Wilderness of BASE Chain: Striking for MEME Throne

2024-06-26, 09:16

[//]:content-type-MARKDOWN-DONOT-DELETE
![](https://gimg2.gateimg.com/image/article/17193927191690791857hotspot.jpeg)
## [TL；DR]: 
BASE is widely praised for its excellent security, cost-effectiveness, and friendly environment provided to developers.

Although there is a certain gap, the MEME market on the BASE chain remains active, indicating that the new MEME battlefield may be shifting towards BASE.

With fast and economical trading technology, Coinbase support, and phenomenal social products, the BASE chain will have significant growth opportunities in the MEME track.

## Introduction
As BASE is about to celebrate its first anniversary on the mainnet, the recently popular BASE MEME online summit has ended. As a highly anticipated area of focus for BASE, MEME has already led BASE to challenge <a href="/id/price/solana-sol" target="_blank" class="blog_inner_link">Solana</a>'s MEME throne. This article will delve deeper into this topic.
 
## How Does the BASE Chain MEME Soar All the Way?
As a strong competitor in the MEME field of Solana, BASE Chain plays an important role in the competition for the discourse power of MEME on <a href="/id/price/ethereum-eth" target="_blank" class="blog_inner_link">Ethereum</a> L2, and its on-chain MEME takeoff process is also unique.
![](https://gimg2.gateimg.com/image/article/17193931541.jpg)
Source: base.org
 
As the person in charge of the BASE protocol, Jesse possesses the sensitivity and logic of an engineer, as well as personal charm, and firmly believes in the vision of "Online is the next Online." An interesting event is that he once promised to shave his head (Go Bald) when the TVL exceeded $10 billion, reflecting a hot topic in the BASE ecosystem.

Specifically, multiple MEME coin projects in the BASE ecosystem, such as TYBG, TOSHI, MOCHI, AYB, DEGEN, etc., were initially initiated by a few people based on their trust in Coinbase, the BASE ecosystem, and MEME.

These projects provide a platform for ordinary people to showcase their talents, find companions, unleash their creativity, and gradually form a prosperous MEME ecosystem with the waving of flags and cheers from various crypto KOLs/OGs, as well as the cheap and friendly experience brought by the Cancun upgrade, which is in stark contrast to the previously unknown situation.

As shown in the figure, the BASE chain MEME currently presents a pattern of one superpower and multiple strengths. Its total market value is $2.27B, accounting for 30% of the chain's TVL.
 ![](https://gimg2.gateimg.com/image/article/17193931812.jpg)
Source: CoinGecko
 
Brett (BRETT): BRETT and PEPE are from the same school, from Matt Furie's "Boy's Club" comic series. As the only MEME in the Base chain with a market value exceeding $1B, BRETT can be considered as the "top tier" of the chain.

Degen (DEGEN): DEGEN is the most popular MEME coin in the BASE chain. In the social app Farcaster, users can use DEGEN to give tips.

Toshi the Cat (TOSHI): named after Brian Armstrong's cat and <a href="/id/price/bitcoin-btc" target="_blank" class="blog_inner_link">Bitcoin</a> founder Nakamoto, this token combines the love of the Internet for pets with the mystery of the crypto legend. At present, this MEME is developing into a DAO.

Normie: Normie is a MEME coin designed for ordinary people. Its mission is to strengthen the BASE ecosystem by bringing millions of ordinary people into it.

Base God (TYBG): TYBG is a MEME coin issued by The BASED Institute, a research institution funded and led by Jesse Pollak in her capacity, aimed at supporting the development of <a href="/id/price/optimism-op" target="_blank" class="blog_inner_link">Optimism</a>, richness, and BASED's proprietary culture in the BASE ecosystem economy through research.

In summary, the MEME coin ecosystem on the BASE chain has formed an active and diverse market environment through a series of key events and the promotion of individuals, attracting the attention and participation of a large number of users and developers.
 
## Does BASE Strike Solana's MEME Throne?
Despite the significant gap, BASE Chain is actively advancing towards Solana's MEME throne.

In mid March of this year, BOME on Solana led a wave of pre-sales for MEME models, but the following projects in the market quickly cooled down. However, on March 20th, a new wave of MEME fever emerged on the BASE chain, with the over and back projects receiving much attention.

Over and Back are an innovative combination of MEME coins that reflect market sentiment through purchases and transactions, becoming a real-time on-chain predictive market of the Fear and Greed Index. On the evening of March 19th, these two projects took a snapshot and launched a trading competition. Their outcome will be determined over the next 24 hours based on trading volume, market value, and number of holders. The winning party will receive a reward of up to 2.5 million tokens, and only investors who hold their tokens will have the opportunity to win this airdrop reward, equivalent to approximately $2,000.

This novel concept and gameplay have attracted a large number of retail investors to participate, and the market has shown a soaring trend at one point. However, as profitable investors withdrew, the prices of these two MEME coins also rapidly declined.

It can be seen that BASE's unusual performance technique and intense market fluctuations are particularly stronger than Solana.
 ![](https://gimg2.gateimg.com/image/article/17193932293.jpg)
Source: BRETT
 
In summary, BASE Chain and Solana each have advantages in the MEME market, but they also have significant differences.

**Trading performance:**
Solana has a block time of 400 milliseconds and extremely fast transaction speed, making it suitable for applications that require high throughput.

Although the BASE chain is slightly slower, it provides lower trading costs and wide compatibility with Ethereum, equally attractive for cost-sensitive MEME coin projects.

**Ecosystem and maturity:**
Solana has established a mature ecosystem with diverse applications and projects.

Although the BASE chain started relatively late, with the support of Coinbase, its ecosystem has grown rapidly, especially in the MEME and Social fields. The rise of Farcaster and Friend.tech may bring more market traffic.

**Security and decentralization:**
The BASE chain inherits Ethereum's high security and decentralization features, while Solana has experienced network stagnation and performance issues in the past, which to some extent affects its stability view.
 
## Phenomenal Level Products Continue to Emerge, Highlighting the Potential and Shortcomings of the BASE Chain
From BALD, which skyrocketed 30,000 times in a day, to popular social products such as Friend.tech and Farcaster, and now leading companies such as BRETT and DEGEN, BASE has the orthodox MEME gene and has been constantly evolving, giving people the same expectations as Solana.

Completing the Cancun upgrade, the deployment of AA Wallet, and the recent BASE MEME online summit provide more opportunities for display and cooperation in more meme projects. BASE Chain has shown great potential and broad application prospects in RWA projects focused on the MEME, European, and American markets.
 ![](https://gimg2.gateimg.com/image/article/17193932894.jpg)
Source: @BiteyeCN
 
According to Token Terminal data, as of the end of Q2, approximately 55% of <a href="/id/price/uniswap-uni" target="_blank" class="blog_inner_link">Uniswap</a>'s monthly active users came from BASE, while this indicator was only about 20% in the early Q2 period.
 ![](https://gimg2.gateimg.com/image/article/17193933055.jpg)
Source: Token Terminal
 
With its continuous technological innovation, ecosystem construction, and market promotion, BASE Chain continuously consolidates its advantageous position in the MEME coin market. In the coming years, with the addition of more projects and capital, the BASE chain is expected to become an important force in the crypto field.

It is not difficult to see that in the context of the emergence of phenomenal products such as DEGEN, Friend.tech, and Farcaster, BASE has shown great potential in the MEME market and is striving to become a strong challenger for Solana.
 ![](https://gimg2.gateimg.com/image/article/17193933226.jpg)
Source: DUNE

Although the BASE chain has many advantages, it also faces challenges and shortcomings. Firstly, the BASE chain's ecosystem is not yet fully mature, and many potential large-scale applications and collaborations have not yet been realized.

In addition, although Ethereum has enhanced the security of BASE Chain as a new platform, it still requires time to prove its stability under various attacks and high loads.

As Markdomain stated, in the face of Solana's mature foundation and active community, BASE needs to overcome the challenges of insufficient market value and community participation. At the same time, it should implement an Airdrop strategy, enhance community participation, continuously upgrade technology, and deepen cooperation with Coinbase.

Overall, the continuous inflow of funds on the BASE chain makes it possible for it to take over Solana and show an upward trend, especially for the MEME tokens on BASE, which have relatively small valuations and large speculative space. However, investors must still be cautious and monitor risks when participating in MEME speculation.

<div class="blog-details-info">
<div>Author:**Carl Y.**, Gate.io Researcher
<div>Translator:Joy Z.
<div class="info-tips">\*This article represents only the views of the researcher and does not constitute any investment suggestions.
<div>\*Gate.io reserves all rights to this article. Reposting of the article will be permitted provided Gate.io is referenced. In all cases, legal action will be taken due to copyright infringement.
</div>

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