Coinbase's Base Surpasses $2B in TVL, Fuelled by Memecoins and Airdrop Hype

Coinbase's Base layer-2 solution has accrued a staggering $2 billion in Total Value Locked (TVL), attributed primarily to meme coins and airdrop prospects. Despite speculation, Coinbase CEO Brian Armstrong has denied plans for a native Base token. Notably, Base's integration with Wanchain facilitates easy cross-chain exploration for novice crypto users. As the popularity of Base grows, investors are keeping a close eye on meme coins like TOSHI, DEGEN, BRIUN, TYBG, and BALLZ, as well as potential airdrops from protocols launching on the platform.

Coinbase's Base Layer-2 Solution Surpasses $2 Billion in Total Value Locked

Growth Fueled by Memecoins and Airdrop Expectations

March 28, 2024

Coinbase's ambitious layer-2 solution, Base, has achieved a significant milestone, surpassing a $2 billion Total Value Locked (TVL) after only 25 days. This remarkable growth is largely attributed to a surge in memecoins and anticipation of airdrops on the network.

Base's Advantages and Future

Base, designed as an Ethereum layer-2 solution, offers a compelling combination of advantages that have fueled its rapid adoption. Low gas fees make it ideal for decentralized finance (DeFi), gaming, and non-fungible tokens (NFTs). Fast transaction times enhance user experience and scalability. Integration with Coinbase simplifies onboarding for users looking to engage with on-chain applications.

Despite Base's impressive growth, the absence of a native token has prevented it from directly benefiting from the price pumps experienced by other layer-2 solutions like Solana. However, industry experts believe that the potential for a Base token remains a possibility.

Memecoins and Airdrops Drive Adoption

Analysis of Base's TVL growth suggests that memecoins and airdrop expectations are major drivers of adoption. Memecoins, known for their amusement value and community-oriented focus, have flourished on Base. Airdrops, free token distributions to early adopters of a protocol, offer additional incentives for participation.

Prominent Base Memecoins

Several memecoins have emerged as frontrunners on Base:

• TOSHI ($0.00055, Market Cap: $235 million): Named after Coinbase CEO Brian Armstrong's beloved cat, TOSHI has garnered a strong community.
• DEGEN ($0.016, Market Cap: $204 million): A memecoin that distributed a substantial part of its supply to Farcaster users upon launch.
• BRIUN ($0.02078, Market Cap: $20 million): A satirical take on Brian Armstrong, offering comic relief within the Base ecosystem.
• TYBG ($0.0004, Market Cap: $57 million): Self-proclaimed as the "most based meme on Base," TYBG embodies the community spirit.
• BALLZ ($0.046, Market Cap: $46 million): Inspired by a daring wolf, BALLZ has gained attention for its playful and somewhat controversial nature.

Anticipated Base Airdrops

The launch of new protocols on Base creates the potential for future airdrops. Promising projects building on Base include bridges (Across, Stargate), decentralized exchanges (ODOS, Aerodrome), and lending protocols (Moonwell, Seamless).

Camille Lemmens, an accomplished airdrop hunter, will provide ongoing updates on the most lucrative airdrop opportunities in the Base ecosystem.