In just a few months, Base has rapidly risen from a relatively unknown Layer 2 project to the leader of the Ethereum-compatible ecosystem, with a TVL (Total Value Locked) surpassing 3.85 billion dollars, outpacing Arbitrum and Optimism, becoming the most competitive new giant in the Layer 2 market. With strong backing from Coinbase and support from North American capital, the Base ecosystem experienced explosive growth in 2024, with November's capital inflow surpassing Solana, making it one of the hottest wealth tracks in the blockchain field. However, despite achieving significant results in capital inflow and ecosystem growth, its on-chain transaction volume has not surpassed Solana, indicating that while expanding rapidly, Base still faces the dual challenges of sustained growth and market competition.
For example, in terms of market value, the market capitalization of Clanker's CLANKER token has reached 70 million dollars, reflecting the immense allure of the Base ecosystem and the current hype. Unlike traditional VC token plays, the rise of Meme tokens reverses the on-chain data and users’ trading behavior to drive exchange listings, forming a new ecological model. Users accumulate chips on-chain and then utilize exchange liquidity to exit; this model pushes CEX (centralized exchanges) into the corners of the market, which I believe is a strong indication of the true beginning of a bull market, similar to the on-chain liquidity scene during the DeFi Summer explosion in 2020. This innovative mechanism showcases the vitality of the Base ecosystem while also exposing the challenges it faces in market competition.
On-chain data comparison between Base and Solana on Artemis
The relationship between public chains and ecological projects is like a couple dancing together, inseparable and mutually supportive. Whether Base, as a public chain, can leverage AI Agents and Meme culture to break through the $4 billion TVL barrier and become a market leader remains an unresolved challenge. At the same time, ecological projects like Clanker and Virtual Protocol must find fertile ground for growth within the Base ecosystem and rise with market enthusiasm, which is also worth observing. Clanker and Virtual Protocol are representative projects in this round of Base hype, with the former as a 'machine for creating popular Memes' and the latter spanning from GameFi to AI infrastructure to consumer platforms. Though they have different development paths, they both seize market opportunities and become focal points. Through the rise of these projects, we see the allure of the Base ecosystem and the current market frenzy, showcasing the deep-seated interests and tacit agreements between public chains and projects, although the winds may be boundless, there remains a driving force of commerce and market interests behind it.
Clanker: The 'Hit Meme' machine of the Base ecosystem
Clanker is like a crazy invention that has crossed over from (Rick and Morty), becoming a reality in the laboratory of the Base public chain—it is an AI Agent full of crazy ideas, focused on turning elusive concepts into real Meme tokens using social media and smart contracts. Imagine, like Rick, casually deploying an ERC-20 token directly on Farcaster with @clanker, complete with a liquidity pool and smart lock features—this is not just a technological magic, but a carnival of decentralized narrative. Clanker simplifies the operation process, relying on the Clanker.sol contract to achieve the minting of ERC-20 tokens, initialization of Uniswap V3 pools, liquidity injection and locking; users only need to initiate a simple request on Farcaster to easily complete the deployment and distribution of tokens, and multiple Meme tokens with valuations exceeding ten million dollars have already been created. It breaks down technical barriers, giving everyone a chance to become a creator in the Meme economy, while also creating tangible benefits for the community through a 40% fee-sharing mechanism.
Clanker technical implementation flowchart
However, this carnival is not merely for entertainment. Clanker is exploring how to integrate the concept of DeSci (decentralized science) into its system. For example, future tokens may no longer just be about humor or sentiment, but serve functions such as funding scientific research, sharing experimental results, or supporting open-source tools. Just as Rick invents solutions to cosmic problems on the fly, Clanker's tokens may become experimental tools in the scientific community, providing new funding models for scientists while reshaping the academic trust system with on-chain transparency. This combination of DeSci and Meme is not only refreshing but also opens up an unexpected future for blockchain applications.
Clanker is such a crazy and creative laboratory that continuously expands the boundaries of Web3 amidst laughter and innovation. Who knows, will the next industry rewritten by it be science?
Market performance of the three major tokens: CLANKER, LUM, ANON
The issuance stories of the three major tokens CLANKER, LUM, ANON, especially the combination of ANON and the anonymous posting tool anoncast, even attracted the attention of Ethereum founder Vitalik. Meanwhile, it is worth noting that the birth of AI Meme Luminous ($LUM) stemmed from an inspiring collision in the Farcaster community, where a user proposed the bold idea of creating a token symbolizing the collaboration between humans and AI: intertwined blue and gold light streams represent AI and human consciousness, forming an infinite loop, while the deep space background conveys a sense of technology and futurism. Through the Clanker platform, this idea was quickly realized, with the entire process of token minting, Uniswap V3 pool initialization, liquidity injection and locking, as well as the design of a 40% transaction fee rebate mechanism, all completed automatically. $LUM not only reduces the technical barrier with its simplified operation process but also quickly attracts community attention through its narrative theme of 'human and AI collaboration' and artistic visual design, becoming a cultural symbol within the Base ecosystem. Relying on its strong community dissemination power, $LUM has surpassed a market value of 30 million dollars from inspiration to its current valuation.
On one hand, Clanker, as an innovative platform, greatly lowers the technical threshold by simplifying user operation processes (such as generating tokens directly through @clanker) and collaborating with AI to issue tokens, allowing anyone to participate in the creation and dissemination of Meme tokens. On the other hand, spectators cannot help but question whether the Clanker model can be sustained? As a 'crypto circle' project, its current model focuses on hype and dissemination, lacking actual 'use' scenarios. I would like to invoke the thoughts of cultural anthropologists, in reality, a culture is neither a purely physical process nor a purely idealistic construct. It is a living organism rooted in the soil of life, encompassing the simple instinctual lives of shepherds, fishermen, and farmers, as well as the highest achievements of artists and philosophers; just as individuals closely link the nutrition and reproduction of animal life with higher rational and intellectual activities. As the world shifts from the tangible to the intangible, Clanker may not just be a technical tool, but more so the core engine of innovation and cultural dissemination within the Base ecosystem, gradually promoting community interaction and the release of creativity.
Virtual Protocol: Inspirational entrepreneurial stories in the crypto circle
Although part of the Base ecosystem, Virtual has chosen a completely different path: centered on product-driven development, emphasizing the link between AI and Web2 users, gradually building a high-frequency tool system for 'use'. The views of former Google CEO Eric Schmidt and A16Z co-founder Marc Andreessen highlight the unique advantages of the Virtual team in high-frequency trial and error. From PathDAO to Virtual Protocol, the team has completed the miracle of growing from a market value of 10 million dollars to 1 billion dollars in three years, crossing GameFi, AI infrastructure, and consumer DApps.
Early GitHub of PathDAO and the Twitter of the ecological leader
Virtual includes a diverse product line, including modules like MyShell's Alpp Store. Although the market value and usage of individual products are not as high as Clanker's crypto Memes, it has opened up space in the Web2 tool scenario. $VIRTUAL is the native token of the Virtuals Protocol platform, designed specifically for the AI agent ecosystem. Users need to use $VIRTUAL to purchase AGENT tokens (like $LUNA) and cannot exchange with other tokens, making $VIRTUAL the only channel to enter this ecosystem and purchase and invest in AI agents. The VIRTUAL token plays a key role in the entire system, driving economic activities within the platform and ensuring decentralization and fair distribution. Most agents on the platform are intellectual property agents representing specific personalities or characters, such as virtual beings, frogs, memes, Donald Trump, Taylor Swift, etc. Meanwhile, developers are also creating functional agents to enhance user interaction with AI virtual beings and ensure they seamlessly integrate into the virtual world. These agents can not only generate real income but also achieve long-term growth and co-ownership through a tokenization mechanism, allowing participants who hold $VIRTUAL tokens and purchase $LUNA tokens to share in the potential returns brought by the agents.
However, Virtual has been questioned by Degen about whether its 'usability' makes its tool-like products 'upside down'? As a cryptocurrency ecological project, its core is 'use', not 'hype', but does this mean it loses its dissemination value?
Clanker: The 'rebel' of Liangshan
Clanker is more like Song Jiang, who was forced into the Liangshan uprising, using its organizational power and dissemination effect to allow a group of grassroots heroes to gain a foothold in chaotic times. Clanker attracts the attention of many crypto users by creating hot Meme tokens, generating a fervent market atmosphere, just like Liangshan's slogan of 'acting on behalf of heaven' spreads the ideology of rebellion throughout the land.
But the problem lies in that Liangshan's banner ultimately becomes just a slogan, lacking long-term support. Many tokens issued by Clanker have high market values but remain at the conceptual level without solid use cases. This model resembles Liangshan's desperate struggle for survival in chaotic times, continuously expanding its influence through 'hype', but it may not be able to maintain this in the long run.
Virtual: Liangshan's 'pacification faction'
In contrast, Virtual's path resembles the pacification faction in Water Margin. Their core demand is not rebellion, but rather to ensure that their brothers can eat and drink, pursuing stability and order. Virtual focuses on refining product features, empowering users through AI tools, and building a bridge between Web2 and Web3, akin to Liangshan maintaining its 'orthodox status' after accepting the imperial court's amnesty.
Virtual emphasizes 'use', not 'hype'. Although its tool-like products are frequently utilized, they lack the dissemination effect of cryptocurrencies, just like Liangshan after amnesty, which solves short-term livelihood issues but loses the original spirit of resistance. This model may offer greater stability in the short term, but whether it can continue the ideological value of cryptocurrency remains uncertain.
Ideological rebellion vs. livelihood compromise
The core contradiction of the Liangshan uprising lies in the game between the ideology of rebellion and the reality of survival. Song Jiang's 'acting on behalf of heaven' represents the spirit of resistance, while the eventual submission is a choice that finds a realistic home for the brothers. This transformation showcases the conflict between ideals and reality—ideals are rebellion, while reality is compromise.
Similarly, the divergence between Clanker and Virtual reflects another contradiction in the cryptocurrency ecosystem, the opposition between 'hype' and 'use', which actually reflects a deeper issue in cryptocurrency: as BTC and ETH gradually gain mainstream acceptance and enter the era of storage and compliance, is more product innovation needed, or is stronger ideological dissemination necessary? Just as Song Jiang sighed while overlooking the army camp from the mountain top: 'Since we are bandits, how could we not follow the imperial court? If we rebel, it is only to seek a stable life. How can we continue to be rebels forever?' This statement aptly expresses the journey from rebellion to realistic compromise and provides a mirror for us to think about the future of cryptocurrency.
