Ethereum Level-2 Chain Base, on Coinbase, Attracts Degens Amid Meme Coin Mania
Coinbase’s Ethereum layer-2 network, Base, has become a hotspot for degens seeking lucrative gains through meme coins.
Recently, an upswing in activity related to tokens like BALD, COIN, and BASED has been observed on the decentralized exchange LeetSwap. Leading to approximately $200 million in trading volume and 377,000 transactions within a day. BALD, potentially referencing Coinbase CEO Brian Armstrong’s shaved head, surged nearly 3,100%, and BASED bounced over 1,000,000%. Reaching a market capitalization of $291 million. COIN not to be confused with Coinbase’s stock ticker. Recorded gains of 15,400% over 24 hours. Base’s public launch is scheduled for August. Despite the absence of an official bridge between Ethereum’s mainnet and Base. Developers can use the Portal Proxy Contract for such transfers. Approximately $54 million of Ethereum was bridged to Base on Sunday alone.
Nonetheless, withdrawing tokens from Base pre-launch is more complex than sending Ethereum. Base was developed by Coinbase in partnership with Optimism, an Ethereum scaling solution utilizing Optimistic Rollups to reduce fees. Decentralized exchanges like LeetSwap often attract meme coin mania due to their flexible listing policies, though caution is urged against potential scams and rug pulls.
Clever Robot News Desk 31th July 2023
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