As a seasoned researcher with years of experience in the cryptocurrency market, I find the emergence of DeFi platforms for memecoins like goose.run on Coinbase’s Base network an intriguing development. Having closely followed the meteoric rise and fall of various memecoins, I can attest to their unpredictable yet undeniably captivating nature.
On December 9th, Maverick Protocol unveiled its “MemeFi” platform on the Coinbase Base network, a move intended to introduce decentralized finance (DeFi) to meme coins, as shared with CryptoMoon.
As a crypto investor, I’ve come across an exciting new platform called Goose.run, designed to rival Pump.fun, the well-known memecoin platform on Solana (SOL). This is Base’s response to the popular trend in the memecoin market.
As a crypto investor, I’ve discovered that goose.run complements pump.fun’s essential features by offering an additional service: the ability to lend and borrow memecoins. This feature not only expands my investment opportunities but also adds flexibility to my crypto portfolio management strategy.
Bob Baxley, a Maverick contributor, stated that the memecoin platforms we’re considering are largely uncharted territories (or fresh fields), as far as CryptoMoon is concerned.
Baxley stated, “Others may have attempted it, but so far, no one has managed to achieve significant progress.
By the end of October, Base surpassed all other Ethereum layer-2 networks in terms of value secured (Total Value Locked or TVL), with an estimated TVL of approximately $4 billion, as reported by DefiLlama on December 9th.
Borrowing against memecoins
On platforms like goose.fun, unlike traditional DeFi lending services such as Aave, the pool acts as the primary counterparty for borrowers. This means that instead of interacting with other users, the user borrows directly from the pool. (Baxley’s statement)
From the get-go, memecoins will offer immediate access to both lending and borrowing, as stated by goose.run to CryptoMoon.
In principle, token holders might employ this function to amplify their investments in meme coins by taking advantage of leveraged long positions, a point that Baxley verified.
Additionally, Goose.run is considering incorporating live video streaming, implying that memecoin launches can serve as a means for funding content production, according to Baxley.
Besides goose.run, Maverick also manages a decentralized trading platform (Dex) that functions across five distinct blockchain networks, which include the network known as Base.
Legitimate asset class?
Backed by investments from venture capitalists and conjecture in politics, the total value of memecoins has soared beyond $128 billion, as reported by CoinGecko.
According to a recent report by Cryptonary, memecoins are now being viewed as a “valid investment category.” Furthermore, they mentioned that institutional investments in memecoins surpassed $200 million in May, representing a staggering 220% growth since the beginning of the year.
Instead of just being a theory, memecoins are significant in driving network engagement, as Paul Veradittakit pointed out in April.
By the year 2024, the memecoin platform Pump.fun reportedly generated over $1.25 billion in earnings, as per DefiLlama’s data.
In December, the revenues of Pump.fun experienced a decrease following their decision to disable the livestream function, which was taken as a precautionary measure in response to allegations about harmful content being streamed on the platform.
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2024-12-10 01:03