Base Summer

Bird’s Eye View

In our recent Web3 Watch, we noted the outflow of funds from Solana into Ethereum, and amongst the L2s, mostly to Base, using debridge as a data and sentiment proxy. We also shared that Base may have been the next ecosystem where a summer may take place. A week later, we are seeing clear signals to back this.

Similar to the Solana ecosystem, Base already had a fair share of memecoins within its ecosystem. In late March the dominant memecoins on the Base ecosystem were $BRETT and $TOSHI. Here is a quick table of the performance of the top memecoins in the ecosystem on 22 March versus 5 April (~2 weeks later):

Green shoots of a Base Summer has also appeared in the form of new memecoins such...