The start of Onchain Summer, 7 projects on Base

Introduction

Base mainnet is opening for everyone on the 9th of August , marking the launch with Onchain Summer, a multi-week festival celebrating onchain art, music, gaming, and more. This exciting event invites users to bridge today and mint an NFT, commemorating their early participation as one of the first to teleport to the new internet.

Developed by Coinbase and built on Optimism's OP Stack, Base is a layer-2 blockchain that serves as a secure, low-cost, and developer-friendly Ethereum layer-2 chain. Its mission is to bring the next billion users and million builders on-chain. After going live for developers in July 2023, Base is now opening to the public, allowing users to bridge their ETH to Base. Over $140 million has already been bridged to base, with now over 90,000 active addresses. Base is poised to introduce millions of new users to DeFi. As a layer-2 solution operating on top of the Ethereum mainnet, it offers numerous benefits, including faster and cheaper transactions.

In celebration of Base's official opening today, we will be introducing seven innovative projects on Base, each contributing to the vibrant and growing ecosystem. Whether you're a developer, trader, or crypto enthusiast, Base's launch and the Onchain Summer festival present a unique opportunity to engage with new projects and offer the opportunity to multiply your portfolio. If you want to learn more about Base and learn how to get started on Base, read our articles here and here.

Baseswap

BaseSwap, the leading DEX on the and has quickly risen to over $20 million in Total Value Locked (TVL). One of the key advantages of BaseSwap is its low fees. By running on Base, it enjoys much lower transaction costs compared to other blockchains like Ethereum. This, combined with trading fees that are lower than many other exchanges, makes BaseSwap a cost-effective option for users.

Ease of use is another strong point for BaseSwap. It offers a user-friendly interface that caters to both new and advanced traders, making it accessible to a wide audience. Its integration with Base, chosen for its security, affordability, and ability to host complex decentralized applications (dApps), aligns perfectly with BaseSwap's mission. As a low-cost Ethereum L2 solution supported by Coinbase, it enhances BaseSwap's appeal as a user-friendly and cost-effective decentralized trading platform.

Magnate Finance

Magnate Finance is the first Metaverse-based lending protocol on Base and Arbitrum, and it has recently launched on Base. At its core, Magnate Finance adopts a dynamic interest rate model and creates more capital-efficient risk management pools. This allows a broad selection of collateral types, including crypto tokens, stablecoins, synthetic assets, NFTs, and other kinds of assets, to be fully utilized in a secure manner. The rewarding system is based on a carefully designed token economy, enabling continuous incentive allocation to boost demands. In Magnate's future plan, the protocol will accept all valuable assets for lending.

One of the significant aspects of Magnate Finance is its fair launch strategy for token distribution. This strategy aligns with the platform's goal of promoting genuine decentralization and impartiality, ensuring that all users have an equal opportunity to acquire its tokens. This fosters a sense of community and fairness within the ecosystem.

The MAG token was also launched for governance, and staking was introduced on the platform. In Q3 2023, the focus will be on governance features and community building, with the launch of a governance portal and community-driven initiatives. Q4 2023 will see expansion and partnerships, including multichain expansion and collaboration with other DeFi protocols. The roadmap extends into 2024 with the launch of Magnate V2, introducing advanced features like lending pools and stablecoin issuance, followed by the launch of the Magnate decentralized autonomous organization (DAO), NFT lending and borrowing, and decentralized insurance.

Masa Finance

Masa Finance uses Soulbound Tokens (SBT) as identity primitives, enabling a dynamic representation of an individual's identifiers, including credentials, affiliations, behaviors, reputation, and social roles. Masa Finance is designed to provide an open, easy-to-implement framework for identity in web3, with an open data standard and programmable privacy at its core.

Masa Finance has officially launched its .Base Domain Names on the Base Mainnet on August 9th. As one of the first to introduce .base domain names on the new blockchain, Masa's .Base Domain Names have already become the #1 .base name service on Base testnet, with over 280,000 mints by more than 230,000 unique wallets. This positions Masa as the premier .base domain service on the Base blockchain.

In the past two months, Masa has partnered with leading Base projects and powered over 50,000 Soulbound Token mints for Base communities. Now, with the launch on Base Mainnet, users who minted a .base domain on the Base testnet are automatically registered for the mainnet allowlist, getting a 2-hour early access window to mint rare .base domains before the general public.

The rarity of a .Base Domain Name is determined by its uniqueness, desirability, and limited supply. Masa has created a simple pricing hierarchy to preserve the rarity of .base domains, with prices ranging from $1 to $100 based on the number of characters in the domain name. All .base domains can be purchased with BaseETH.

Void Exchange

Void Exchange is a decentralized derivatives trading platform that represents the next generation of perpetual trading. It's designed to be fast, efficient, and permissionless, providing a seamless trading experience with a focus on UI/UX. The platform's goal is to offer users the best trading experience, with attention to little details and a commitment to continually improving the UI/UX based on user feedback.

One of the key features of Void Exchange is the ability to earn trading fees from Liquidity Vaults. Users can maximize their earnings by depositing liquidity tokens into these vaults, with the risk isolated for each vault, allowing users to start earning confidently.

Furthermore, Void Exchange introduces the concept of self-governed perpetual markets. Users can launch and profit from their own perpetual market with simple clicks, enabling the creation of perpetual markets for any tokens, including cryptocurrencies, real-world assets, and even meme coins.Void Exchange also addresses the issue of imbalanced skewness between long and short open interest by using isolated vaults to manage risks for liquidity providers. Traders can use interest-bearing tokens as collateral to open positions, thereby increasing capital efficiency.

Yieldbase

Yieldbase Finance is real-yield platform that offers a multi-layered rewarding system. Unlike traditional models that rely on token minting, Yieldbase has implemented several ways to monetize the staking pool, providing ETH and USDT rewards.

Yieldbase imposes a 2.5% fee on every sell transaction, which is split into ETH and USDT tokens and automatically added as rewards in the staking pool. Additionally, there's a 2% fee on purchases for the first 48 hours, automatically added to the staking pool. The purchase fees are reduced after the expiry date.

If users want to unstake within a 6-week period, there's a 10% fee. This mechanism ensures the price stability of the YB token and allows stakers to enjoy high APYs without skepticism. If someone unstakes their tokens early, it helps other stakers with even higher APYs.

This cutting-edge feature allows YB token holders to lock their tokens in a common pool. When enough tokens are locked, the smart contract is triggered, and the APY for all investors is increased by 15%. The early unstaking fees are divided as follows: 6% to the reward pool, 2% Auto-Burn, and 2% for Marketing.

Yieldbase's approach to rewards and staking is designed to eliminate token minting and provide a more sustainable and attractive option for investors. The platform also includes features like leveraged yield farming and bonding, and it operates under a DAO governance model. It's important to note that Yieldbase is not yet live, and the project is still in development.

Floatcoin

Floatcoin is an anti-inflation stablecoin protocol built on Base. Over the past year, many countries have implemented measures to control inflation, but the COVID-19 pandemic has disrupted these efforts, leading to supply chain disruptions and price increases. Inflation has reached a 13-year high in the United States, and other countries like Brazil and Russia have also seen significant inflation rates. This has weakened people's purchasing power and increased the cost of living.

In the crypto world, Bitcoin was originally designed to resist inflation, but its volatility led to the creation of stablecoins. These serve as alternatives to traditional fiat currencies but do not control policies that influence inflation. Stablecoins are vital in the crypto world, serving as a measure of value and a hedge against price fluctuations. However, USD stablecoins, anchored to the US dollar at a 1:1 ratio, face the same problem of declining purchasing power.

Floatcoin aims to address this issue by providing a protocol-native anti-inflation stablecoin that offers better value measurement and preservation functions than fiat-anchored stablecoins. The initial price of Floatcoin ($FLOAT) is 1 US dollar, and the anchor price is adjusted daily based on the inflation rate provided by Truflation. This ensures smooth price changes and helps $FLOAT holders maintain their assets' purchasing power in the real world.

Initially, Floatcoin will be over-collateralized by LP tokens from the DAI/USDC/USDT 3-token trading pairs (3LP). This multi-asset backing can unleash more liquidity while distributing the protocol risk evenly. Floatcoin will use the 3LP token as critical collateral, boosting it as a DEX, a lending hub, and a stablecoin protocol. In the future, the inclusion of more interest-bearing assets will further enrich the Floatcoin ecosystem.

SparkFi

SparkFi is a launchpad designed to support new projects, providing them with the tools needed for rapid growth and long-term success. It offers a unique system for Initial Decentralized Offerings (IDOs), where users can stake $SPAK tokens to receive higher allocations. The allocation process is based on a share system, with each $SPAK token staked equating to one share. A community pool also allows users to earn shares through social tasks, and the allocation for each IDO is determined through a specific equation.

SparkFi also introduces a lottery system, where participants can earn tickets by completing social tasks. These tickets increase their chances of winning access to the community pool for IDOs. Additionally, SparkFi categorizes participants into tiers based on the amount of staked SPAK tokens and the duration of the lock-in, ensuring a fair distribution of tokens.

One of the standout features of SparkFi is "SparkFi Protect," a mechanism designed to shield investments in Vested IDOs. If the project's token price falls below the Pre-Sale value on any Vested Unlock Day, participants will be refunded for that portion of the tokens. If the price remains below the Pre-Sale value for two consecutive Vested Unlock Days, participants will receive a refund in USDC, and the vesting schedule will be terminated. This feature serves as a valuable solution for both projects and investors, addressing concerns related to Vested IDOs and fostering trust in the ecosystem.

Final Thoughts

The launch of Base mainnet and the introduction of innovative projects like BaseSwap, Magnate Finance, Masa Finance, Void Exchange, Yieldbase, Floatcoin, and SparkFi mark a significant milestone on Base. These projects, each with unique offerings and solutions, are contributing to a growing ecosystem that promises to bring the next billion users and million builders on-chain.

These projects, along with the Onchain Summer festival, present unique opportunities for developers, traders, and crypto enthusiasts to engage with new technologies and multiply their portfolios. The combination of secure, low-cost, and developer-friendly solutions, along with the commitment to fairness, trust, and community engagement, sets the stage for a promising future in the decentralized world. The Base mainnet's launch is more than just a technological advancement; it's a celebration of innovation, collaboration, and the endless possibilities that lie ahead in the blockchain and DeFi landscape.