KEYTAKEAWAYS
- Coinbase's Base blockchain simplifies onboarding for new crypto users, creating a large potential market for altcoin investment.
- Projects like Brett (BRETT), Aerodrome (AERO), Degen (DEGEN), and mfercoin (MFER) showcase the diverse potential within the Base ecosystem, from meme coins and community-driven projects to DeFi innovations.
- Base's Ethereum compatibility and ease of development could attract a wave of projects, creating a self-reinforcing ecosystem that benefits existing altcoins.
CONTENT
Explore the hottest altcoins on Coinbase’s Base blockchain. Get the inside scoop on Base’s rapid growth, promising projects like Brett, Aerodrome, Degen & mfercoin.
INTRODUCTION
Coinbase’s L2 network, Base, is rapidly becoming one of the sector’s fastest-growing ecosystems. As the first U.S.-listed and second-largest cryptocurrency exchange, Coinbase’s every move draws attention. Base is one of the newest blockchains and launched its testnet in February 2023. Its ecosystem has been rapidly expanding, with Unique Active Wallets (UAW) increasing from 20,000 to 270,000 in just the last 90 days. Currently, the Base network generates $3 to $4 million in revenue each week. If these figures don’t make you optimistic, it’s hard to say what will!
Base is also thriving in the altcoin space, which has become one of its hottest assets. These coins cater to investors seeking high-risk, high-reward opportunities. With some Base projects expected to surge by 50 to 100 times this year alone, choosing wisely is key. Let’s explore four promising altcoins on Base to help you make informed decisions in May 2024.
WHAT IS BASE?
Before we get into the promising projects, let’s make sure we’re all on the same page about what it is. Base, officially launched on August 19, 2023, by Coinbase, is a Layer 2 blockchain built on Optimism technology. It’s designed for easy creation of decentralized applications (dApps), drawing on Coinbase’s vast experience to foster a robust ecosystem.
Base functions as an Ethereum Layer 2 network, powered by Optimism’s OP Stack for increased speed, security, and lower costs. The OP Stack allows Base to operate independently while staying highly compatible with Optimism. This gives developers the tools to build on Ethereum’s Layer 2, using Optimistic Rollups – a solution that tackles Ethereum’s high gas fees and retains compatibility with the Ethereum Virtual Machine (EVM).
By leveraging the OP Stack, Base offers a new decentralized finance (DeFi) landscape for Ethereum developers and Coinbase users. This promotes a vibrant ecosystem that benefits from Coinbase’s strong market position.
BRETT (BRETT)
Brett, inspired by a character in Matt Furie’s “Boy’s Club” comic series, has emerged as the top meme coin within the Base ecosystem. It’s become a cultural icon for the blockchain network.
As Base’s leading meme coin by market capitalization, Brett stands to benefit greatly as new users join the network. Influential YouTubers have even singled it out as the Base meme coin to watch.
Brett’s early dominance among Base meme coins gives it an advantage – the potential for an early Coinbase listing. This could dramatically increase its value, considering Coinbase’s massive user base.
AERODROME (AERO)
The Base ecosystem also features Aerodrome, a liquidity protocol and DeFi project with its own token, AERO. It originated as a fork of Velodrome, the OP ecosystem’s DEX. Coinbase launched Aerodrome (AERO) in early February. Then, on February 27th, the Base ecosystem fund (led by Coinbase Ventures) announced an investment in Aerodrome, though the amount remains undisclosed. This was made via purchasing AERO tokens.
Importantly, AERO traded around $0.08 before the Coinbase launch. Its price trajectory since then has been remarkably smooth. As a ve(3,3) DEX, Aerodrome has the potential to introduce more DeFi innovation to Base, possibly boosting the whole platform.
DEGEN (DEGEN)
The rise of Degen started within Farcaster’s Degen channel and had already sparked a market frenzy in February of this year, making it the most active channel on Farcaster—surpassing the combined activity of all other thematic channels.
However, it’s important to note that Degen’s journey from a simple community meme coin to its current state involves more than just community enthusiasm.
On February 21st, Degen announced that it had completed an angel round of funding, raising 490.5 ETH (valued at approximately $1.47 million at the time). The round was led by 1confirmation, with participation from Farcaster OG among others. The funds are earmarked for developing the Degen ecosystem and its community. Following this, the DEGEN token was integrated into the social video app Drakula within the Base ecosystem, where it now serves as a transactional currency.
In essence, Degen has leveraged its position on Farcaster to strategically align itself within the entire Base ecosystem, increasingly positioning itself as a speculative asset across the Base platform.
MFERCOIN (MFER)
In the early hours of March 30th, the cryptocurrency world buzzed with the launch of mfercoin. Created by Sartoshi, of the popular Mfers NFT project, and launched on the Base chain with a detailed “white paper”, mfercoin made a splash. With a fixed supply of 1 billion coins, no presale, and roughly 2% of its supply going straight to liquidity, it was ready for action.
This new meme coin exploded overnight! Its price leaped from $0.04 to $0.20 in mere hours, showing incredible market enthusiasm. Within just six hours, mfercoin’s trading volume exceeded $50 million, proving its potential as a high-yield investment. This strategic launch and impressive early performance suggest that mfercoin could be a valuable addition to any crypto portfolio, especially for those seeking to ride the fast-paced meme coin wave.
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