Bridge $ELON to Base
Base has become the top Ethereum L2 chain. Currently, Base has a TVL of $2,870,693,315 and 24h volume of $672,000,920–the highest of any Ethereum L2 chain. Base dominates activity across Ethereum L2s, encompassing 34% of all activity and hosting the most tokens (over 1,400!). It has also developed its own memecoin sector, with $BRETT and $TOSHI being the top memecoins native to Base. A few others, like $SPX and $MOG, have bridged to Base to tap into the chain’s success. Question is, where’s our Dogelon?
Back in July, @ParabolicPaul suggested to the DAO that the Dogelon devs bridge $ELON to Base:
I think before we launch RUFUS and Runes in BTC, we should expand to BASE blockchain. BASE has a lot of volume and is very efficient. More volume, more holders to add to the mix. Coinbase would see this as more points in our favor when deciding to list us.
Paul is right. Not only is Base the most popular Ethereum L2 chain, it’s also fast and boasts low gas fees. But what most distinguishes Base from other L2s is its relationship with a key player in crypto: Coinbase. Developed by the massive exchange, Base forms a core part of Coinbase’s strategy to bring more retailers into crypto. The L2 chain is integrated into Coinbase Wallet and incurs no fees when transferring crypto on the Base network. Base’s speed and affordability give retailers a smooth experience, turning the chain into a convenient on-ramp for retailers diving into the world of web3.
Whether you like Coinbase or not, it’s a top 3 exchange in terms of volume. As a publicly traded American company, Coinbase is also one of the most trusted exchanges out there. Tokens native to Base may benefit from indirectly associating itself with the exchange. For example, $TOSHI exploded a few months ago after it was listed on Coinbase, even though it had a only half the market cap of $ELON. Now, $TOSHI has over double the market cap of $ELON, even after a big post-listing sell-off and this spring’s market meltdown. Bridging to Base could increase our chances of getting a Coinbase listing and expand our community.
Now, $ELON wouldn’t be marching into untouched territory. We would be competing with other memecoins established in the Base ecosystem. But Base’s memecoin sector is still relatively new and not nearly as saturated as other major chains. Given $ELON’s actual utility, like RUFUS and the Land on Mars metaverse, Dogelon Mars would stand out real well. Unlike $BRETT, which doesn’t really do anything, $ELON will be one of the few memecoins that actually has something to offer Base users.
Finally, bridging to Base would be simple. There are existing bridge services we could use, which might be why we’re waiting on the $XRP DAO proposal to go forward (not many ways to bridge from Ethereum to XRP Ledger right now). In the meantime, let’s build our next base on Base
pun absolutely intended
Dogelon to the Mars!