Viral Memes Spark Crypto Revolution, Says Creator Of Base Platform

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Memes on Base have played a significant role in onboarding thousands of people to the layer-2 network and will be crucial for attracting the next million users, according to Base creator Jesse Pollak.

Base creator Jesse Pollak believes that memes will be essential for bringing millions of users to his Coinbase-affiliated layer-2 network, which has already tripled its total value locked (TVL) since March.

At a memecoin hackathon in New York on April 20, Pollak emphasized the importance of memes in the on-chain economy, expressing his enthusiasm for the proliferation of “based memes” to further drive the world on-chain.

“There’s been a ton of energy on Base,” said Pollak, adding:

One thing that has really stood out to us is that we’re seeing these memes today onboard thousands and thousands of people into this new economy.

The surge in memecoins and transactions on Base occurred after the Ethereum Dencun upgrade in mid-March, which led to reduced fees on layer-2 networks.

Consequently, Base’s total value locked (TVL) has increased by nearly 250% since early March, reaching a record high of $1.61 billion on April 21, as reported by DefiLlama.

Base TVL 2024. Source: DeFiLlama

Pollak mentioned that beyond speculation, memecoin creators on Base have developed numerous innovative methods to attract and onboard people to their communities.

And what that’s creating is this kind of Cambrian explosion of onboarding experiments where people are taking tons and tons of shots on goal to say ‘how do we get our culture into the hands of more people.

“The thing we’ve built more conviction on is that in the years ahead we’re actually going to see these memes bring in millions more people [to Base] — they’re going to be one of the biggest drivers because they’re doing that work constantly to onboard more and more folks through that in a really creative way,” he added. 

Source: Jesse Pollak

He noted that there are “hundreds of teams and sub-cultures” that are evolving, building, and creating, which bring their unique culture and energy to the economy and capital market.

The most popular memecoin on Base is BRETT, with a market capitalization of $567 million, having experienced a price surge of 7,780% since early March.

Other large-cap memecoins on the Coinbase blockchain include DEGEN, with a market cap of $435 million, and TOSHI, with a market cap of $185 million, according to CoinGecko.

Blockchains like Solana and Base have gained significant traction among memecoin enthusiasts due to their high throughput and low fees.

However, a detailed investigation by CoinNerd found that 16.7% of new memecoins on Base were scams, and over 90% had vulnerabilities.

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We hope this information will help you in your investment process, but this is not investment advice. Every investment carries risk, especially in this industry, so DYOR before making a decision.

ABOUT THE AUTHOR

Tabitha Nyamburah
Journalist

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