Interpreting Based Memes and Based Institute: Where is the future of the Base ecosystem?

Original source: Jesse Pollak

Compiled by: Odaily Planet Daily Wenser

Editors Note: As one of the hottest L2 ecosystems in 2024, the rise of Base can be said to be the result of the right time, right place, and right people – it not only has the godsend opportunity brought by the Memecoin craze, but also the L2 low-gas network based on the OP ecosystem and backed by Coinbase, and the hard work of the protocol leader Jesse Pollak and a group of ecosystem builders.

As for the Base ecosystem, whose TVL has reached 5.5 billion US dollars, Jesse recently gave a brief review and summary at the New York Meme Hackathon, and recentlyput the content on Zora in the form of NFT , and has minted more than 4,000 copies. In addition, The Based Institute, which was announced on April 24 (the founding declaration NFT has also been listed on Zora, and more than 2,000 copies have been minted). Odaily Planet Daily will lead everyone to take a peek at the future development direction of the Base ecosystem from these two contents.

NYC 4 20 Memecoin Hackathon Speech

On April 20, the Memecoin hackathon co-sponsored by Li Jin was launched in New York. Jesse Pollak also attended as the head of the Base ecological protocol and made a PPT, affirming the positive role of the Base ecology and Memecoin. The following is the compilation content:

What is the Base chain ecosystem?

Jesse first gave a brief introduction to the vision and mission of the Base chain ecosystem:

• Vision: 1 million+ builders; 1 billion+ users; on-chain ecosystem.

• Mission: To build a global on-chain ecosystem that promotes innovation, creativity and freedom.

Bases Vision and Mission

He then gave a detailed explanation of the components of the Base ecosystem:

Base is an economic system consisting of 3 different components:

• Markets: Everyone can create a market with financial liquidity (or non-financial liquidity);

• Ecosystem: People come together and achieve their goals by using on-chain applications;

• Platform: We aspire to create a block space for people to build on-chain.

You can compare this economic system to Web2:

• Market: Apple dominates 30% of the market;

• Ecosystem: People use iOS apps to come together and achieve their goals. (If you don’t have an iPhone, sorry);

• Platform: Apple provides people with the IOS development platform to develop applications (this is Apple’s exclusive product and a fully closed ecosystem).

You can compare this economic system to a country:

• Markets: The U.S. government controls markets (for better or worse);

• Ecosystem: people come together through commerce to achieve their goals (if you are not a US citizen, most commerce is off limits, sorry);

• Platform: The United States provides commercial or government platforms to serve people in various activities ( non-US citizens are basically unable to participate).

In this way, Jesse showed us the advantages and characteristics of an on-chain ecosystem: We can build an open, neutral, and global on-chain economic system –

• Market: A free market with decentralized governance;

• Ecosystem: Anyone anywhere can participate through the Internet;

• Platform: open standards, no switching costs, and global space.

The value of this ecosystem lies in:

• Serving everyone;

• Build a bridge that connects each other, not an isolated island;

• Decentralized and open source;

• Thats what Base is all about.

The strategies to achieve this vision are:

• Build a powerful developer platform that enables anyone to build world-class on-chain products;

• Foster a vibrant app ecosystem that gives consumers and businesses a reason to participate;

• Create a deep capital market and make the Base ecosystem an interconnected on-chain economic center;

• Decentralization and scalability allow everyone and everywhere to join in on-chain construction activities.

How to get Based memes involved?

Regarding the many meme projects in the Base ecosystem, Jesse commented: We see an extremely active meme economy flourishing in the Base ecosystem.

First, these meme projects have brought thousands of people into the Base ecosystem:

Base Ecosystem DEX User Volume Trend Chart

Moreover, many users of the Base ecosystem have created a lot of incredible creative content, including tweets, meme content, NFT projects, artwork, and various activities. In the future, these meme projects and participants will lead more people to enter.

Jesses expectations for the Base Ecosystem Meme Project

In view of this, Jesse believes that we should continue to build and maintain the state of Based:

• Do the right thing;

• work hard;

• remain optimistic;

• The team is greater than the individual;

• Keep pushing boundaries with creativity.

The Based Institute: Jesses new research organization

On April 24, The Based Institute initiated by Jesse was officially established on Farcaster. The following is the main content of the announcement:

We are pleased to officially introduce The Based Institute (basedinstitute.eth).

The Based Institute is a research organization that aims to study the meaning of Based, including the origin of the term Based, The Base God, and other early cultures on the Base. Through this research, we hope to support the development of an optimistic, abundant, and Based-specific culture within the Base Ecosystem.

As part of our mission, we have begun distributing free ETH and TYBG tokens to Based builders around the world, including early and active Farcaster users. In line with the Base ecosystems value of serving everyone, The Based Institute has supported more than 6,000 builders to join the Base economy. In the coming months, as our understanding of what Based means and how to responsibly bring more people into the on-chain world further develops, we are excited to add more builders to the mix.

We’re also excited to start expanding our understanding through our upcoming community grant program. Make a post starting with “Based is” on Farcaster’s /based channel to earn a 1 ETH incentive share. We’re excited to expand our understanding together.

The Based Institute is an independent research organization not affiliated with Coinbase or the Base Chain. The Based Institute is funded and led by Jesse Pollak in his personal capacity, which is separate and distinct from his responsibilities on the Base Chain core team.

Summary: The future of Base ecology lies in memes and ecological research

From the above content, it can be seen that Jesses perspective has always been from a global perspective. At the same time, memes have played a great positive role in promoting the user growth, platform development, market expansion and other aspects of the Base ecosystem. Based on the existing foundation and situation, he chose to establish a research organization The Based Institute led by his personal identity. On the one hand, it is to affirm and encourage the efforts made by past builders; on the other hand, it is to make new incremental preparations in improving the cohesion of ecological participants, building an ecologically unique cultural atmosphere, and tapping more ecological participants.

In other words, the future of Base is built on the attempts, efforts, services and open markets made by highly united ecosystem participants. All projects, organizations and individuals related to this have the opportunity to share in the development of the Base ecosystem.

So, stay Based, stay onchain.

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