Crypto Cambrian Explosion: How Memes Are Driving Onboarding, According To Base Creator

Jesse Pollak, the founder of Base, sees memes as crucial for bringing millions of users onto his layer-2 network. This network is closely linked to Coinbase, which has seen its total value locked (TVL) triple since March.

At a memecoin hackathon in New York on April 20, Pollak emphasized the significance of memes in the on-chain economy. He expressed excitement about the increasing presence of “based memes” to facilitate the world’s transition onto the blockchain.

Pollak noted, ‘Base has seen a surge of energy. One notable observation is how memes attract thousands of people to this new economy.’

The rise in memecoins and transactions on Base experienced a significant boost after the mid-March Ethereum Dencun upgrade, which slashed fees on layer-2 networks.

Consequently, Base’s Total Value Locked (TVL) has skyrocketed by nearly 250% since March’s outset, reaching an all-time high of $1.61 billion on April 21, as reported by DefiLlama.

Base TVL 2024. Source: DeFiLlama

Pollak noted that, beyond speculation, the creators of memecoins on Base have pioneered numerous methods to attract more people to their communities.

“This has led to a kind of Cambrian explosion of onboarding experiments, where individuals are trying various approaches to spread our culture to a wider audience.”

Memecoins: Base Emerging Catalyst

“We’ve grown increasingly confident that memes will significantly attract millions more people to Base in the coming years. They’ll emerge as one of the primary catalysts, continually engaging in the creative process of onboarding more individuals innovatively,” he elaborated.

Source: Jesse Pollak

He elaborated that “countless teams and myriad sub-cultures” constantly evolve, build, and create, each “infusing their culture and energy into this economy” and capital market.

The current top memecoin on Base is BRETT, boasting a market capitalization of $567 million and a staggering price surge of 7,780% since March.

According to CoinGecko, DEGEN and TOSHI are also significant players on the Coinbase blockchain, with market caps of $435 million and $185 million, respectively.

Blockchains like Solana and Base have recently become hotspots for memecoin enthusiasts due to their high transaction speeds and low fees.

However, a detailed investigation has revealed that 16.7% of new Base memecoins are scams, and over 90% have vulnerabilities.

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The author’s views are for reference only and shall not constitute any investment advice. Please ensure you fully understand and assess the products and associated risks before purchasing.

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