Memes are creating a ‘Cambrian explosion’ of crypto onboarding: Base creator

According to Jesse Pollak, the founder of this Coinbase-related layer-2 network, he is confident that memes will play a significant role in attracting and bringing in millions of new users. Since March, the total value secured in this network has already more than doubled.

At a meme coin event in New York on April 20th, Pollak expressed his belief that memes play a significant role in the digital economy. He further shared his enthusiasm for the creation of more memes, believing they will contribute to making the world more interconnected through blockchain technology.

“There’s been a ton of energy on Base,” said Pollak, adding:

“One thing that has really stood out to us is that we’re seeing these memes today onboard thousands and thousands of people into this new economy.” 

After the Ethereum Denver update in mid-March, which lowered transaction fees on layer-2 networks, there was a significant increase in the number of memecoins and transactions on Base.

Due to recent developments, the total value locked in Base has experienced a substantial increase of around 250% since late February, reaching a new record high of $1.61 billion on April 21, based on DefiLama’s latest data.

Memes are creating a ‘Cambrian explosion’ of crypto onboarding: Base creator

Besides just speculating, creators of memes on the Base platform have come up with numerous innovative methods to welcome new members into their communities.

“And what that’s creating is this kind of Cambrian explosion of onboarding experiments where people are taking tons and tons of shots on goal to say ‘how do we get our culture into the hands of more people.’”

“We’re increasingly certain that memes will significantly increase our base in the coming years. They are effective and consistent in attracting new members through their engaging and innovative content.”

Memes are creating a ‘Cambrian explosion’ of crypto onboarding: Base creator

He mentioned that there are numerous teams and intricate subcultures continually developing, constructing, and contributing to the economy and capital market, enriching it with their unique cultures and vitality.

Currently, the most widely used meme coin on the Base platform is Brett, boasting a market capitalization of $567 million. Since early March, this digital currency has experienced an astonishing price surge of approximately 7,780%.

Two notable memcoins with large market capitalizations on Coinbase’s blockchain, as indicated by CoinGecko, are DEGEN with a valuation of $435 million and TOSHI with $185 million.

In recent months, meme coin enthusiasts have been drawn to blockchain platforms like Solana and Base because of their fast transaction speeds and affordable fees.

Upon closer examination by CryptoMoon, it was uncovered that a startling 16.7% of newly introduced Base memecoins turned out to be scams. Additionally, over 90% of these coins contained weaknesses.

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2024-04-22 08:54