information than traditional indices that are updated monthly, Truflations secure blockchain infrastructure provides unbiased, verifiable data for business decision-making for growth and sustainability. Chainlink, Pyth, and RedStone are all three projects that have been integrated with Base and also support Base developers to access related sources and other Web3 services.

    Node provider

    AnkrBlockdaemonQuickNode

    Block explorer

    BasescanBlockscout

    data indexer

    The GraphGoldskyandCovalentas well asThirdwebDeveloper Tools.

    Cryptocurrency custody technology provider

    Fireblocks

    Blockchain data analysis platform

    DuneNansenBase-related data analysis has also been supported.

    ERC 20 Migration Tool

    Base Migrate

    The Base ecosystem has recently released tools to facilitate developers to migrate Layer 1 ERC 20 Tokens and assets to the Base network, and subsequent plans will support the migration of ERC 721 related assets, which is worth looking forward to.

    4. Others

    Web3 version of Dianping:blackbird

    Blackbird is a Web3 user loyalty service platform built specifically for the hotel and catering industry. It was founded by Ben Leventhal, an industry veteran and co-founder of Resy and Eater. In October 2022, Blackbird completed a US$11 million seed round of financing, co-led by Union Square Ventures, Shine Capital and Multicoin Capital, with participation from Variant, Circle Ventures and IAC.

    Web3 version of the crowdfunding platform:PartyDAO

    On October 5, 2023, PartyDAO, the creator of the crowdfunding and group coordination protocol Party ProtoclPost a messageIt said that Coinbase L2 network Base has been launched, and its applications currently support Ethereum and Base networks. Users can interact with all parties frictionlessly through these two networks.

    risk warning

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    Although Bases ecological development is increasingly improving, as Base protocol leader Jesse Pollak has emphasized many times,Base is an open and permissionless network, so there are also many ecological security incidents and stolen projects. Even the Memecoin project in the Base ecosystem that Jesse himself participated in the purchase of has also escaped. While making people laugh and cry, they also have to be vigilant. The following are some security incidents in the Base ecosystem. To organize and remind everyone to pay attention to risk prevention:

    On July 31, 2023, the Memecoin project BALD Rug on the Base chain ran away, resulting in a total loss of approximately US$25.6 million.

    On August 1, 2023, LeetSwap, the largest DEX on the Base chain at the time, suffered a price manipulation attack, resulting in a loss of approximately US$624,000.

    On August 15, 2023, the RocketSwap private key storage server on the Base chain was leaked due to a brute force attack, resulting in a loss of approximately US$868,000.

    On August 16, 2023, the SwirlLend project Rug on the Base chain ran away, causing a loss of approximately US$460,000.

    On August 25, 2023, the Magnate Finance project Rug on the Base chain ran away, causing a loss of approximately US$6.4 million.

    On December 26, 2023, the Pike Finance project Rug on the Base chain ran away, causing a loss of approximately US$52,600.

    On February 2, 2024, the Detto Finance project Rug on the Base chain ran away, causing a loss of approximately US$95,000.

    Especially now that Base ecological Memecoin projects are emerging one after another, there are many projects with security risks or Rug running away after being launched. Please keep your eyes open, protect the safety of assets, and choose investment targets carefully.

    in conclusion

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    Looking at the development of Base, it took a total of 203 days for the ecological TVL to exceed US$1 billion; for the ecological TVL to exceed US$2 billion, the time was shortened to 23 days; and for the TVL to grow from US$2 billion to US$3 billion, it only took 5 days for the Base ecosystem , it can be seen that the development of the Base ecosystem has been accelerating recently, and as time goes by, the funds and users migrating from the Ethereum ecosystem and the Solana ecosystem will continue to grow.

    Not only that, according to Base protocol leader Jesse Pollakinformation, the subsequent gas fees of the Base ecosystem will be further reduced, which is enough to support a richer and more diverse ecological construction, and seek more possibilities beyond DeFi and Memecoin.

    Backed by Coinbase, a listed exchange, and with the vision of building an Onchain ecosystem, the future of Base is worth looking forward to.

    Reference information sources:

    https://base.org/ecosystem

    https://defillama.com/chain/Base

    https://hacked.slowmist.io/search/

    https://l2 beat.com/scaling/projects/base/tvl-breakdown

    Reference article:

    https://www.odaily.news/post/5193972

    https://www.odaily.news/post/5189620

    https://www.theblock.co/post/284601/aerodrome-base-tvl

    Original article, author:Wenser。Reprint/Content Collaboration/For Reporting, Please Contact report@odaily.email;Illegal reprinting must be punished by law.

    ODAILY reminds readers to establish correct monetary and investment concepts, rationally view blockchain, and effectively improve risk awareness; We can actively report and report any illegal or criminal clues discovered to relevant departments.

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