The potential of the base has always been obvious.
Now, as activity soars, zooming subordinates, a new app and a token (probably) on the way, it is entering a new era.
To dig deeper, I talked to @JessePollak about what drives the growth of the base and the vision for moving forward 👇
~~Analysis @davewardonline ~~
Basic chain
The chain of @Base has evolved significantly since the spring. Defi TVL has nearly doubled to $5B, with protocols like @morpholabs and @aave locking its value triple. Morpho’s Bitcoin-backed loans, which are integrated with Coinbase, have grown 10 times to $720 million in borrowing. Coinbase now allows direct USDC sediment to be stored directly above the Morpho vault above the yield rate, which is moved in time because of the reduced rate loom.
Technically, the foundation has been improved:
➢FlashBlocks: Launched on July 16, reducing the block time from 2 seconds to 200 milliseconds, providing nearly inherent transactions for platforms such as @AvantISFI and @AeroDromefi.
➢ Phase 1 Decentralization: In April, the base introduced permissionless proof of failure and the Security Council, enhancing security and laying the foundation for token exploration.
Vitalik Buterin recently praised Base's efforts to decentralize powers to unshorelined, calling it a secure Ethereum extension.
Explore Network Tokens
Jesse stressed that it is basically exploring rather than launching a network token. He cites the flywheels of @zora and @virtuals_io that pair tokens with ecosystem incentives and use Synd's community-driven liquidity model as inspiration. This mechanism can further disperse the foundation and align the builder and user.
Base<>Sorana Bridge
The base camp announced a local Solana Bridge that enables users to deposit sols into basic applications, transfer assets between chains or trigger cross-chain transactions, thereby facilitating interoperability.
Basic Application
The basic app was launched in July to replace Coinbase Wallet, designed to make OnChain experience social and accessible. It supports chat, trading, publishing (with revenue) and discovery applications.
Most active users have made money by paying over $500,000 in creators. Jesse explained that the waitlist ensured a beautiful experience for the initial 100k users before it was expanded. The app's feed, chat and mini app create a familiar interface for getting started and engagement.
Builder economy
The foundation prioritizes builders, providing tools and programs to reward innovation without hassle-free governance:
➢Plugin Tools: Enable USDC checkout for basic salary, 1% cash back; Log in to the basics to simplify account creation; Flywheel protocol simplifies reward procedures.
➢@buildonbase: A dashboard for mini-app developers that provides real-time analytics and monetization through builder rewards.
➢Basic Batch: Used to accelerate global plans for former talents, support conception and provide incubator points and funds.
The basic grant is awarded retrospectively, and the core team nominates influential projects through a dedicated Slack channel for rapid capital deployment.
- -
As Jesse reflects, Base's biggest achievement is its ability to block noise while maintaining the mission locks in a building. Despite the creator coin controversy, symbolic speculation and constant crypto news cycles, the team has built cultural antibodies that are strong enough that the main announcements sparked growth discussions rather than speculative madness.
As the network prepares for the next phase, this foundation will prove crucial to ensure that it serves as a connective tissue between ecosystems, the social layer of OnChain activity, and the verification bases that cryptocurrencies will prioritize builders and users over speculators and surpass speculators.
As Jesse clarified, it was the first day of the chain. But there is such motivation