L2 New Aristocrats Base Ecological Landscape: Traffic Fission Carnival and Review of 100+ Projects

Author: Karen, Foresight News

In the fiercely competitive and imminent Layer2 space, the Layer2 scaling solution Base, built by Coinbase on the OP Stack, opened its mainnet to developers in mid-July and was officially launched on August 10.

Technology, viral products, ecosystem, and incentives (expectations) are essential conditions for a Layer2 to achieve long-term sustainable development; all four are indispensable and interlinked.

From a technical perspective, Base relies on the currently leading Layer2 Optimism's open-source modular toolkit OP Stack, which allows developers and project teams to customize Layer2 networks according to their needs, thereby connecting to the Ethereum network and sharing security and resources.

As for viral products, after experiencing the meme token BALD's overnight thousand-fold myth in the ecosystem, Base attracted significant wealth effects. Although it later faced a dramatic collapse, the fact that Base's TVL surpassed $100 million before the mainnet was publicly launched indicates its high popularity. After the mainnet went live, the social application friend.tech, as the first viral social DApp on the Base chain, emphasized "your social network is your net worth," going viral on Twitter (X) overnight and becoming a sensation in the crypto space, expanding its influence through social virality while also enhancing Base's appeal.

Additionally, the anticipation of potential airdrops has sparked a wave of interactions on Base. For a Layer2 that launched its mainnet a month ago and has been fully open for less than two weeks, Base's TVL data is impressive. According to L2BEAT, Base's TVL has reached $240 million, ranking fifth among Layer2 solutions.

This article will summarize the Base ecosystem for readers. According to incomplete statistics, the current number of projects in the Base ecosystem has exceeded 100, with a relatively complete scale. Infrastructure occupies a significant portion, including but not limited to bridges, on-ramps, wallets, oracles, and node providers; Base's native DeFi projects also account for a large share of locked value and trading volume, with several multi-chain DeFi projects like Uniswap and Sushi expanding to Base; currently, mainstream NFT markets and minting tools like OpenSea and ZORA have also integrated with the Base mainnet.

Infrastructure

Cross-chain Bridges

In addition to the official Base bridge (which only supports cross-chain ETH between Ethereum and Base), the cross-chain bridges in the Base ecosystem include Orbiter Finance, Axelar, Bungee, Hop Protocol, LayerZero, Stargate, Wormhole, Debridge. The Across Protocol and Celer listed in the Base ecosystem portal currently do not support the Base mainnet.

On-chain On-Ramp

On-ramps are considered important channels for converting fiat currency to cryptocurrency or transferring to on-chain wallets. Current On-ramp projects in the Base ecosystem include:

Coinbase Pay: Supports over 60 fiat currencies and more than 100 cryptocurrencies.

Moso: A Web3 shopping assistant that rewards users for online shopping in cryptocurrency. Moso states that its integration with Base's Layer 2 blockchain technology will enhance the overall shopping experience. Each transaction made through Moso at supported online merchants will be securely recorded on the Base blockchain.

Onboard: Allows the conversion of digital assets to local fiat currencies, supporting Nigerian currency and two payment methods: bank transfers and mobile wallets, with more currencies and payment methods to be added in the coming weeks.

Onramp Money: Integrated with Base, allowing users to purchase cryptocurrencies using instant bank transfers and local payment methods in Indian Rupees, Turkish Lira, Mexican Pesos, Dirhams, etc.

Transak: Allows users to buy/sell cryptocurrencies within apps, websites, or web plugins, usable across 75+ blockchains with 170 cryptocurrencies via cards, bank transfers, and other payment methods in 155 countries/regions.

Wallets

OKX Web3 Wallet has supported the Layer 2 network Base and synchronously supports DApps in the Base ecosystem in the Discover section, allowing users to switch to the Base network with one click without manual configuration, enabling seamless trading, storage, and management of Base ecosystem assets, as well as exploring DApps in the Base ecosystem.

Privy brings Web2-level user experience (e.g., using email and social logins) to Web3 products, allowing users to link any number of external wallets and providing out-of-the-box integration tools. The social application friend.tech uses Privy's MPC wallet.

Uniswap Wallet has added support for the Coinbase L2 network Base, allowing users to swap tokens and connect to Base DApps on the Base network.

The decentralized currency project Eco Protocol's team has launched a crypto wallet called Beam, enabling users to make payments on Layer2 networks like Optimism and Base. Beam integrates features like account abstraction (EIP-4884), allowing the wallet to act as a smart contract and supporting multi-factor authentication and wallet social recovery.

Other wallets supporting Base include Bitget Wallet, Brave Wallet, Coinbase Wallet, Safe Wallet, Trust Wallet, TokenPocket, etc.

DAO

DAO solution providers Aragon and XDAO, community fundraising infrastructure built by Nouns DAO Prop House, and DAO exploration and support protocol Tally have supported Base.

Others

WalletConnect, as a communication protocol that enables secure connections and interactions between wallets and applications, has also supported Base.

In terms of oracles, Chainlink, Pyth Network, and RedStone Oracles have integrated with Base, allowing Base developers to access relevant sources and other Web3 services.

Tools and infrastructure launched on the Base mainnet also include node providers like Ankr, Blockdaemon, QuickNode, and Blast, block explorers like Basescan and Blockscout, data indexers like The Graph, Goldsky, and Covalent, developer tools like Thirdweb, and cryptocurrency custody technology provider Fireblocks. Additionally, blockchain data analysis platforms Dune and Nansen have also supported Base.

DeFi

According to DefiLlama, as of the time of writing, the current DeFi TVL on Base is $170 million, with several native DeFi projects dominating the TVL, including BaseSwap ($54.57 million), Alien Base ($24.1 million), among others.

In terms of trading volume, over the past 7 days, the trading volume in the Base ecosystem has exceeded $400 million, with DackieSwap leading at $300 million in trading volume, followed by Sushi and Uniswap, each with over $40 million in trading volume.

DEX

Uniswap, SushiSwap, Balancer, AMM protocol Maverick Protocol, WOOFi, DODO cross-chain aggregator DODO X have integrated with Base. The DEX infrastructure 0x has also announced that the 0x Swap API is now live on Base, initially aggregating liquidity between Uniswap, Balancer, and Baseswap, with plans to integrate additional liquidity sources once they go live. Other DEXs launched on Base include:

DackieSwap

DackieSwap is a native DEX of the Base ecosystem, forked from Uniswap V3, providing exchange and launchpad services, and allowing users to earn more rewards through concentrated liquidity market making (CLMM). The founder of DackieSwap is Andrew Eddison (Twitter account: @BaseOnAndrew).

DackieSwap has been included in DefiLlama, but is not yet listed on the official Base ecosystem portal. According to DefiLlama data, DackieSwap's trading volume in the past week has reached $300 million, with the main trading pair being WETH/USDbC ($280 million), although its locked value is only $1.7 million.

Considering that DackieSwap has already begun its IDO and that Base has just launched its mainnet, users are reminded to pay attention to security.

BaseSwap

According to DefiLlama data, Base Swap is currently the DEX with the highest locked value on Base, with a TVL exceeding $50 million, accounting for nearly 42% of Base's total locked value of $126 million.

Base Swap allows for asset exchanges, liquidity provision, and mining, and also offers an NFT marketplace platform. However, Base Swap has not yet been included in the official Base ecosystem portal, and users are reminded to pay attention to security.

Alien Base

Alien Base is currently the second highest DEX on Base by TVL, with a current TVL exceeding $21 million. Alien Base's liquidity mining program allows users to provide liquidity and stake LP tokens to earn ALB tokens. Additionally, staking ALB tokens can also earn rewards and platform revenue, with up to 50% of platform fees going to the DAO. The following is Alien Base's roadmap.

Alien Base has not been included in the official Base ecosystem portal.

SwapBased

SwapBased is also a native DEX protocol on Base, with a locked value of $19.31 million according to DefiLlama data.

In addition to liquidity provision (0.25% trading fee) and single-sided staking services, SwapBased also offers perpetual contract trading services. SwapBased has also not been included in the official Base ecosystem portal.

Lending

In mid-August, the lending protocol Compound went live on the Coinbase L2 network Base, supporting collateralization of ETH and cbETH to borrow cross-chain USDC (USDbC on Base).

The Aave community's proposal to "deploy Aave V3 on Base" has been approved, and the related activation proposal will end on August 19.

Other lending protocols that have launched or will launch on Base include the lending protocol Moonwell on Moonbeam, leverage yield strategies and lending protocol Extra, and cross-chain lending protocol Pike Finance, among others.

Others

Beefy Finance is a multi-chain yield optimizer currently supporting 17 networks including Ethereum, Polygon, BNB Chain, Arbitrum, Optimism, and Base. Beefy's Vault investment strategies help users unlock more yields through automatic compounding (automatically claiming, converting, and reinvesting rewards).

Other DeFi projects that (will) launch on Base include the synthetic asset protocol Synthetix, volatility protocol Volmex, dollar-cost averaging tool Mean Finance, and yield aggregation protocol Harvest, among others.

NFT

NFT markets OpenSea, ZORA, Showtime, Reservoir, generative art platform Highlight, NFT minting platform and tools Manifold, mint.fun have supported Base. Additionally, the open-source NFT protocol Unlock Protocol, built for memberships and subscriptions, has also integrated with the Base mainnet.

Furthermore, Coca-Cola has launched the Masterpiece art collection on Base, featuring iconic artworks and emerging pieces, all intertwined with Coca-Cola bottles.

Social

friend.tech

friend.tech, as the first viral social DApp on the Base chain, emphasizes "your social network is your net worth," using Privy's MPC wallet, allowing users to purchase shares of any user on friend.tech linked to their X (formerly Twitter) account via Ethereum, gaining opportunities for direct private conversations with them and potentially earning returns.

Notably, friend.tech will begin airdropping reward points to app testers starting this Friday, planning to distribute 100 million points over 6 months (every Friday). The points were collected off-chain during the testing period and will have special uses when the app is officially launched.

As of the time of writing, less than 10 days after launching the beta version on Base, friend.tech has surpassed 68,000 independent users, with over 1.1 million transactions and a total trading volume approaching 30,000 ETH.

Source: Dune, cumulative number of buyers and sellers on friend.tech

Source: Dune, trading volume on friend.tech

CyberConnect

The Web3 social layer CyberConnect announced this month that CyberAccount has launched on the Coinbase L2 network Base, bringing ERCC-4337 supported smart accounts to Base.

Warpcast

Warpcast is a decentralized social protocol Farcaster client, with NFTs on Warpcast supporting display on Ethereum, Base, and ZORA.

Blackbird

Blackbird is a Web3 platform built specifically for the hospitality industry, focusing on establishing direct connections with its guests through loyalty and membership services.

In October 2022, Blackbird completed a $11 million seed round financing, led by Union Square Ventures, Shine Capital, and Multicoin Capital, with participation from Variant, Circle Ventures, and IAC.

Other social networks supporting Base include Friends With Benefits (FWB) and the Web3 community event platform Galxe, among others.

Gaming

According to Base officials, Animoca Brands, Game7 DAO, Web3 gaming solution provider ChainSafe Gaming, blockchain gaming company Faraway, NFT sci-fi card game Parallel, adventure and competitive game Pixelmon, word puzzle game Words3, Yield Guild Games, and others are also part of its ecosystem.

Others

Guild.xyz is a management infrastructure that allows for automated membership management for platforms already used by communities. Guild.xyz is bringing the Guild model to projects built on Base.

0xSplits modular smart contracts are used for secure and efficient on-chain payments, allowing users to split NFT sale revenues, recover fees, diversify income sources, prepay taxes, and more.

Other platforms supporting Base include the decentralized content publishing platform Mirror, among others.

It is important to emphasize that the Base ecosystem is still in its early stages, and most projects have not yet disclosed security reports or public team information, so users are advised to participate cautiously.

Reference links:

https://base.org/ecosystem

https://defillama.com/chain/Base