Summary
Coinbase’s Layer 2 solution, Base, is gaining popularity and developing its own culture. Despite going against crypto’s ideals, Coinbase is successfully monetizing Base and may be a game changer for the exchange. Political memecoins are also gaining traction in the market. There is still an appetite for memecoins despite the risks. Crypto can be taken seriously while still allowing for fun and unserious projects.
Key Points
1. Base, Coinbase’s L2 network, has developed its own culture with NFT markets and generative pixel art collections like Tiny Baseds Frogs and Based Fellas.
2. Base’s total value locked has reached $2.57 billion, surpassing Polygon and Avalanche, attracting liquidity and mindshare in under eight months.
3. Coinbase is successfully turning Base’s buzz into revenue, with Base’s annualized profit reaching about $235 million, diversifying from transaction fees and potentially becoming a key ingredient for Coinbase’s growth.