As a seasoned crypto investor with a deep understanding of the blockchain ecosystem, I’m always on the lookout for promising projects and innovative solutions. The news of The Ape Society’s decision to bridge from Cardano to Base, an L2 solution by Coinbase, has piqued my interest.
As a crypto investor and proud member of The Ape Society, I’m excited to share that we’ve made the decision to leave the Cardano blockchain after an enriching few months. We’re embarking on a new adventure as part of The Ape Society’s evolving strategy, and this next step involves utilizing Coinbase Global Inc’s (NASDAQ: COIN) innovative Layer-2 solution, Base.
In the upcoming weeks, a connection to the Ethereum (ETH) L2 protocol friendly for builders is predicted. This protocol believes that Base will serve as a crucial foundation in bringing the world into the on-chain realm.
As a researcher studying the developments within the cryptocurrency community, I came across an intriguing statement made by Ape Society in a recent Medium post. They expressed their ambition as follows: “Our goal at Base is to bring in 100 million users from Coinbase, aiming to make history together.”
The Ape Society Acknowledges Base’s Market Performance
As a researcher studying the evolution of the Ape Society, I’ve discovered that the original goal was to establish a Web 3.0 community, akin to an exclusive club, filled with innovative thinkers and builders. However, over time, it became clear that this vision required more than just unique creative abilities and a builder mentality. To truly embody the essence of what we’re striving for, we recognized the necessity of embracing a chain that aligns with our objectives.
The Ape Society carefully considered and decided to connect with Base, which emerged last year. They have been closely observing its progress since then. As a developing L2 solution, Base has impressed the society with its exceptional performance in the financial markets. It surpassed expectations by delivering impressive results in a short period.
This perspective has helped Base become a leading Ethereum L2 contender. The platform has seen significant growth in user adoption, with thousands joining daily. With the implementation of new initiatives, there is anticipation for a substantial increase in user numbers in the near future.
Why Bridge to Base?
The Ape Society’s plan to connect with Base is driven by Social Finance, also known as SocialFi. There have been growing rumors that the next phase of cryptocurrency will prioritize the decentralization of social interfaces online. Base is seen as a frontrunner in this emerging sector, according to a recent report from Franklin Templeton.
Based on information from Franklin Templeton, approximately 46% of all SociaFi-related transactions can be attributed to Base. Last week, Ethereum L2 solution generated over 60%, or around $355,000, of the total revenue ($583,000) in L2 fees. Polygon and BNB Chain are two major competitors in the SocialFi market, striving for significance and market share.
As an analyst, I would describe it this way: I believe the Ape Society’s decision to incorporate Farcaster, a thriving decentralized social media platform within the crypto sphere that has managed to attract some of the industry’s most brilliant minds, is a strategic move compared to Cardano. In my opinion, the community-driven projects under development on Base have a significantly higher potential for success based on the Ape Society’s conviction.
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2024-05-15 18:59