Recently, the BASE ecosystem has begun to appear in front of the public. Today, Xiaomiao will take you to take a look at several projects of the BASE ecosystem (selected a few):

The first is the Base network, which is a Layer 2 network based on Ethereum that aims to provide low gas fees and is open source. The Base network is incubated by Coinbase, and Coinbase, as a current compliant exchange, has brought a certain amount of attention to Base.

Recently, we can see that Base’s total value locked (TVL) has increased significantly. Defillama data shows that TVL has now reached $1.1 billion, which shows that a large amount of money is pouring into the Base chain to purchase tokens in its ecosystem.

Today we will introduce three projects, namely Degen and Brett, both of which are Meme projects, and there is also an AMM project AERO.

Brett

Brett is one of the most typical MEME projects on the Base chain. It can be said that it has become one of the most well-known cultural symbols in the Base ecosystem, just like Dogecoin on the Ethereum chain. Brett is derived from the legendary character in Matt Fairey's "Boys Club" comics. He is a dancer and an avid video game enthusiast. Today, he is rejuvenated on the Base blockchain with the tribute of his fans. As the blue mascot of the blue chain Base, he has been deeply rooted in the hearts of the people and has become a unique existence on the Base chain.

Token Economy

The total supply of tokens is 10,000,000,000, of which 8,554,838,671 have been circulated, with a circulation rate of 85.55%. The current price is 0.06657, with a market value of $560 million. In terms of token distribution, 85% of the rewards were allocated to liquidity providers (LPs), the foundation received 10%, and CEX wallets received 5%.

The dough

$Degen represents the leading MEME token in the Farcaster ecosystem, and its name itself implies that it is more speculative. As the leading token in the Farcaster ecosystem, $Degen carries a reward mechanism for active user participation. Users only need to speak in Farcaster's degen channel or participate in other activities to be rewarded with $Degen tokens. In essence, Degen is a MEME token designed to encourage crypto degens to share speculative information on Farcaster.

The token has already undergone two rounds of airdrops. In just one month, its price has risen from 0.003 to 0.045, a 15-fold increase, showing a strong growth momentum.

The reason for the rise of Degen tokens is that the low-cost Layer 3 blockchain Degen Chain was announced some time ago. The network is built with Arbitrum Orbit and AnyTrust DA technology, and the settlement layer is Base. The native Gas token of Degen Chain is DEGEN. This move has added consumption scenarios and public chain narratives to the DEGEN token, driving up the valuation of DEGEN.

DEGEN has increased by 70.24% in the past 24 hours. Compared with other Layer 3 blockchains, Degen Chain is unique. It is the first Layer 3 built specifically for DEGEN tokens and their communities, and can make new attempts in rewards, community rewards, payments, games, etc. DEGEN is also the native Gas token of the chain, which can explore new possibilities for the development between tokens and their Layer 3.

The Degen and Syndicate teams have leveraged Syndicate’s developer tools, such as providing a gas-free transaction cloud API to support developers on the Degen Chain.

Currently, Degen has 110,000 holders, with a trading volume exceeding US$1 million and a market size of US$1.6 billion.

Token Economy

The total amount of tokens is 36,965,935,954, and the current circulation is 14,179,608,879, with a circulation rate of 38.36%. In terms of the distribution of tokens, the first airdrop accounted for 25%, the second airdrop accounted for 20%, the third airdrop accounted for 15%, the ecosystem accounted for 15%, the liquidity pool accounted for 15%, and the liquidity mining accounted for 10%. Therefore, most of the tokens were used for airdrops, and the team did not retain any tokens, nor did they conduct pre-sales. All tokens were distributed, which caused the token to have a huge meme attribute.

AERO

Aerodrome Finance is a next-generation AMM designed to become the central liquidity hub of the Base ecosystem. It combines a powerful liquidity incentive engine, a voting lock governance model, and a user-friendly experience. The project was launched on the BASE network on August 28, 2023. Currently, Aerodrome Finance should be one of the largest AMMs on the Base chain, with a TVL of $500 million, far exceeding Uniswap and Compound on the Base chain. Its products are currently simple in function, mainly including Swap and Liquidity provision functions.

Token Economy

Aerodrome Finance uses two tokens to manage its utility and governance:

$AERO — The protocol’s ERC-20 utility token, allocated to liquidity providers.

$veAERO — ERC-721 governance token in the form of NFT (Non-Fungible Token) for governance. Any $AERO holder can choose to lock their tokens for voting in exchange for one $veAERO (also known as Lock or veNFT). The lock-up period can be up to 4 years, and its voting weight is proportional to the lock-up period. In addition, the voting weight of locked tokens will not decay over time.

The total supply of tokens is currently 812,046,682, the initial supply is 500 million, and the current circulation is 23%. The current price is about $1.38, and the market value is about $220 million. Compared with Uniswap, the market value and TVL should be 1:1, so the current market value is underestimated.

Summarize

The ecological development on the Base chain seems to be average at present, and no eye-catching projects have emerged. The current largest AMM is also relatively average in terms of innovation, and its main advantage is that it is the largest AMM on the Base chain. The market value of the other two MEME projects is already considerable, especially Degen, which has increased by 15 times when we mentioned it, and has now increased by 15 times again, showing the strong performance of the MEME project. However, it is still challenging to predict its future growth, especially considering the current scale of the Base chain. The data performance of another MEME project is poor, with unsatisfactory numbers of fans and addresses holding coins. Therefore, although the ecology on the Base chain has improved, there is still a gap compared with other chains. We should not believe various rumors on the Internet, but understand the situation in person and see it for ourselves.


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