One of the best ways to make money in crypto is by getting in early on an ecosystem before it takes off. For example, earlier this year it was the TON ecosystem that was rocketing and now it's arguably SUI. Pretty much any project that you chose in those ecosystems would give you solid gains.
But here is the thing, if you got in late, a lot of these opportunities may already be gone, so it makes sense to look ahead and see which ecosystem could potentially be next. That's why in today's post, I'm going to be making the case that the next big ecosystem is most likely going to be BASE. And if you put in your time and effort into it, it could pay off massively for you in the future.
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Coinbase Involvement Under Base
Okay, so the case for BASE begins with none other than Coinbase. Having one of the biggest exchanges in the world behind your project is a massive deal. And everyone, let's be clear, Coinbase didn't just slap its name on BASE and call it a day, they incubated and launched this project from the ground up.
It's not just another investment for them, it's actually a core part of their future strategy. We're seeing deep integration across Coinbase's exchange, their wallet, and their developer tools, you name it. It really seems like Coinbase is pinning the future of their company on the BASE network.
After all, let's be real, Coinbase doesn't just create new blockchains for fun, they've got a big reputation to uphold and they also have shareholders to answer to. So this is a big vision that they need to execute on. So when you take a look at BASE, you're not just looking at another layer 2 blockchain, you're actually looking at the blockchain that Coinbase is staking its future on.
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Coinbase Numbers
Now, let's talk about Coinbase's numbers. So in Q1 of 2024, they raked in an insane $1.6 billion in revenue. And now that's a 72% jump from the previous quarter.
Their net income is a cool $1.2 billion. With that kind of cash flow, Coinbase really has the resources to nurture and grow BASE and its ecosystem. But it's not just about the money.
Coinbase brings a level of legitimacy and trust that you really can't quantify. In a space riddled with scams and sketchy projects, having a publicly traded and regulated company like Coinbase in your corner is a huge deal. Now it gives both users and developers the confidence to invest their time and their money into the ecosystem without having to worry about getting rugged in the future.
So yeah, the Coinbase factor cannot be overstated and it's a massive tailwind for BASE. And it's a key reason why I think the next big crypto opportunity will likely be on BASE. But here is the thing, BASE is not just relying on the Coinbase hype.
BASE is not just relying on the Coinbase hype.
The growth of the BASE ecosystem speaks for itself. Now since launching in August of 2023, BASE has seen a meteoric rise in activity. I mean there are already 100 plus dApps deployed in just a few short months.
And the total value locked in their network, well it's already north of $1 billion. So that's a huge milestone and if that isn't adoption, well I just don't know what is. And if you're still not convinced, well BASE isn't just attracting dApps, it's also bringing in a ton of users.
Their network consistently ranks among the top when it comes to activity. They process over 1 million transactions per day. And here is the kicker, thanks to the recent EIP-4844 Ethereum upgrade, transaction fees on BASE are just lower than ever.
And the result? Well, a flood of new users and developers flocking to the BASE ecosystem. And folks, I know that sometimes numbers can just be vanity metrics in this space. Honestly, I am quite impressed by the diversity of the BASE ecosystem.
For example, they've got DeFi, they've got meme coins, they've got gaming, you name it. And BASE is actually attracting top projects from pretty much every sector in the crypto space. So to me, this shows that they're actually taking a long-term view by focusing on a wider range of use cases and not just chasing the latest hype in whatever is going on.
So while the Coinbase backing is undoubtedly a huge factor, the growth and the vibrancy of the ecosystem can definitely not be overlooked. Now folks, in this space, community and developer activity are arguably two of the most important things for a protocol. And fortunately, BASE is actually excelling at both of these fronts.
BASE's community is not just large, it's incredibly engaged and passionate. Now we're talking over 400,000 members in their official Discord and on social media. Well, BASE has amassed a following of over 800,000.
Now that's a massive audience compared to its competitors. But what's really impressive about BASE is how it's nurturing its community offline as well. Now they're hosting meetups, hackathons, and they're hosting events on a near daily basis.
And this is going on all around the world. Now this boots-on-the-ground approach actually reminds me of Solana's early days where their hackathons and their IRL events played a huge role in growing the community and attracting top-notch developers. This approach is also paying off for BASE as well, and they've quickly become one of the largest ecosystems in weekly active developers, second only to Ethereum itself. Over 900 developers are found building on BASE each and every week.
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What's driving this insane developer activity?
Well, that'd be none other than BASE's Ecosystem Fund. Now, this fund is providing grants and investments to promising projects building on BASE, effectively incubating the next generation of BASE dApps.
Now, it's a smart move because it ensures a steady pipeline of high-quality projects and long-term loyalty among developers. But what about the caliber of projects coming out within this ecosystem? Well, in my opinion, they're absolutely top-notch. We're seeing some serious innovation and potential here happening on BASE.
Anyhow, so far I've shown that BASE has absolutely been killing it by themselves, but it's also important to see how they're creating an economic moat with their partnerships and their integrations. Now, when I say moat, I mean BASE is building protection around its market share and its profitability for the long term. For example, take the Coinbase Wallet integration.
This is huge for onboarding new users to the BASE ecosystem. Through Coinbase Wallet, users can engage with BASE dApps without the need for complex seed phases or technical barriers. It's a seamless user-friendly experience that's going to be key in attracting the next wave of crypto adopters.
But then there's also their partnership with Stripe. Now, this was a major coup for BASE as Stripe is literally one of the world's largest payment processors today, and they're known for their rigorous standards and their selection process. So, the fact that they've chosen to work with BASE, well, that's a huge stamp of approval in my eyes.
Now, the Stripe partnership enables faster fiat onramps to BASE, and this is a huge feature that many other projects are completely lacking. Okay, but here's the thing. BASE isn't just focused on new user onboarding.
They're actually providing bridges for existing crypto communities. Now, a great example of this is CBBTC. Now, this product allows Bitcoin holders to use their BTC seamlessly within the BASE ecosystem.
Now, the way that I see it is that it's a clever way to tap into the massive liquidity and user base that Bitcoin already has while providing the benefits and functionality of the BASE network. But also, we can't forget about their gas fee innovation as well, because on BASE, users can pay transaction fees in USDC or other custom tokens as well. Now, this is a huge plus for users who are tired of paying gas fees only in Ethereum.
You see, it's these little quality-of-life improvements that really set BASE apart and show their commitment to making crypto accessible for everyone.
What does all of this mean for their market sentiment?
Now, so far, we've covered a bunch of different bullish factors for BASE, but what does all of this mean for their market sentiment? Well, I've got to say that the buzz is real, and it's definitely here to stay. Now, crypto Twitter has been going nuts for BASE for the past few months.
Analysts are raving about the project's impressive metrics, its all-star partnerships, and its loyal community. Many people are drawing comparisons to the early days of Solana, which saw explosive growth as they onboarded new users and dApps. But it's not just the crypto natives who are getting excited about BASE, BASE is also starting to turn heads among institutional players.
Now, when a publicly traded company like Coinbase goes all in on a project, it sends a powerful signal to the rest of the market. Additionally, their reputation as the top custodian for the spot Bitcoin ETFs is also well established, so it's not hard to imagine that a similar level of institutional trust and interest will spill over into the BASE ecosystem very soon. Anyway, as you can see, BASE is not just another blockchain, it's got the backing, the ecosystem, and the momentum to really change the game.
Now, the kind of growth that we're seeing on BASE is rare, and if you're not paying attention, you might miss out on the next big thing. So here's my challenge to you, dive in, check out the dApps, get involved in the community, and see what's happening firsthand. Now, the opportunities are endless on BASE right now, and the earlier you get in, well, the more that you stand to gain.