Base’s creator Jesse Pollak believes that meme projects will be crucial in bringing millions of users to the Coinbase-supported Layer-2 network, which has tripled its total locked value since March. During a memecoin hackathon held in New York on April 20, Pollak stated that meme projects are an essential part of the on-chain economy.
Notable Comments from a Prominent Figure
At the event, the notable figure expressed excitement about seeing more meme-based projects helping to connect the world to the blockchain, sharing the following statement:
“What really stands out for us today is seeing these meme projects include thousands of people in this new economy.”
In the Base ecosystem, memecoin and trade volume growth followed the Ethereum Dencun upgrade in mid-March, which reduced fees on Layer-2 networks. According to blockchain data analytics platform DefiLlama, the total locked value in the base has nearly increased by 250%, reaching an all-time high of $1.61 billion on April 21.
Pollak also mentioned that besides speculation, meme creators within the Base ecosystem are developing countless new ways to engage people in their communities:
“What this creates is a sort of Cambrian explosion of participation experiments, shooting tons of shots at the goal of how we can deliver our culture into more people’s hands. We are more convinced that in the coming years, these meme projects will bring millions more people.”
Base Ecosystem and Memecoin Culture
Currently, the most popular memecoin project in the Base ecosystem is BRETT, which has a market value of $567 million and has seen a price increase of 7,780% since the beginning of March. According to CoinGecko, other major memecoin projects on the Coinbase-backed blockchain network include DEGEN with a market value of $435 million and TOSHI at $185 million.
Blockchain ecosystems like Solana and Base have become meeting points for memecoin enthusiasts in recent months due to their high yields and low fees. However, in-depth research by analysts has revealed that 16.7% of new Base memecoin projects are fraudulent, and more than 90% have security vulnerabilities.
