Original | Odaily Planet Daily
Author | Qin Xiaofeng
With the help of Coinbase's network effect, the L2 expansion solution Base network expanded rapidly in the bear market.
In just two weeks since the launch of the mainnet on August 10, the TVL of the Base mainnet has reached 240 million US dollars, currently ranking fifth in L2, second only to Arbitrum, OP Mainnet, zkSync Era and dYdX. Tom Wan, an on-chain data analyst at 21co, wrote that in terms of the "L2 Ethereum penetration rate" indicator, Base took much less time to grow than Arbitrum and Optimism - to reach a 0.25% penetration rate, Arbitrum took 9 months, Optimism took about 8 months, and Base took about 1 month.
Jesse Pollak, head of the Base protocol, said that more than 100 DApps and service providers have joined, further strengthening the Base ecosystem. Unlike other L2 protocols, Base officials have clearly stated that they will not issue coins, so the expectation of "airdrops" is greatly reduced. If you want to get the early dividends of the new ecology, you can only pin your hopes on the ecological project itself.
In this issue, Odaily Planet Daily has selected ten key projects on the Base network for readers' reference. Some of the project screening criteria are as follows: (1) Base network native projects with high TVL. Uniswap, Compound and other old multi-chain deployment projects are not included in the statistical scope; (2) Coinbase Venture investment has been obtained, has great potential, and has been launched on the Base network; (3) Base network is popular and has a large number of well-known projects with users. As shown below:
Project name: friend.tech
Official website: https://www.friend.tech/
Introduction: friend.tech is a decentralized social platform that allows users to buy and sell "shares" of other users in the network, which is essentially a bet on the influence of big Vs; investors who buy "shares" of big Vs will directly gain access to the user's content and the right to send messages to the user. Previously, friend.tech announced the completion of its seed round of investment, with Paradigm participating.
Dune data shows that friend.tech’s current transaction volume exceeds 40,000 ETH, and the protocol revenue has reached 1,824 ETH (about 3.03 million US dollars), ranking first in the Base ecosystem; the Total Friend Value totals 12,692.7 ETH, about 21.1 million US dollars.
It should be noted that friend.tech has not yet released tokens, but it will airdrop points to users every Friday. friend.tech will distribute 100 million points during the six-month testing phase. Each airdrop will be carried out on Fridays. The points are recorded off-chain and will have a special use after the testing phase ends - they may be exchanged for tokens.
Project name: BaseSwap
Official website: https://baseswap.fi/
Introduction: BaseSwap is a decentralized trading platform that claims to be built by the Base team - but this has not been confirmed. It adopts a dual-token model: the platform token BSX and the yield token BSWAP. The platform provides the following services: (1) Trading, fast token exchange, fee is 0.25%; (2) Liquidity provision, become an LP; (3) Staking service, support USDC, WETH and BSX staking; (4) Farm, support LP staking to obtain BSWAP tokens; (5) Cross-chain bridge, support cross-chain transfer of 8 networks including Base; (6) NFT market, trade Base network NFT.
DefiLlama data shows that BaseSwap’s current TVL is 54.39 million US dollars, ranking first in the Base ecosystem.
Project name: SwapBased
Official website: https://swapbased.finance/
Introduction: SwapBased is a one-stop trading platform that has issued the platform currency BASE (not the official token of Base, please do not confuse it). It currently provides the following services: (1) Token trading, charging a fee of 0.3%; (2) Liquidity provision; (3) Farm, supporting LP staking to obtain BASE income; (4) Cross-chain bridge, providing 32 chain-to-chain transfers; (5) Perpetual contracts, supporting up to 30x leverage. Currently, the ETH/USD trading pair is online, with a trading volume of more than 1.7 million US dollars and more than 120 users.
DefiLlama data shows that SwapBased’s current TVL is US$21 million, ranking second in the Base ecosystem.
Project Name: Alien Base
Official website: https://www.alienbase.xyz/
Introduction: Alien Base is a decentralized trading platform based on the Base network, providing swap, liquidity provision and staking functions. Alien Base's liquidity mining plan allows users to provide liquidity and stake LP tokens (currently 10) to earn ALB tokens; staking ALB tokens can also earn rewards and platform income, and up to 50% of the platform fees will belong to the DAO. DefiLlama data shows that Alien Base's current TVL is 16.6 million US dollars, ranking third in the Base ecosystem.
Project name: Maverick Protocol
Official website: https://app.mav.xyz/boosted-positions?chain=8453
Introduction: Maverick Protocol is a decentralized trading protocol that uses a dynamically distributed AMM model. It can dynamically adjust the distribution of assets in the liquidity pool according to market demand. It is the only AMM model on the market that can achieve optimal liquidity efficiency, optimal price discovery, optimal capital control, and optimal cross-chain interoperability, while supporting high-speed, low-cost, and secure cross-chain transactions. Currently, Maverick Protocol supports Base, Ethereum, BNB Chain, and zkSync Era, and the TVL on the Base chain is $1.25 million.
In June this year, Maverick completed a US$9 million financing round, led by Peter Thiel’s fund, with participation from Pantera Capital, Binance Labs, Coinbase Ventures and Apollo Crypto.
Project name: WOOFi
Official website: https://fi.woo.org/
Introduction: WOOFi is an all-in-one decentralized application (DApp) built by WOO Network, which aims to optimize the user experience of DeFi by providing ultra-low slippage, competitive exchange fees, and other useful features. On August 15, WOOFi announced the launch of the Base mainnet, which will provide competitive quotes to traders through the "compound active market making" model and provide seamless cross-chain exchange services. Users can now cross-chain 6 chain assets to the Base network through WOOFi. In addition, WOO token stakers will receive 80% of the transaction fees, and the remaining 20% will be paid to brokers.
In terms of financing, WOO Network raised US$30 million in November 2021, with participation from BitTorrent, Avalanche, Crypto.com Capital and others; in February 2022, WOO Network completed a US$12 million Series A financing round led by Binane Labs.
Project name: DODO X
Official website: https://dodoex.io/zh
Introduction: DODO X is DODO's latest cross-chain aggregator, designed to support users to exchange any two tokens between different networks at the best price. At present, DODO X has been successfully deployed on Base Mainnet. Specific trading functions include: (1) Cross-chain swaps, users can use the cross-chain token bridge to convert assets on one chain into different assets on another chain; (2) Limit orders, users can create limit orders to exchange the required tokens at a specific minimum price (i.e., limit price). The transaction will only be executed when the market price reaches the limit price set by the user; (3) Trading widgets, which enable users to build customized front-end interfaces and embed them into DeFi applications to achieve multiple uses such as fast asset exchange; (4) Trading API, which allows users to use smart routing algorithms to obtain efficient third-party token exchange routes to find the best price on the chain.
Project name: Magnate Finance
Official website: https://www.magnate.finance/
Introduction: Magnate Finance is a decentralized lending protocol based on the Base network. It uses a dynamic interest rate model to create a more capital-efficient risk management pool and supports a variety of collateral, including crypto tokens, stablecoins, synthetic assets, NFTs, and other types of assets. Currently, four cryptocurrency lending platforms are available: ETH, WETH, USDC, and DAI.
Official website data shows that Magnate Finance TVL is currently 16.48 million, ranking first in the Base ecosystem lending protocol track. The project plans to expand to the Arbitrum ecosystem next. Magnate Finance's governance token is MGA, which has been launched and has a circulation market value of 1.5 million US dollars.
Project name: Moonwell
Official website: https://moonwell.fi/
Introduction: Moonwell is an open lending DeFi protocol based on Moonbeam and Base. Similar to lending products such as Aave, MakerDAO, and Compound, it allows users to overcollateralize and lend cryptocurrencies. After launching the Base mainnet, Moonwell TVL once rose to more than 20 million US dollars, and now it has fallen back to 15.2 million US dollars, ranking second in the Base ecological lending track.
Luke Youngblood, co-founder of the project, is a former senior staff engineer at Coinbase and chief engineer at AWS. In April 2022, Moonwell completed a $10 million private placement financing with a valuation of $90 million, led by Hypersphere and ArringtonXRPcap, with participation from Coinbase Ventures and others.
In terms of tokens, Moonwell issued the governance token WELL in May 2022. The public offering was fully unlocked in May this year, and the current market value is US$5.05 million.
Project name: EDE Finance
Official website: https://www.ede.finance/
Introduction: El Dorado Exchange (EDE) is a decentralized spot and perpetual trading platform with dynamic pricing powered by PYTH oracles.
EDE draws on the GMX mechanism and currently uses two ELP pools with different assets to support transactions. Users can earn income by making markets, providing liquidity for swaps and leveraged transactions, and can also freely choose to mint different ELP tokens, or redeem assets through destruction. EDE also provides users with more convenient ELP transactions. Users can directly use a single asset to buy or sell ELP. EDE is the platform's utility token. Staking EDE obtains the governance token gEDE, as well as EUSD and EDE rewards. Users can stake EDE for 7 days to 4 years. The longer the pledge period, the more EUSD and EDE rewards they will receive.
DefiLlama data shows that EDE’s current TVL is less than 1 million US dollars, ranking second among Base ecosystem derivative protocols.