Why on-chain users should pay attention to the Base chain and its ecosystem MEME?

Written by: jiucaidog, Deep Tide TechFlow

As the cryptocurrency market experiences a dramatic decline, the MEME trend in the Solana ecosystem seems to have come to a halt. Where will the next wave of trends focus?

On Twitter, many overseas KOLs have begun to focus on the Base chain and its ecosystem after the Cancun upgrade: gas fees have significantly decreased; the AA wallet provides a smooth experience; transaction and user data are rapidly increasing; and it possesses a native MEME culture in crypto…

These factors suggest that Base may have the potential to nurture a new MEME king, and it seems poised to become an L2 characterized by MEME within the Ethereum ecosystem.

Significant Reduction in Fees

After the Cancun upgrade, the transaction fees on the Base chain have significantly decreased. On March 20, its gas fee was only $0.007, and it even dropped to $0.0005 at one point, laying the foundation for an explosion in its on-chain ecosystem.

Coinbase AA Wallet Support

One of the biggest advantages of the Base chain is its backing by Coinbase's large user base and substantial asset reserves. Coinbase only needs to build a chain that connects the Base chain with the Coinbase exchange and wallet ecosystem.

Recently, the Coinbase wallet launched the AA wallet (http://smart-wallet.xyz), allowing ordinary users to bypass cumbersome steps and directly create accounts using their mobile or computer devices, touch ID, or Google accounts. They can also connect directly to their Coinbase accounts, laying the groundwork for attracting users and funds on a large scale to the Base chain.

Continuous Increase in Base Chain Data

According to on-chain chart data from Dune, the number of new users is experiencing explosive growth, with daily transaction volume and fee income also rising in tandem. As of March 19, the total number of on-chain addresses exceeded 4.7 million.

MEME Chain in the Ethereum Ecosystem

Within the entire Ethereum ecosystem, aside from Ethereum itself, it seems that only the Base chain has a strong MEME culture and gene.

In July 2023, the Base chain first gained widespread attention due to the MEME coin BALD, which skyrocketed 30,000 times in one day, with rumors suggesting that Coinbase insiders were manipulating the token.

Subsequently, a new MEME leader emerged, BRETT, which now has a market cap exceeding $300 million, along with the cat-themed MEME Toshi, which currently has a market cap of $100 million, becoming two major blue-chip MEMEs on the Base chain.

The hottest recent MEME is NORMIE, which was born in early March and has been continuously rising, with a market cap exceeding $120 million, poised to become the new MEME leader on the Base chain.

At the same time, given that Base has a certain Ethereum orthodoxy, other areas of the Ethereum ecosystem will also consider the Base chain as a launchpad for their MEME tokens.

The most typical example is the Farcaster protocol and its application Warpcast, where MEMEs like Degen, FAR, SPAM, and CAST are created on the Base chain.

In summary, Base has a "long-standing" tradition of MEME coins, and even its related person Jesse Pollak is a MEME coin enthusiast who has encountered rug pulls while participating in MEME projects.

Currently, the main trading bots on the Base chain are:

Shuriken: User-friendly UI, no token issued

https://t.me/ShurikenTradeBot?start=ref-minlyang

sigma: Large user base, no token issued

https://t.me/Sigma_buyBot?start=ref=5649277789

Overall, the MEMEs on Base exhibit very distinct Western cultural characteristics.

In terms of overall liquidity on the chain, it is far less than Solana. From the perspective of on-chain capital flow, there hasn't been a massive influx of funds, and many memes are still PVP games, so there is no need to hold expectations equivalent to those of the Solana ecosystem.

The Base ecosystem is still in its early stages, and the risks are greater.