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Jesse Pollak, the brain behind Base, asserts that memes are poised to play a pivotal role in ushering millions of users into his layer-2 network, akin to Coinbase. The network has witnessed a remarkable surge in total value locked (TVL), tripling since March, indicating a burgeoning interest in its offerings.
Growth Of MemeCoins
Speaking at a memecoin hackathon in New York on April 20, Pollak emphasized the significance of memes in the on-chain economy, expressing excitement about their potential to drive widespread adoption of Base. He remarked, “There’s been a ton of energy on Base,” noting the substantial influx of users facilitated by memes.
The momentum behind memecoins on Base gained traction following the Ethereum Dencun upgrade in mid-March, which significantly reduced fees on layer-2 networks. This development spurred a surge in memecoin transactions and contributed to Base’s TVL skyrocketing by almost 250% since the inception of March, reaching an all-time high of $1.61 Billion on April 21, according to DefiLlama.
Pollak’s Beliefs On Growth
Pollak emphasized that beyond speculative trading, memecoin creators on Base have pioneered innovative strategies to onboard users into their communities. He lauded the proliferation of onboarding experiments, citing a “Cambrian explosion” of initiatives aimed at disseminating cultural narratives to a broader audience.
Pollak’s conviction lies in the belief that memes will emerge as a driving force behind Base’s future growth, envisioning them as catalysts for bringing millions of new users into the fold. He emphasized the relentless creativity displayed by meme-driven initiatives, foreseeing memes as powerful tools for community engagement and user acquisition.
He noted the burgeoning diversity within Base’s ecosystem, with “hundreds of teams and hundreds of subcultures” contributing to its evolution. These diverse entities are instrumental in infusing energy and culture into Base’s economy and capital markets, fostering a dynamic and vibrant ecosystem.
At present, BRETT stands out as the most popular memecoin on Base, boasting a market capitalization of $567 Million and experiencing a staggering price surge of 7,780% since March. Other notable memecoins on the Coinbase blockchain include DEGEN, with a market cap of $435 Million, and TOSHI, valued at $185 million, as per CoinGecko.
Driving Forces Of Growth
The allure of Base and similar blockchains like Solana lies in their high throughput and low fees, making them attractive destinations for memecoin enthusiasts. However, an investigation by a popular media channel revealed a concerning trend, with 16.7% of new Base memecoins identified as scams and more than 90% exhibiting vulnerabilities.
In essence, Pollak’s imaginative and prescient writing underscores the transformative capability of memes in shaping the trajectory of Base’s growth and fostering community engagement. Memes, once relegated to the realms of net humor, have emerged as amazing equipment for driving adoption and facilitating meaningful interactions inside decentralized ecosystems.
As Base continues to mark its route in the competitive landscape of layer-2 networks, memes are poised to stay at the forefront of its outreach strategy. With their capacity to captivate and resonate with various audiences, memes are set to play an instrumental role in shaping Base’s narrative and propelling its ascent to mainstream prominence.
Amanda Shinoy is one of the few women in the space invested knee-deep in crypto. An advocate for increasing the presence of women in crypto, she is known for her accurate technical analysis and price prediction of cryptocurrencies. Readers are often waiting for her opinion about the next rally. She is a finance expert with an MBA in finance. Quitting a corporate job at a leading financial institution, she now engages herself full-time into financial education for the general public.
