During a memecoin hackathon held in New York on April 20, Jesse Pollak, the lead contributor to Base Network, emphasized the significance of memes within the on-chain economy.
During a memecoin hackathon held in New York on April 20, Jesse Pollak, the lead contributor to Base Network, emphasized the significance of memes within the on-chain economy. He expressed excitement about the proliferation of memes on Base, the layer-2 network associated with Coinbase, and their potential to bring more people into the world of blockchain. Since March, the total value locked (TVL) on Base Network has tripled, showcasing its increasing popularity and adoption.
The growth of memecoins and transactions on Base Network experienced a significant surge following the Ethereum Dencun upgrade in mid-March, which led to reduced fees on layer-2 networks. As a result, the TVL on Base Network has soared by nearly 250% since the beginning of March, reaching an all-time high of $1.61 billion on April 21, according to DefiLlama.
Pollak highlighted that apart from speculation, memecoin creators on Base Network have devised various strategies to onboard individuals into their communities. This has resulted in a proliferation of experiments aimed at expanding their culture and attracting more users.
Pollak expressed strong conviction that memes would be a driving force, bringing in millions of people to Base Network in the coming years. He praised the continuous and creative efforts of memecoin creators to onboard more individuals and believed that memes would be one of the primary catalysts for user adoption.
This article contains links to third-party websites or other content for information purposes only (“Third-Party Sites”). The Third-Party Sites are not under the control of CoinMarketCap, and CoinMarketCap is not responsible for the content of any Third-Party Site, including without limitation any link contained in a Third-Party Site, or any changes or updates to a Third-Party Site. CoinMarketCap is providing these links to you only as a convenience, and the inclusion of any link does not imply endorsement, approval or recommendation by CoinMarketCap of the site or any association with its operators.
This article is intended to be used and must be used for informational purposes only. It is important to do your own research and analysis before making any material decisions related to any of the products or services described. This article is not intended as, and shall not be construed as, financial advice.
The views and opinions expressed in this article are the author’s [company’s] own and do not necessarily reflect those of CoinMarketCap.
