Base Link Takes over Sol Chain, Is This a New Round of MEME Carnival?

2024-04-02, 08:50

[//]:content-type-MARKDOWN-DONOT-DELETE
![](https://gimg2.gateimg.com/image/article/1690791857hotspot.jpeg)
## [TL；DR]: 
Recently, there is no doubt that Base Chain has taken over the hot spot sector, with a series of memes represented by DEGEN, BRETT, and MFER driving a frenzy of speculation.

The reason why Base Chain is so popular is mainly due to Coinbase's traffic support and wallet usability, as well as the innovative DAPP and the combined effect of strong MEME culture and genes.

The Base Chain can potentially breed new MEME and related social products, and is expected to develop into a unique L2 platform in the <a href="/id/price/ethereum-eth" target="_blank" class="blog_inner_link">Ethereum</a> ecosystem.

## Introduction
The recent trend of MEME in the <a href="/id/price/solana-sol" target="_blank" class="blog_inner_link">Solana</a> ecosystem has ended, while the Base Chain MEME craze is gradually emerging, indicating a potential relay.

Both traditional memes, such as DEGEN and BRETT, as well as the emerging MFER, have quickly emerged from the market with a rocket-like rise in recent times, attracting enthusiastic attention and discussion in the market. This indicates that the Base chain is gradually emerging and becoming the next potential wealth growth hotspot.

Investors are speculating whether the Base Chain is entering its golden age, and this article will delve deeper into it.
 
## The Three Major Meme Coins that Have Gained Popularity: DEGEN, BRETT, and MFER
It seems that every public chain is creating its own meme to attract more traffic. However, based on historical experience, only Ethereum and Solana have achieved this. Recently, Base Chain has undoubtedly taken over, and a series of meme coins represented by DEGEN, BRETT, and MERF have driven hype.
###  DEGEN: Dogecoin on Farcaster
As one of the token leaders on the Base chain, Degen has demonstrated its core position in the ecosystem.

This token initially appeared as a MEME coin, but now it has transformed into a functional token for the entire ecosystem, with numerous projects built around it, including using it for tipping or as a trading target.
 ![](https://gimg2.gateimg.com/image/article/17120475041.jpg)
Source: Gate.io
 
In Farcaster, the most popular social application protocol on the base chain, Degen plays a crucial role.

Warpcast, as an official product created by Farcaster, has become a core social gathering area on the Base chain, with project marketing and coin issuance conducted on its platform. In Warpcast's Degen channel, users can receive Degen token rewards through active behaviors such as speaking, further promoting the popularization and application of Degen in the ecosystem.

In addition, DEGEN coins have rapidly expanded their influence through innovative airdrop gameplay (tipping) and niche community dissemination.

In just a few months, its market value increased from $10 million to $1 billion, achieving astonishing growth.
###BRETT: Comic Mascot with the Same Origin as PEPE
Brett, a character from the 2005 Boys Club comic, is also one of the highly anticipated Memes on the Base Chain.

This manga was originally published by Matt Furie on his blog, telling a series of exciting stories between Pepe, a frog, and his three friends, including Brett, who loves dance, fashion, and hats.
 ![](https://gimg2.gateimg.com/image/article/17120475572.jpg)
Source: Gate.io
 
However, with Pepe being abused as a symbol of hatred, its original author, Furie, expressed strong dissatisfaction. On May 6, 2017, Furie held a funeral for Pepe in another of his comics, "The Greatest Cartoon Character in the World." This cartoon character, who had hundreds of thousands of fans, "passed away" under the creator's pen.

Nowadays, Brett's emojis are not uncommon on social media, and they have become an intuitive and clear way for people to express their emotions. As emoticons gradually evolve into a cultural phenomenon, people's understanding of each character gradually becomes fixed, and Brett is one of them.
###  MFER: 6-hour 100x OG Meme Coin
For beginners in the NFT field, mfer may still be an unfamiliar name, but among experienced players in the field, it has already gained a great reputation.

MFER once led the NFT craze alongside blue-chip projects such as Azuki and Cool Cats. The promoter behind it, Sartoshi, is an anonymous NFT collector and meme artist whose pseudonym shares similarities with Satoshi Nakamoto, the father of <a href="/id/price/bitcoin-btc" target="_blank" class="blog_inner_link">Bitcoin</a>.

However, as MFER emerged, Sartoshi suddenly withdrew from the NFT field, causing market shock. After a long silence, he returned and launched the Memecoin based on the Coinbase Layer 2 network Base - MFERCOIN.
 ![](https://gimg2.gateimg.com/image/article/17120476063.jpg)
Source: Gate.io
 
Once launched, this token quickly became the market's focus, setting a record of a 100-fold increase within 6 hours of opening and becoming a new popular meme coin on the Base chain recently.
 
## The Supporting Factors for Base Chain Takeoff
We believe that the popularity of Base Chain cannot be separated from the following points:

1. Low cost: Since Ethereum completed the Cancun upgrade, the cost of Gas on the Base chain has sharply decreased, providing a foundation for users to use it on a large scale.

2. Coinbase's Full Support: The Base Chain has received full support from Coinbase, bringing it huge funds and user resources. Its integrated AA wallet greatly reduces the threshold for users to participate in on-chain operations, and the practice of not issuing governance tokens also makes it more aligned with practical compliance demands.

3. Application innovation: The applications on the Base chain are innovative, especially in the social field. Compared to other DeFi projects, the application on the Base chain places more emphasis on social types, and the project team focuses more on long-term construction and innovation.

4. strong MEME culture and genes: The Base Chain shares similar European and American cultural characteristics with Solana, giving rise to a series of highly anticipated MEME coins such as BALD and BRETT due to factors such as self-deprecation, graffiti, cult, and tipping. The explosive performance of these MEME coins further enhances the visibility and influence of the Base Chain, attracting more users and funds to enter.

5. Active community and developer ecosystem: The increasing number of active addresses on the Base Chain indicates that its community and developer ecosystem are very active. This is naturally due to the extensive support and subsidies provided by Coinbase for developers.

In summary, the reason why Base Chain is popular is because it has received full support from Coinbase, innovative applications, and the combined effect of strong MEME culture and genes.

These factors make the Base chain stand out among many L2s, as evidenced by data such as TVL $3.2B, which is second only to Arbitrum and <a href="/id/price/optimism-op" target="_blank" class="blog_inner_link">Optimism</a> on the Base chain.
 ![](https://gimg2.gateimg.com/image/article/17120477014.jpg)
Source: L2BEAT
 
## Base Chain Focuses on the Social Arena Around MEME
The Meme project has become an ideal choice for the Base team's development strategy due to its simple logic and huge growth potential. In the L2 public chain, military competition will inevitably enter a white-hot stage, and the popularity of MEME has secured an important ticket for Base.

Looking back at the cryptocurrency cycle from 2020 to 2022, Meme's total market value once accounted for about 5% of the total cryptocurrency market value, demonstrating its strong market potential. Looking ahead, if the total market value of cryptocurrencies reaches 6 trillion yuan between 2023 and 2025, and the market share of Meme can increase to 2%, the Meme market is expected to reach a staggering $120 billion scale.

In this context, DEGEN, BRETT, and other potential MEME projects on the Base chain will continue to shine by empowering more social applications.
![](https://gimg2.gateimg.com/image/article/17120477345.jpg)
Source: @degentokenbase
 
It is worth mentioning that Meme projects on the Base chain may have unique advantages in cultural genes.

Compared to early MEMEs such as Doge, Brett and Pepe have broad support in both Eastern and Western cultures, demonstrating their core consensus position in human civilization. This cross-cultural integration makes Meme projects on the Base chain more attractive and have market potential.

However, we also need to be clear about the current development status of the Base chain. Compared with mature chains such as Solana, Base chains still have significant gaps in liquidity and funding. The Memecoin ecosystem on the Base chain is not yet mature, and there is still a significant gap between the market value and active addresses of top projects and Memecoin projects in the Solana ecosystem. This means that the trading behavior on the Base chain is more manifested as on-chain PVP games, with a relatively small market capacity.

Nevertheless, we are still full of expectations for the future of the Base chain. In the upcoming cryptocurrency market, multiple favorable factors such as ETF adoption, BTC halving, ETH Prague upgrade, and the influx of more users are expected to bring new development opportunities to the Base Chain. We look forward to seeing if Base Chain can leverage these driving forces to drive its Meme projects up and get more surprises to investors.

In the future, with the continuous changes in the market environment and the gradual improvement of the Base Chain ecosystem, we have reason to believe that the Base Chain will occupy a place in the cryptocurrency market. And various signs indicate that the Base chain may give birth to powerful MEME and related social products, and is expected to develop into a unique L2 platform in the Ethereum ecosystem.

<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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