The popular centralized exchange Coinbase supports the blockchain platform Base. Since 2023, it has grown quickly and has taken center stage in the sector. Over the last six months, Base has been successful in attracting the implementation of numerous projects, such as the decentralized finance (DeFi) project Synthetix, the decentralized trading platform (DEX) BunnySwap, and the well-known SocialFi initiative Friend.Tech. The implementation of these projects has successfully encouraged the Base chain's locked positions to grow quickly.

Furthermore, a number of meme coins have just moved to Base, encouraging conversation and community involvement. For instance, the $BRETT meme coin's listing attracted a lot of media attention and transaction activity. Base's lock-up volume quickly increased as a result of these actions, finally overtaking Optimism and ranking third among Ethereum Layer 2 solutions in terms of lock-up traffic.

Even though Base hasn't revealed any plans to release its own tokens yet, the Base chain has a strong market position thanks to Coinbase's reputation, a variety of ecosystem initiatives, and the popularity of meme coins.

The first meme coin on the Base chain to get the attention of the global cryptocurrency community is $BLAD, hence it must be mentioned while discussing the evolution of meme coins on Base. Its moniker, "BALD," which translates to "bald" in Chinese, makes one think of Brian Armstrong, the CEO of Coinbase. Due to this coincidence, $BLAD has gained a lot of community attention. The developer of $BLAD reportedly made a profit of 3,163 ETH (about $5.9 million) during this wave of activities by continuing to inject liquidity to the market during the price spike and promptly withdrawing when the price peaked.

The story of meme coins on Base is becoming increasingly active as Base ecological projects and their development progress. Other meme coins on the Base chain, including $BRETT and $DEGEN, have also had a lot of community discussion and active participation, particularly in recent times. In just six weeks, these base-based meme coins—particularly $BRETT—have grown by an incredible 500%.

It is anticipated that the market value and community participation of these meme currencies will continue to rise due to the recent enthusiasm for them and the technological assistance of the Base public chain. Memes on the Base platform will surely steadily gain popularity and attention as an area of investment in the encryption industry under this trend.

As blockchain technology continues to evolve, Layer 2 solutions have become an important tool to improve Ethereum performance and reduce transaction costs. Although traditional Optimistic Rollup and ZK Rollup provide certain improvements, they still have considerable technical limitations.

Long wait times for fund withdrawals and expensive petrol costs during peak hours are the results of Optimistic Rollup's requirement for lengthy challenge windows to address potential fraud. Transaction speed and cost are impacted by ZK Rollup's high processing resource consumption during the creation of zero-knowledge proofs, notwithstanding its ability to swiftly confirm transactions.

Based Rollup was first proposed in March 2023 by Justin Drake, a researcher with the Ethereum Foundation. This solution outsources the sorting job to Ethereum's verifiers and fully transfers the burden of transaction sorting to the underlying L1. This lowers transaction delays and rollup operating expenses while simultaneously retaining Ethereum's security and dependability. To guarantee the legitimacy and sequence of transactions, no extra security measures or consensus techniques are required.

Furthermore, the technical design of Layer 2 is simplified and the ordering responsibility is moved to the Ethereum main chain, eliminating the need for the orderer's signature to be verified and increasing the speed and effectiveness of transaction confirmation. With the use of Based Rollup technology, Layer 2 can process and validate transactions in batches more effectively, thereby lowering the complexity and resource usage of verification.

The usage of Based Rollup technology is now being investigated in a number of projects. The Taiko second-layer network of Ethereum, for instance, has developed its ecosystem around Based Rollup technology, encouraging the creation of numerous applications and showcasing the enormous potential of Based Rollup in contemporary blockchain applications.

Based on lock-up volume, Base is presently ranked third among Ethereum Layer 2 solutions, indicating its steadily increasing strength. Even if there are no plans to issue tokens, Base's market discussion and influence cannot be understated because it has the backing of major players like Coinbase.

Based on other Layer 2 players' development plans and strategies, I am convinced that Base will eventually overtake Blast, which is now in second place. Blast lags behind Base by a little margin in terms of the quantity of DApps and transaction volume. In order to receive the first chance at potential airdrops, the majority of users currently lock their positions in Blast. But since Blast is anticipated to issue tokens in June and July, as soon as the token issuance is completed, its locked-up volume is expected to be significantly reduced.

Base must keep releasing cutting-edge applications and growing the project ecosystem if it hopes to overtake more established Layer 2 public chains like Arbitrum. It is not impossible for Base to aim to become the Ethereum Layer 2 platform with the most locked positions if it ultimately chooses to issue tokens or even carry out airdrops. Given Base's solid track record and proactive encouragement of on-chain application development, I think the company will soon emerge as a major player upending the market.