🤔Have you ever thought that a meme coin originally just humorously paying tribute to the CEO's bald head could unexpectedly go viral and lead to the rise of a whole new blockchain ecosystem? This is the wonderful journey experienced by the Base blockchain launched by Coinbase!
🌟In August 2023, the Base blockchain gained attention for the rapid rise of the meme coin BALD. This token was inspired by Coinbase CEO Brian Armstrong's bald head, with a name that is both humorous and relatable. However, according to Jesse Pollak, one of Base's core promoters, the goals of Base extend far beyond this, with a more profound global impact plan.
🚀The rise of BALD indeed surprised Pollak and the team. He recalled at the Devcon conference in Bangkok, "That was completely unplanned, but it just happened." This unexpected frenzy not only showcased the unpredictability of the crypto world but also became a vivid lesson on adaptability and innovation. Although BALD eventually collapsed, it highlighted the decentralized and uncontrollable nature of the blockchain ecosystem.
🤑In the Base ecosystem, high market cap tokens are mainly meme coins, such as BRETT, VIRTUAL, MOG, etc., showcasing the meme-oriented characteristics of Base. Particularly, the attention of Coinbase's investing institution a16z on AI agents has further boosted the popularity of AI agent meme coins on Base.
🌍However, Pollak's expectations for Base go far beyond this. He frequently visits Africa and Asia, meeting with developers and participating in various blockchain events, dedicated to building a robust platform that provides secure financial solutions for emerging markets such as Southeast Asia, Kenya, and India. Pollak stated, "People in these regions are seeking stable economic options, and stablecoins are filling this gap."
💹The growth of Base is evident. On-chain data shows that it is approaching Solana in terms of stablecoin issuance. According to DeFiLlama, Base has a stablecoin market cap of over 3.5 billion USD, ranking sixth globally.
💡Despite the rapid development of Base, its close relationship with Coinbase has also sparked some criticisms regarding centralization. The controversy peaked especially when Coinbase delisted Wrapped Bitcoin (wBTC) and promoted the Base-driven alternative cbBTC. Critics mockingly referred to this new token as "Central Bank Bitcoin." However, Pollak rebutted these accusations and used the boom of meme coins as an example to illustrate Base's openness: "The meme coin phenomenon indicates that Base is not fully premeditated, controlled, or centralized."
🔧As a second-layer solution on Ethereum, Base's design philosophy is decentralization. Pollak emphasizes Base's reliance on open-source technology: "Anyone can replicate this code, verify its functionality, and challenge its operation." He also revealed that Base has introduced a fault proofs mechanism, further enhancing decentralization. This mechanism allows active addresses on Base to verify and challenge transactions, reducing reliance on centralized entities.
🛡️Fault proofs are an innovative mechanism in blockchain technology aimed at enhancing the degree of decentralization and security of Layer-2 scaling solutions. It allows any participant to claim the state on-chain and challenge potential errors or fraudulent activities. This mechanism ensures that the system can remain honest and secure even in a non-fully decentralized environment.
🚀The journey of Base has just begun. From a meme coin-driven start to now focusing on the goal of global financial inclusivity, this protocol showcases remarkable adaptability and growth. With a commitment to decentralization and a vision to empower underserved markets, Base is carving out a unique position in the blockchain space. It continues to uphold its commitment to the Ethereum mainnet and has not issued any native tokens, which keeps the community speculating about further actions.
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