On July 13th, Base, a Layer2 network launched by Coinbase, opened its mainnet to developers. Some tools for developers are now available on the Base mainnet. Currently, although the mainnet is operational, it has not been officially launched to users. The official public release of the Base mainnet is expected in early August.
Currently, there are already some foundational ecosystem projects and assets on Base. Today, the meme token “bald” on Base has caused a heated discussion in the community with its skyrocketing price.
Base has not been officially released yet, so how can you participate in trading? According to L2BEAT data, the total value locked (TVL) on Base has exceeded $10 million, reaching $10.44 million, with a 7-day growth rate of 1024.81%.
Currently, the Base mainnet has not been officially released to the public. People may wonder how a project that hasn’t even released its mainnet is receiving funds. According to the official Base documentation, the official bridge is currently only connected to the testnet and cannot be used to connect to the Base mainnet. However, users can still deposit funds into L2 by manually transferring funds to the contract address (Base network can be added to the wallet from Chainlist).
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Users can transfer ETH to the following contract address to bridge ETH from the Ethereum mainnet to Base:
0x49048044D57e1C92A77f79988d21Fa8fAF74E97e
It is important to note that this contract can currently only receive ETH, and no other assets should be sent to this address. This address is currently only applicable to the Ethereum mainnet and cannot receive assets from other chains.
Which projects in the Base ecosystem are worth paying attention to? Currently, the most prominent project on Base is the meme token “bald”, which has experienced a thousand-fold increase in value in less than 24 hours. According to DEXScreener data, the fully-diluted valuation (FDV) of this asset has exceeded $40 million, currently around $40.9 million. The liquidity has also reached $15.6 million.
When we search for “bald” on Twitter, we also find some interesting phenomena. Some suspected bot accounts are rapidly and frequently posting the same content. Moreover, these accounts have mostly never tweeted anything else.
Apart from “bald”, there is a lack of other assets on Base. Currently, there is only one active Swap transaction on Base, namely LeetSwap. On-chain data shows that LeetSwap has executed over 40,000 transactions, making it the second most active contract on the Base chain. In addition, the contract with the highest interaction volume is Base’s commemorative NFT, with over 90,000 transactions.
Assets on LeetSwap are relatively limited. In addition to the meme token BALD, it also includes the native token of LeetSwap, LEET, with a fully diluted valuation (FDV) of about $23 million. The BRIAN token from the burningbrian project has an FDV of about $710,000. The remaining tokens have either a small market value (less than $500,000) or low liquidity (less than $100,000).
Not officially launched yet, still on track
According to the previously announced release plan, Base is set to be officially launched in early August.
By checking their official Twitter account, we can see that Base has been actively promoting itself. They have recently announced several ecosystem partners who will be “doing things” on Base. In the past two weeks, projects such as Blast API Blast, QuickNode, Blockdaemon, and The Graph have all announced that they are live on the Base mainnet.
However, upon closer observation, we can see that these projects are all infrastructure-type projects, providing developers with more comprehensive tools and support. But these kinds of infrastructure projects tend to “reinvent the wheel”. Currently, Base lacks direct products targeting end-users, leading to a situation where there are more “wheels” than “cars”.
In a market environment with a lack of projects and scarce assets, it is not surprising that Base, a prestigious project with a privileged background, is experiencing a surge in meme tokens.
After the official launch of Base in August, will the Base ecosystem attract truly “heavyweight” projects or will it become the next target for short-lived speculation with little value accumulation?
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