1 Base Ecosystem Overview
As an L2 project launched by the mainnet in less than two months, Base has a traffic halo and eye-catching ecosystem data.
According to the official website, there are 144 Base ecosystem projects/partners, with infrastructure projects accounting for more than half, including cross-chain bridges, wallets, oracle machines, On-Ramp, node service providers, etc. Meanwhile, Uniswap, MakerDAO, Aave, Compound, and other multi-chain DeFi protocols have also been integrated to support the Base chain. At the same time, native DeFi projects have shown a large number but a small market share.
According to L2BEAT data, as of September 5th, the Base Chain TVL has reached $378 million, ranking fourth in Layer2 with revenue of $4.02 million in just 30 days. There are 6,535,000 daily active addresses and 301,500 daily transaction volumes. The peak of this data has decreased significantly since the pre-cooling of friend.tech on August 22nd. Currently, this data is lower than the top Layer-2 networks such as Arbitrum, Optimism, and zkSync. Source：L2BEAT
2 DEX
According to the data collected by DefiLlama, the total number of DEX projects on the Base chain is 22, accounting for a quarter of the total number of protocols.
One quarter of the total number of agreements. According to DefiLlama's TVL data, the top native DEX is Aerochrome, which has recently started liquidity mining and provided high APY, with a TVL of $178 million as of the publication date. Aerodrome is a Base liquidity layer jointly developed by Velodrome, the Base team, and partners. The initial supply is 500M AERO, of which 450M (90%) will be locked as veAERO.
DEX is a red sea race track for crypto protocols, with fierce competition. The previously larger Leetswap and Rocketswap on the Base chain were all closed due to security incidents while other native DEX lockups such as BaseSwap, AlienBase, and DackieSwap have low lockdowns and have not yet become viable options. Source：DefiLama
3 Lending
The lending protocol Compound was launched on the Base in mid-August, supporting collateralized ETH and cbETH to borrow cross chain USDCs (USDbC on the Base), with a current TVL of $299.6 million. Aave V3 also voted and launched Base on August 20th.
Other lending protocols that have been or will be launched as Base, including Moonwell on Moonbeam, Extra on Leveraged Return Strategy and lending protocol, and PickFinance on Cross Chain lending protocol, are all in their early stages.
The Lending sector on Base has also experienced a rug incident, where the contract deployer of the original largest native lending protocol, Magnate Finance, is associated with the Solfire scam. Currently, his Twitter account has been canceled. Source：DefiLama
4 Derivative
KRAV is a decentralized and sustainable dual currency trading platform on the Base chain that supports leveraged trading with Altcoins as collaterals. It introduces a universal fund rate mechanism for risk management and has an automatic strong balancing process where the position value exceeds 90% of the collateral. After the protocol was launched, the TVL reached a maximum of 1.44 million US dollars, and has now fallen back to 900000 US dollars.
In addition, there are more active platforms such as EDABSE, a sustainable and spot trading platform similar to GMX, and Meridian Trade, which provides interest-free stablecoin lending and leveraged trading. However, overall, DEX lacks innovation, and if transaction costs and user experience cannot be fundamentally resolved, it will still be unable to break through development bottlenecks in the short term. Source：DefiLama
5 Social
Friend.tech is the first fan economy product on the Base chain to become popular, and its basic logic is to tokenize or NFT personal IP, allowing users to buy and sell transactions freely. Friend.tech caused a boom and a large influx of funds in mid-August, but since August 22nd, there has been a continuous net outflow of funds within Friend.tech, resulting in a significant decrease in trading enthusiasm. Source：DefiLama
6 Cross-chain Bridge
In addition to the Base official bridge (which only supports cross-chain ETH between Ethereum and Base), the Base ecosystem cross-chain bridge also includes Orbiter Finance, Bunge, Hop Protocol, LayerZero, Stargate, debridge, cross-Rollup Bridge OwltoFinance, and more.
There are only a few cross-chain bridge products such as Stargate, Synapse, and Hop Protocol with over a million dollars in TVL. Source：chaineye.tools
7 DAO
Presently, leading DAO solution providers Aragon, XDAO, and NounsDAO have built community financing infrastructure PropHouse, DAO exploration, and support protocol Tally to support Base.
Conclusion
Overall, there have been multiple rug incidents in the native projects on the Base chain, and the ecological layout is still in its early stages. Although some earth dog and social projects have driven the attention of the Base chain in the short term, the carnival is only temporary in the current market context of lack of liquidity. With the recovery of the market and the precipitation of the Base ecosystem, projects with sustained value will usher in a true explosive period.
2 DEX
3 Lending
4 Derivative
5 Social
6 Cross-chain Bridge
7 DAO
Conclusion
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