Coinbase Base L2 Gains Memecoin Launcher as Raydium Challenges Pumpfun

Coinbase’s Base L2 ‘Base is for everyone’ post has led to cryptocurrency DeFi traders calling out the Base ecosystem for poor promotional practices after launching a token from a Twitter/X post.

On April 16, Base’s main account promoted a ‘Base is for everyone’ image, linking to a tokenized version of the tweet surging at $16M market cap before crashing to $8 million.

The token was launched as part of Zora’s new tokenization feature, allowing users to create tokens on the Base network freely. Meanwhile, Raydium on Solana has launched its own money market. 

Coinbase’s Base L2 promotes Zora, a new memecoin launching platform

Base is Coinbase’s blockchain network to compete against Solana, Binance’s BNB Chain, and others, acting as a layer 2 network on Ethereum. 

Aimed to improve Ethereum scalability issues, the Base network has been promoted as an alternative network for hosting memecoins, crypto projects, and minting NFTs with easy connectivity to Coinbase and ETH. 

Zora’s new feature allows users to upload images and turn them into memecoins and tokens, promoting them on the Zora website, where traders can invest in a particular image/token and hold shares of that token.

Similar to Pumpfun, Zora has become Base’s own version of Pumpfun, except the main focus is on images being turned into memecoins, with Zora’s feed feeling like a long Instagram feed. 

With Zora, any post on twitter/x or image submitted to the platform can be tokenized and launched on the Base network for investors. 

Base, promoting the new Zora platform, launched ‘Base is for everyone’, tokenizing the tweet and allowing traders to push the token over a $15 million market cap. 

Raydium’s LaunchLab challenges Pumpfun

Similarly, Rayidum, a decentralized exchange on Solana, launched LaunchLab, a new platform where users can launch their own crypto tokens and earn revenue shares, and customize the token to their liking. 

Users who launch tokens on LaunchLab are able to change a token’s supply, the amount of tokens migrating to the AMM (automated money market), and earn on trading fees, with 10% of AMM LP fees going back to the token creator. 

LaunchLab could pose a threat to Pumpfun, with Raydium already being the biggest Solana-based DEX compared to Pumpfun’s newly launched PumpSwap. 

With Base’s Zora, Raydium’s LaunchLab, and PumpSwap, there has never been a better time to launch a memecoin or token.

Despite so many launch options, memecoin ecosystems have been on the low with volume well below their 2024 highs.