Key Takeaways:
- Check out the rise of Base in the crypto space, Coinbase’s latest Ethereum layer-2 blockchain network.
- Discover why meme coin projects are flocking to the Base network among all blockchains in the space.
- See how you can leverage such layer-2 solutions to create your own meme coin business in the optimistic season.
The diversity in the blockchain ecosystem has skyrocketed to the point where the race to the top always has at least 4 to 6 contestants. Adding up to the list is Base, the layer-2 blockchain on Ethereum from the legendary cryptocurrency exchange Coinbase. The blockchain has witnessed immense resurgence in recent times as many meme coin projects have begun targeting it for multiple reasons. This blog will focus on factors driving the buzz around meme coin development on Base and how aspiring businesses can utilize the network for their own projects. Read on to know more as we unveil the various facets involved!
Base: Coinbase’s Layer-2 Blockchain Solution
Launched in mid-2023, Base is an Ethereum layer-2 blockchain solution built (and, for now, managed) by the popular cryptocurrency exchange Coinbase. Since its inception, the network has grown around 1500% in terms of Total Value Locked (TVL), with a figure of $3.75 billion.
- The blockchain has garnered a bustling ecosystem since its public launch, with hundreds of different decentralized applications (dApps) based on various models, such as crypto exchanges and NFT marketplaces. Additionally, the network is compatible with the Ethereum Virtual Machine (EVM), meaning that applications running on Ethereum can be easily migrated to Base without any coding requirements.
- The network is based on Optimistic rollup technology that assumes all transactions are genuine by default, with a predefined period set for other nodes to challenge the transaction’s authenticity. While the blockchain’s processing is managed by a closed circle of operators who batch and execute transactions on the Ethereum mainnet, Coinbase has said efforts are ongoing to ensure complete decentralization.
- Due to its use of layer-2 rollup technology, the cost levied transactions on Base are considerably less, and transaction processing speeds are comparatively higher than Ethereum. As of now, the network does not have a native coin, with the developers openly mentioning that they have no idea how to launch one, although we know things might change with time.
Meme Coin Mania on Base
Meme coin development has attained massive buzz in recent times, leading to one of the biggest comebacks for the crypto industry, which was suffering from a prolonged bearish season. While Solana and Bitcoin were the domain’s powerhouses in the early days, recent times have witnessed an increasing presence of Base in terms of meme coin projects.
- Top meme coins in the Base ecosystem currently include Brett ($BRETT), Degen ($DEGEN), Toshi ($TOSHI), Byte ($BYTE), and Roost Coin ($ROOST). These cryptocurrencies have been among the hot tokens, according to CoinMarketCap, an esteemed crypto price aggregation portal. Such trends indicate how meme coins are creating a revolution on Base.
- Typically, the buzz around meme coins is driven by the level of relevance people have around a particular internet meme. Such hype normally dies in a short turnaround, leading to a reduction in speculatory trades. However, some projects have started making a change by providing exclusive utility associated with these meme-based crypto tokens.
- With the network’s direct connection with the Coinbase Exchange, most meme coin projects gain exposure to extensive liquidity for various trading pairs that open up active trading possibilities for traders. Such provisions enable various meme cryptocurrencies to take off at economic expense, leading to slashed barriers and increased returns.
Want to Launch a Meme Coin Project on the Base Network?
Reasons Driving Meme Coin Development on Base
We have seen how the meme coin mania is running high on the Base network, and some external factors are dominating the hype. But there is more—the Ethereum layer-2 rollup Base gives several unique benefits that have driven projects toward itself. The immense reception Base has received within its short existence sets it up for a high in this bull run.
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- Layer-2 Modularity: Recently, Ethereum’s developers took a pivotal step by opting for layer-2 solutions like rollups and modular blockchains for scaling purposes on the network’s updated roadmap. Such a diversion from on-chain scaling to off-chain processes has heightened the prospects for networks like Base that have the backing of one of the crypto powerhouses in the world.
- Payment Settlement: The Base network can provide seamless payment settlements to customers of the Coinbase exchange just like how several private blockchains work for global banks. This becomes an essential element for people exchanging all types of cryptocurrencies, including meme coins, which typically require low investment.
- Lower Transaction Fees: Base’s gas fees are one of the lowest among layer-2 networks, which is possible due to the usage of Optimism’s OP Stack based on optimistic rollup solutions. With most meme coin transactions amounting to only a few dollars, low transaction costs can ramp up adoption among crypto enthusiasts.
Is Creating Meme Coins on Layer-2 Solutions Worth the Pursuit?
Although meme coins have gone berserk in the Base network, that doesn’t restrict projects from opting for other layer-2 solutions. With several of them existing on the Ethereum blockchain, creating meme coins could be a fruitful endeavor for businesses to attain the community’s attention while gaining handsome returns in a matter of time.
- Although Polygon, Optimism, and Arbitrum are not home to very popular meme coins, the possibilities are endless, making it a feasible idea to launch one of them. Doing so can prove to be a viable option, given that all these blockchains have an increasing following from all around the world.
- With meme coins gaining visible fame among new-generation cryptocurrency traders, creating such tokens on layer-2 solutions can enhance the prospects of businesses starting small as the resources required are reduced. Using expert service providers like our team, aspiring businesses can easily get going in the competitive crypto market as a meme coin project.
- Meme coins on layer-2 blockchains also make it easy for traders to participate in trading operations. Layer-2 networks typically offer transactions at lesser prices (sometimes, less than a cent) compared to their layer-1 counterparts, which erase barriers laid upon for investments. Creating chances for higher transaction activity heightens the scope for meme coin projects to fare better in changing market conditions.
Conclusion
Henceforth, we have discussed meme coin development on Base, the special layer-2 network from Coinbase. As more meme-centric crypto tokens drop into the network’s ecosystem, competition levels become increasingly intense. Although there is still space for aspiring projects to take flight on Base, they can consider using more established layer-2 solutions like Polygon, which has yet to have well-defined meme coin ecosystems. In case you are wondering about creating meme coins on Base, or any other layer-2 blockchain, you are at the right place! With Blockchain App Factory’s prowess in creating cryptocurrencies centering around sensational and humorous memes, conveying your brand’s message clearly is as important as converting followers into investors. Connect with our professionals now to discuss the prospects of launching a meme coin on a layer-2 blockchain!
