Base Network: Memes Fueling Layer-2 Adoption

Jesse Pollak, the mastermind behind Base, believes memes are crucial for attracting users to his layer-2 network. Since March, Base's total value locked (TVL) has tripled, with memecoins playing a significant role. Pollak, speaking at a memecoin hackathon, highlighted their potential to drive adoption, citing an influx of users due to memes. The Ethereum Dencun upgrade in mid-March led to reduced fees and increased memecoin transactions, resulting in Base's TVL skyrocketing by 250%. Pollak believes memes will continue to drive Base's growth, fostering community engagement and user acquisition.

Base Network: Memes as a Catalyst for Widespread Adoption

In the rapidly evolving world of decentralized finance, Jesse Pollak, the visionary behind Base, a layer-2 network akin to Coinbase, believes that memes hold immense power to propel the platform to new heights. With a remarkable surge in total value locked (TVL) tripling since March, Base has garnered significant attention for its innovative approach to onboarding users.

Memecoins as the Driving Force

Speaking at a memecoin hackathon in New York on April 20, Pollak expounded on the critical role memes play in the on-chain economy. He expressed his enthusiasm about their potential to drive widespread adoption of Base, noting that "there's been a ton of energy on Base" attributed to the influx of users drawn in by memes.

This momentum gained traction following the Ethereum Dencun upgrade in mid-March, which significantly reduced fees on layer-2 networks. As a result, memecoin transactions skyrocketed, contributing to Base's TVL soaring by almost 250% since March, reaching an all-time high of $1.61 billion on April 21, according to DefiLlama.

Beyond Speculative Trading

Pollak emphasized that beyond speculative trading, memecoin creators on Base have spearheaded innovative strategies to onboard users into their communities. He commended the proliferation of onboarding experiments, describing it as a "Cambrian explosion" of initiatives aimed at disseminating cultural narratives to a broader audience.

Pollak firmly believes in the power of memes to drive Base's future growth. He envisions them as catalysts for bringing millions of new users into the fold. He highlighted the relentless creativity displayed by meme-driven initiatives, foreseeing memes as powerful tools for community engagement and user acquisition.

Diversity and Vibrancy

Base's ecosystem has witnessed a burgeoning diversity, with "hundreds of teams and hundreds of subcultures" contributing to its evolution. These diverse entities infuse energy and culture into Base's economy and capital markets, fostering a dynamic and vibrant ecosystem.

Currently, BRETT stands out as the most popular memecoin on Base, boasting a market capitalization of $567 million and experiencing a staggering price surge of 7,780% since March. Other notable memecoins on the Coinbase blockchain include DEGEN, with a market cap of $435 million, and TOSHI, valued at $185 million, as per CoinGecko.

Challenges and Opportunities

Similar to other blockchains like Solana, Base's high throughput and low fees make it an attractive destination for memecoin enthusiasts. However, a recent investigation by a popular media channel revealed a concerning trend: 16.7% of new Base memecoins were identified as scams, and over 90% exhibited vulnerabilities.

Despite these challenges, Pollak's foresight underscores the transformative potential of memes in shaping Base's growth trajectory and fostering community engagement. Memes, once confined to the realms of internet humor, have emerged as powerful tools for driving adoption and facilitating meaningful interactions within decentralized ecosystems.

Memes as a Force for Outreach

As Base continues to navigate the competitive landscape of layer-2 networks, memes are poised to remain at the forefront of its outreach strategy. With their ability to captivate and resonate with diverse audiences, memes will play an instrumental role in shaping Base's narrative and propelling its ascent to mainstream prominence.

About the Author

Amanda Shinoy, a financial expert with an MBA in finance, is a trailblazer in the crypto space. Renowned for her accurate technical analysis and price predictions, she is an advocate for increasing women's presence in crypto. Her expertise has earned her a dedicated following eagerly awaiting her insights on market trends. Having left her corporate role in finance, she now dedicates her time to financial education for the general public.