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Base mainnet TVL exceeds $200 million, these ten projects are worth paying attention to.

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Some projects are invested by Coinbase Venture and have been launched on the Base network.

Original title: "friend.tech ignites the Base ecosystem, these ten projects are worth paying attention to"

Original source: Odaily Star Daily

With the help of Coinbase's network effect, the L2 scaling solution Base Network rapidly expanded during the bear market.

Since the launch of the mainnet on August 10th, the TVL of Base mainnet has reached $240 million in just two weeks, ranking fifth in L2, behind only Arbitrum, OP Mainnet, zkSync Era, and dYdX. According to Tom Wan, a data analyst at 21co, in terms of the "L2 Ethereum penetration rate" indicator, Base's growth took far less time than Arbitrum and Optimism, reaching a penetration rate of 0.25% in about a month, while Arbitrum took 9 months and Optimism took about 8 months.

The protocol leader of Base, Jesse Pollak, stated that currently there are over 100 DApps and service providers that have joined, further strengthening the Base ecosystem. Unlike other L2 protocols, Base has explicitly stated that they will not issue tokens, thus greatly reducing the expectation of "airdrops". If you want to gain early benefits from the new ecosystem, you can only rely on the projects within the ecosystem itself.

In this issue, Odaily Star Daily has selected ten key projects on the Base network for readers' reference. The selection criteria for the projects are as follows: (1) Base network native projects with high TVL, excluding old multi-chain deployment projects such as Uniswap and Compound; (2) projects that have received investment from Coinbase Venture, with great potential and have already been launched on the Base network; (3) well-known projects with high user volume and popularity on the Base network. They are shown below:

Project Name: friend.tech

Official website: https://www.friend.tech/

Introduction: friend.tech is a decentralized social platform that allows users to buy and sell "shares" of other users' influence on the network. Essentially, it is a bet on the influence of big V's. Investors who buy "shares" of big V's will have direct access to their content and the ability to send messages to them. Previously, friend.tech announced the completion of its seed round investment, with participation from Paradigm.

Dune data shows that friend.tech currently has a trading volume of over 40,000 ETH, with protocol revenue reaching 1,824 ETH (approximately 3.03 million USD), ranking first in the Base ecosystem. The Total Friend Value is 12,692.7 ETH, approximately 21.1 million USD.

Please note that friend.tech has not yet released its tokens, but it will airdrop points to users every Friday. During the six-month testing phase, friend.tech will distribute 1 billion points, with airdrops taking place every Friday. The points will be recorded off-chain and may have a special use - possibly exchangeable for tokens - after the testing phase ends.

Project Name: BaseSwap

Official website: https://baseswap.fi/

Introduction: BaseSwap is a decentralized trading platform, claimed to be created by the Base team - but this has not been confirmed. It adopts a dual-token model: the platform token BSX and the yield token BSWAP. The platform provides the following services: (1) trading, quick token exchange with a fee of 0.25%; (2) liquidity provision, becoming an LP; (3) staking service, supporting USDC, WETH, and BSX staking; (4) farm, supporting LP staking to obtain BSWAP tokens; (5) cross-chain bridge, supporting cross-chain transfers of 8 networks including Base; (6) NFT market, trading Base network NFTs.

DefiLlama data shows that BaseSwap's current TVL is $54.39 million, ranking first in the Base ecosystem.

Project Name: SwapBased

Official website: https://swapbased.finance/

Introduction: SwapBased is a one-stop trading platform that has issued its own platform token BASE (not to be confused with the official Base token). It currently offers the following services: (1) token trading with a fee of 0.3%; (2) liquidity provision; (3) farming, supporting LP staking to earn BASE rewards; (4) cross-chain bridge, providing transfers for 32 different chains; (5) perpetual contracts, supporting up to 30x leverage and currently offering the ETH/USD trading pair with a trading volume of over 1.7 million USD and over 120 users.

DefiLlama data shows that SwapBased currently has a TVL of $21 million, ranking second in the Base ecosystem.

Project Name: Alien Base

Official website: https://www.alienbase.xyz/

Introduction: Alien Base is a decentralized trading platform based on the Base network, providing Swap, liquidity provision, and staking functions. The liquidity mining program of Alien Base allows users to provide liquidity and stake LP tokens (currently 10) to earn ALB tokens; staking ALB tokens can also earn rewards and platform income, with up to 50% of platform fees going to DAO. According to DefiLlama data, Alien Base currently has a TVL of $16.6 million, ranking third in the Base ecosystem.

Project Name: Maverick Protocol

Official website: https://app.mav.xyz/boosted-positions?chain=8453

Introduction: Maverick Protocol is a decentralized trading protocol that uses a dynamic distributed AMM model. It can dynamically adjust the asset distribution in the liquidity pool according to market demand. It is currently the only AMM model in the market that can achieve optimal liquidity efficiency, optimal price discovery, optimal capital control, and optimal cross-chain interoperability. It also supports fast, low-cost, and secure cross-chain transactions. Currently, Maverick Protocol supports Base, Ethereum, BNB Chain, and zkSync Era, with a TVL of $1.25 million on the Base chain.

In June of this year, Maverick completed a $9 million financing round, led by Peter Thiel's fund, with participation from Pantera Capital, Binance Labs, Coinbase Ventures, and Apollo Crypto.

Project Name: WOOFi

Official website: https://fi.woo.org/

Introduction: WOOFi is an integrated decentralized application (DApp) built by WOO Network. Its aim is to optimize users' experience of DeFi by providing ultra-low slippage, competitive exchange fees, and other useful features. On August 15th, WOOFi announced the launch of the Base mainnet, which will provide traders with competitive quotes through the "composite active market-making" model and seamless cross-chain exchange services. Users can now cross-chain 6 assets to the Base network through WOOFi. In addition, WOO token stakers will receive 80% of the transaction fees, while the remaining 20% will be paid to brokers.

Regarding financing, WOO Network raised $30 million in November 2021, with participation from BitTorrent, Avalanche, Crypto.com Capital, and others. In February 2022, WOO Network completed its Series A funding round, raising $12 million with Binane Labs as the lead investor.

Project Name: DODO X

Official website: https://dodoex.io/zh

Introduction: DODO X is the latest cross-chain aggregator launched by DODO, aiming to support users to exchange any two tokens between different networks at the best price. Currently, DODO X has been successfully deployed on Base Mainnet, and specific trading functions include: (1) cross-chain exchange, allowing users to use cross-chain token bridges to convert assets on one chain into different assets on another chain; (2) limit orders, allowing users to create limit orders to exchange the desired tokens at a specific minimum price (i.e. limit price). The transaction will only be executed when the market price reaches the limit price set by the user; (3) trading widgets, allowing users to build custom front-end interfaces and embed them into DeFi applications for various purposes such as fast asset exchange; (4) trading API, allowing users to use intelligent routing algorithms to obtain efficient third-party token exchange routes and find the best on-chain price.

Project Name: Magnate Finance

Official website: https://www.magnate.finance/

Introduction: Magnate Finance is a decentralized lending protocol based on the Base network. It uses a dynamic interest rate model and has created a more capital-efficient risk management pool. It supports various collateral types, including cryptocurrencies, stablecoins, synthetic assets, NFTs, and other types of assets. Currently, it has launched lending services for four cryptocurrencies: ETH, WETH, USDC, and DAI.

The official website data shows that the Magnate Finance TVL is currently 16.48 million, ranking first in the Base ecological lending protocol track. The project plans to expand to the Arbitrum ecology in the next step. The governance token of Magnate Finance is MGA, which has been launched and has a circulating market value of 1.5 million US dollars.

Project Name: Moonwell

Official website: https://moonwell.fi/

Introduction: Moonwell is an open lending and borrowing DeFi protocol based on Moonbeam and Base. Similar to lending products such as Aave, MakerDAO, and Compound, it allows users to over-collateralize and borrow cryptocurrencies. After launching on the Base mainnet, Moonwell's TVL (total value locked) rose to over $20 million at one point, but has since fallen to $15.2 million, ranking second in the Base lending ecosystem.

The co-founder of the project, Luke Youngblood, is a former senior staff engineer at Coinbase and chief engineer at AWS. In April 2022, Moonwell completed a $10 million private placement financing with a valuation of $90 million, led by Hypersphere and ArringtonXRPcap, with participation from Coinbase Ventures and others.

Regarding tokens, Moonwell issued governance token WELL in May 2022. All public offerings were unlocked in May of this year, and the current circulating market value is 5.05 million US dollars.

Project Name: EDE Finance

Official website: https://www.ede.finance/

Introduction: El Dorado Exchange (EDE) is a decentralized spot and perpetual trading platform, with dynamic pricing supported by the PYTH oracle.

EDE adopts the GMX mechanism and currently supports trading with two ELP pools containing different assets. Users can earn profits by providing liquidity through market making, providing swap and leverage trading, and can also freely choose to mint different ELP tokens or redeem assets through destruction. EDE also provides users with more convenient ELP trading, allowing them to directly buy or sell ELP with a single asset. EDE is the practical token of the platform, and staking EDE can earn governance token gEDE, as well as EUSD and EDE rewards. Users can stake EDE for 7 days to 4 years, and the longer the staking time, the more EUSD and EDE rewards they can receive.

DefiLlama data shows that EDE currently has a TVL of less than $1 million, ranking second in the Base ecosystem derivatives protocol.