Research Summary
This report highlights the upcoming launch of Base Chain, a Layer 2 (L2) technology set to debut on August 9, 2023. Even before its public release, it garnered substantial attention, with over $80 million in ETH bridged to Base in late July. A significant portion of this ETH was invested in the BALD token, which faced a downturn after liquidity issues. Additionally, LeetSwap, the associated DEX, experienced a $630k exploit. Nevertheless, Base Chain shows promise and could emerge as a retail-centric chain akin to BNB Chain, presenting multiple investment avenues.
Actionable Insights
- Investment Opportunities: Base Chain’s potential to become a retail-focused chain like BNB Chain presents interesting investment opportunities.
- Security Concerns: The recent collapse of the BALD token and the exploit of LeetSwap highlight the need for caution and thorough evaluation of the security measures in place.
- Upcoming Launch: With the official launch set for August 9, 2023, there is anticipation for how Base Chain will perform and what new developments may arise.
- Coinbase’s Involvement: The strong backing by Coinbase and the technical support of the Optimism stack position Base Chain to attract a lot of users and become a major player in the market.
