In the ever-evolving world of Blockchain technology, Coinbase has taken a leap forward by launching Base – a Layer 2 built on OP Stack. The Base ecosystem has also shown its initial success with the Hype power of Friend.tech or most recently the appearance of Aerodrome. So what’s special about the Base ecosystem? Let’s find out with Weakhand in this article.
Before jumping into the article, please refer to some of the following articles to understand better.
- A favorable start for the Base ecosystem
- What is base? Base cryptocurrency overview
- Why did Binance and Coinbase choose to build on Optimism?
Overview of On-Chain Indicators on Base
Since the official launch of Mainnet on August 9, 2023, Base is one of the most active ecosystems on the market at the present time. On the first day of officially launching the Mainnet, Base recorded 52,692 active wallet addresses and by the next day, this number had skyrocketed to 77,294 daily active wallet addresses. The total number of wallet addresses on Base has continuously seen growth and to date this number has reached 10M wallet addresses.
Number of daily Transactions on Base
In terms of the number of daily Transactions, Base also witnessed an extremely impressive start since the Mainnet on August 9, 2023, the peak of this growth was 1.4M Transactions taking place on August 21. /2023 along with Friend Tech’s Hype level on Base at that time.
Compare the number of daily Transactions on Layer 2
However, after that period of impressive growth, perhaps Base has gradually decreased its attention and in terms of the number of daily Transactions at the present time, it is only on par with other prominent Layer 2 platforms on the market. like Arbitrum or Optimism.
While Base is making headlines as a DeFi-focused Blockchain, its efforts in the NFT world cannot be overlooked. In fact, on August 19, 2023, OpenSea – a leading NFT Marketplace platform on the market at the moment – made the decision to shift its focus from NFTs on BNB Chain to other Layer 2 networks such as Base spoke volumes about Base’s potential in the NFT space.
Up to now, Base has reached a total trading volume of 557K USD with a revenue source of 54K USD. This is not a large number when compared to leading Blockchains for NFTs such as Ethereum or Solana, but when compared to other Blockchains such as Arbitrum which only reaches nearly 400K Transaction Volume while with Cardano – a Blockchain that is also focusing Development in the NFT segment has reached about 2.3M trading volume this August.
NFT trading volume of Blockchains on the market
Delving deeper into the NFT space, Base has also marked its presence by introducing in “Onchain Summer” collaborating with major industry players such as Atari and Pixelmon. The main goal of “Onchain Summer” is to provide mainstream users with an engaging and simple gateway into the world of on-chain art, gaming and music.
Updates Revolving around the Base Ecosystem
Deploying the Onchain Summer program
To celebrate the official launch on August 9, 2023, Base launched Onchain Summer – a month-long onchain festival hosted by 50 developers, brands, products, artists and creators. create the best. Every day in August, they will bring something interesting done onchain on topics such as: Art, music, games,…
- Onchain Summer 9 – August 18, 2023: Create artwork, websites, or whatever inspires you for Onchain Summer on Base.
- Build on Base 12 – August 23, 2023: Deploy protocols, build new infrastructure or applications on Base.
- Stand with Crypto August 14 – 24, 2023: Create a one-minute video sharing the Onchain use case story.
- Base Accounts August 16 – September 13, 2023: Build something that enhances user experience or enhances Base using Account abstraction.
In addition to sponsorships, Base also cooperates with other Superchain members to organize a Hackathon, Superhack from August 4 – 18, 2023. The Hackathon program will have a prize worth 125,000 USD.
Participation in major projects
Although it has only been launched for a short time, Base has attracted the attention of many large projects on the market such as:
- PancakeSwap: According to PancakeSwap’s latest announcement on August 30, 2023, the project has officially been launched on Base and now users can Swap Tokens with low transaction fees from only 0.01 – 1% and Liquidity providers can contribute to Base’s ecosystem by providing Tokens into Liquidity Pools and earning profits.
- Opensea: OpenSea’s development team also announced to stop supporting BNB Chain and shift focus to other Layer 2 networks such as Base that have higher development potential.
- On August 29, 2023, Circle also announced the implementation of USDC on Base and now developers and users can access and use USDC on the Base ecosystem.
Some Outstanding Projects in the Base Ecosystem
Although it has only been launched for a short time, the Base ecosystem has attracted more than 100 projects and dApps to build and develop. Below are some outstanding projects in Base’s ecosystem:
Friend.tech
Friend.tech is a decentralized social network application built on Layer 2 Base and uses a user database taken from X (Twitter). Therefore, a new user joining Friend.tech will not need to reset all information from scratch.
Friend.tech allows users to chat with KOLs (celebrities) in a private group. However, to chat with any KOL, on Friend.tech users are required to buy “share” from that celebrity.
In essence, a share is no different from an ERC token, however the total supply of these tokens will fluctuate based on the buying and selling needs of users in the market. KOL is the share issuer, however it will not have the right to mint the share itself. Shares are also not traded on an AMM DEX like other regular tokens, so the price of shares will be calculated according to a bonding curves formula as follows:
y = x^2 / 16000
In there:
- y: Is the price of the share, calculated in ETH.
- x: Is the total supply of shared tokens at the present time (x can change up or down depending on the number of shares bought or sold).
To make it easier to understand, we will take an example as follows:
- KOL A today has 100 share owners, so the price of the share for the next buyer will be: 100^2/16000 = 0.625 ETH.
- If the number of share buyers increases to 120, the share price will now be: 120^2/16000 = 0.9 ETH.
- However, if the number of share sellers increases and the total supply decreases to 80, the price of the share will now be: 80^2/16000 = 0.4 ETH.
In addition, when each share purchase transaction occurs on Friend.tech, a 10% fee will be applied to the total transaction and share volume as follows:
- 5% is paid to KOLs.
- 5% is paid to the protocol.
Even though it only launched its Beta version on August 10, 2023, Friend.tech has achieved incredible numbers. There are more than 110,000 people signing accounts on Friend.tech, more than 95,000 people have bought shares and more than 1.8M transactions. This has proven the great Hype power that Friend.tech has and has made Friend.tech one of the most prominent projects on Base.
Aerodrome
Aerodrome is an AMM Dex platform forked directly from Velodrome with the goal of becoming the main liquidity center on Base. Because it was built from Velodrome’s own development team, Aerodrome inherits the latest features of Velodrome V2.
Aerodrome was launched on August 28, 2023 on Base and although it has only been released for a short time, Aerodrome has achieved initial success in attracting users to the platform. This has been proven through the TVL skyrocketing to more than 170M USD on Aerodrome, while also pulling the TVL across the entire Base ecosystem to more than 400M USD at the present time.
Some potential projects
In addition to the two projects Friend.tech and Aerodrome are considered the most prominent in the Base ecosystem at the present time. There are many potential projects that are making good progress since the Mainnet. Below are some projects that I see potential on Base.
Base Swap
BaseSwap is a decentralized Dex exchange deployed on Base. BaseSwap provides many features for users to choose from for trading such as: Token Swap, Cross Chain Swap or even with Perpetuals Trading. Up to now, BaseSwap has partly proven its position by reaching a TVL of more than 13M USD and is one of the platforms with the most active people on Base with more than 18k Active Users.
Iskra World
Iskra World is a Blockchain game hub that brings together gamers and game studios. Iskra World allows gamers to discover and enjoy quality Blockchain games and create their own communities.
While with Game Studios can use various resources provided by Iskra to build games of all genres including: Strategy games, collectibles and MMORPGs. Iskra World provides the full support required for the development and operation of blockchain games from funding and infrastructure to a Token economy and a passionate community.
Up to now, Iskra World has partly proven its capabilities by always being one of the platforms with the most active users on Base. Especially in the most recent week from August 30 to September 6, 2023, Iskra World surpassed Friend.tech to become the platform with the most active users with 26.6k Users.
Odos Protocol
Odos Protocol is a Dex Aggregator platform that uses algorithms to aggregate over 50 decentralized exchanges (Dex) and find optimal routes to Swap Tokens for users. Odos Protocol not only allows users to Swap 2 single Tokens but also has some more advanced features such as: Swap multiple Tokens at the same time and can adjust the Dex platforms they want to use liquidity sources for. In addition, Odos Protocol also does not charge any fees to users.
Base Ecosystem Review
Although it has only been launched on Mainnet for a short time, Base has attracted more than 100 dApps to develop on its ecosystem. However, in my opinion, most of them are Fork projects or Multichain implementation projects. But we still see native projects on Base working quite well, such as: Friend.tech, BaseSwap,… Regarding the development team’s strategy, Onchain Summer is the first event to help Base attracts many dApps as well as developers to its ecosystem.
summary
Base is probably one of the Layer 2s with the greatest appeal on the market at the moment. In just a short time since Mainnet, Base has attracted a huge amount of TVL up to 400M USD. Hopefully, such favorable beginnings will help the Base ecosystem have better developments in the future.
