Hi Wolves!
If you haven't been living under a rock, you have clearly witnessed the fact that Base is rapidly becoming one of the most talked-about Ethereum Layer 2 networks in the crypto space.
Base, lead by Jesse Pollak, creates an attractive environment for both developers and users, with scalability, security, and low transaction fees. With TVL rising spectacularly and high activity on the chain, it is undeniable that Base is receiving attention from investors and degens alike. In this article, we investigate some of the most active projects on Base.
1. Moxie
Moxie It's an innovative project that merges social networking with DeFi. The concept is to have a community-driven space where users can share their content, communicate with one another, and be active in decentralized governance. Users can publish content and depending on the reach and interaction, they earn a certain amount of $MOXIE tokens that can be used to tip other creators, purchases their fan tokens, etc.
Moxie integrates NFTs wherein users can mint and trade unique digital assets right on the platform.
Key Features:
Social Integration: Moxie melds social media with DeFi, letting users enjoy the rich community.
Decentralized Governance: Users are enabled and allowed to contribute in the decision-making processes of the platform.
NFT Marketplace: The ability to trade and mint NFTs is possible on the Moxie ecosystem.
Multiple apps are derived and power the Moxie ecosystem with the most famous ones being
2. Aerodrome Finance
Aerodrome Finance is THE leader in terms of decentralized exchange (DEX) built on the Base network, and allows users to trade on Base with minimal fees and high speeds. At the time of writing it's also the number 6 protocol amongst all chains listed on Defi Llama, not bad for a project that launched at the beginning of the year!
It provides deep liquidity to many tokens and ensures the availability of advanced trading functionalities such as limit orders and staking for users.
Key Features:
Low Fees: Aerodrome leverages Base's low transaction costs to offer affordable trading.
Staking Options: Users can stake tokens to earn rewards and participate in governance or vote on their favorite pools to receive more incentives.
3. Virtuals
Virtuals is a unique platform that merges gaming and virtual reality (VR) with blockchain technology. It allows users to create, share, and monetize virtual agents, all while maintaining ownership of their digital creations through NFTs.
Powered by the Virtuals G.A.M.E. AI engine, the main elements of a multi-agent social system come together in letting one create AI agents who can be uniquely different in personality and mannerisms, let those agents interact with other agents, process such interactions, and via strong reasoning capabilities, respond dynamically. The more an agent is used, the more rewards it will receive.
Key Features:
Monetization: Creators can create and monetize their agents, earning $VIRTUAL for their work. Users can contribute and proposed changes or enhancements to already created agents for rewards or they can stake their $VIRTUAL tokens on an agent model to validate the model and earn a percentage of the rewards.
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4. ExtraFi
ExtraFi is a decentralized finance platform focused on providing users with enhanced yield farming opportunities. The platform lets users lend and borrow tokens as well as participate in leveraged liquidity farming to maximize returns, offering various strategies to suit different risk profiles.
Key Features:
Leveraged Farming: Extra Finance's key value proposition is to offer Leveraged Yield Farming. In other words, farming with leverage enables a user to increase the potential return on investments through the facility of borrowing extra money to invest into the liquidity pool. This leverage will take the original fund as collateral and borrow stable/non-stable coins; it is then converted and invested into the same position along with the collateral and hence increasing the overall value of the liquidity pool and providing extra returns to the user.
On Extra Finance, users can farm usually up to 3X-leverage, sometimes more, enabling them to maximize returns safely and securely. The range of liquidity pools is also tremendous.
PFI Model: As explained in this blogpost, Extra Finance introduced a new supply-demand model called the Pseudo-Fixed-Interest (PFI) model that presents the following advantages:
For Farmers:
Isolated lending pools for stable and LST (liquid staking tokens) assets offer low and predictable lending costs.
Leverage farming in these pools avoids negative APRs and reduces uncertainty.
For Lenders:
Higher and more sustainable APR due to high utilization and demand, compared to traditional lending protocols.
A buffer allows lenders to exit their positions anytime.
Reduced risk of bad debt from market volatility as liquidity is provided in stable or pegged LST pools, unlike volatile pools.
5. Moonwell
Moonwell is a decentralized money market protocol that allows users to lend and borrow digital assets on the Base network. The platform is designed to be user-friendly, with a focus on providing interest rates and low fees. Moonwell is also available on other chains but Base is clearly their biggest market.
Moonwell incorporates governance features, allowing token holders to participate in decision-making processes and influence the development of the protocol.
6. Alien Base
Alien Base is another DEX on the Base network, where users can buy, sell, and provide liquidity to base digital assets. The platform emphasizes community engagement, offering various events and challenges to encourage participation.
Alien Base is continuously improving its services with the recent reveal of their Epsilon program focusing on user experience. The Epsilon program is all about sharing the liquidity. If it's all one chain, no one should care which DEX is the swap routed through. What matters most is the experience. Epsilon is Alien Base's meta-aggregation layer, aggregating it all - Alien Base DEX, other DEXs, other aggregators, and other external sources for liquidity.
They also very recently introduced esALB and similar locked LP tokens such as esALB-ETH that will now be the only options to enable users to participate in the governance of the platform, with its unique rewards-including airdrops of projects listed on Alien Base, buybacks, and many more.
Additionally, the platform also lets users generate and lauch new tokens with easy deployment directly on their platform.
7. Morpho
Morpho is a yet another decentralized lending protocol that improves the efficiency of money markets on Base. By optimizing the interest rates for lenders and borrowers, Morpho offers a more balanced and efficient system compared to traditional DeFi platforms. The protocol's unique approach helps reduce slippage and improve liquidity.
Morpho offers a user-driven approach to market creation and risk management, bypassing traditional governance controls. Here are the key points:
Advanced lenders benefit from greater flexibility to satisfy broader risk appetites and use cases.
For those less familiar with managing risk, Morpho Vaults (formerly MetaMorpho) simplify the process by allowing depositors to delegate risk management.
Vaults supply assets to multiple Morpho markets, automatically handling collateral, oracle, and risk assessments on behalf of users.
This setup enables passive lenders to participate without directly managing complex risk parameters.
Morpho combines flexibility for advanced users with simplified options for those seeking easier risk management.
8. Spectral Labs
Spectral Labs is an AI development platform focused on creating innovative solutions for the blockchain ecosystem. Spectral Labs is committed to advancing the technology behind decentralized systems and combines large language model (LLM) operations with onchain transactions for autonomous code generation and deployment.
Spectral is creating an onchain agent economy for Web3 with its tool, SYNTAX, designed to simplify blockchain development. Key features include:
SYNTAX Functionality:
Converts natural language into Solidity code.
Facilitates the creation of smart contracts, arbitrage agents, NFTs, and rollups.
Development Process:
Compilation: Spectral Samurai compiles and debugs code with a single click.
Testing: Analyzes code for functionality, gas costs, and security vulnerabilities.
Deployment: Allows direct deployment of code to the blockchain from within the platform.
Key Components:
Orchestrator: Manages communication between system components.
Wallet Manager: Handles wallet connections and signature requests.
Agent Handler: Manages multiple agents and contextualizes prompts.
Plugin Manager: Directs instructions to appropriate plugins.
Modular Deployment Rails: Uses Foundry for compiling, testing, and deploying code on Ethereum Virtual Machines (EVMs).
Spectral Labs aims to create a more accessible and efficient environment for developing and deploying blockchain applications, especially for autonomous agents in the Web3 ecosystem.
9. Across Protocol
Across Protocol is a cross-chain bridge that allows users to transfer assets between different blockchains quickly and securely. The protocol is designed to be user-friendly, with an emphasis on speed and low fees. Across Protocol supports a wide range of digital assets and is compatible with multiple blockchain networks.
Key Features:
Cross-Chain Transfers: Facilitates fast and secure transfers between different blockchains.
Low Fees: Offers some of the lowest fees in the cross-chain space.
Wide Asset Support: Compatible with a broad range of digital assets.
10. Base Names
Base Names is a decentralized domain name service (DNS) that allows users to register unique names on the Base network. These names can be used for various purposes, such as creating personalized wallet addresses or branding digital identities. The platform is built to be secure, with a focus on preventing name squatting.
Key Features:
Decentralized DNS: Register unique names on the Base network.
Personalization: Use names for wallet addresses, digital identities, and more.
Security Focused: Designed to prevent name squatting and ensure ownership rights.
11. Degen
The Degen channel on Warpcast laid the bedrock for creating the DEGEN token. "Degen" is a crypto slang word meaning people with a high-risk appetite and perfectly described the fun, often humorous tone of the channel. Memes, inside jokes, and a shared passion for cryptocurrency drove the degen community to decide on making their own token.
Initially created to reward active participants in the degen channel of Warpcast, DEGEN has since become a key part of the Farcaster ecosystem. The Farcaster protocol is open and lives on Optimism. It underpins many apps, the most used of which is Warpcast. Like X, users can post to Warpcast, follow others and like/reply to posts.
DEGEN changed that all with Farcaster, introducing a points system wherein users get tokens in return for their interactions. This innovative model really links online activity to tangible value.
12. Mavia
Heroes of Mavia is a blockchain-based game that combines elements of strategy and resource management. Players build and defend their bases while competing against others for control of resources. Mavia integrates NFTs, allowing players to own and trade in-game assets, which can also be used across other games in the ecosystem.
Key Features:
Strategy Game: Combines resource management with strategic gameplay.
NFT Integration: Players can own and trade in-game assets as NFTs.
Cross-Game Compatibility: In-game assets can be used in other games within the ecosystem.
Conclusion
The Base network is rapidly becoming a hub for innovative projects across various sectors of the blockchain space. From decentralized finance platforms and cross-chain bridges to social media apps, Base is home to a diverse array of initiatives that are pushing the boundaries of what’s possible with blockchain technology. As these projects continue to grow and evolve, they are likely to play a significant role in shaping the future of the crypto industry.
Stay Based!
Disclaimer: This article is for informational purposes only. It is not intended to be investment advice. The crypto market is highly volatile, and investing in crypto projects can be risky. Always do your own research and consult with a financial advisor before making any investment decisions.
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