Maverick Protocol aims to bring ‘MemeFi’ to the base.
Maverick Protocol has launched the “MemeFi” platform on Coinbase's Base network with the aim of bringing decentralized finance (DeFi) to memecoins, Cointelegraph said on December 9th.
Dubbed goose.run, the platform is intended to be Base's answer to Pump.fun's popular Solana (SOL) memecoin platform.
In addition to matching pump.fun's core functions as a liquidity enabler for new tokens, goose.run allows users to lend and borrow from memecoins.
“We think [Base] It's pretty greenfield for memecoin platforms, Bob Baxley, a Maverick contributor told Cointelegraph.
“There are other people who have tried, of course, but none of them have really caught on,” Baxley said.
In October, Base became the largest Ethereum layer-2 network by Total Value Locked (TVL). It has a TVL of about $4 billion as of Dec. 9, according to Defillama.
goose.run aims to “gamify” memecoin trading. Source: goose.run
Related: SecondLane Shops Pump.fun Raises Equity for $1.5B FDV
Borrowing on memecoins
Unlike traditional DeFi lending platforms like Aave, at goose.fun “the pool itself is a counterpart to the loan,” Baxley said.
This will make lending and borrowing available for memecoin listings “from day one,” goose.run said in a statement to Cointelegraph.
In theory, token holders could use this feature to double their long positions in memecoins, Baxley confirmed.
Goose.run also plans to integrate video streaming, so memecoin startups will be a “major foundation for content creation,” Baxley said.
In addition to goose.run, Maverick Decentralized Exchange (DEX) operates on five blockchain networks, including Base.
Source: Defillama
Legal property class?
Fueled by venture capital funds and political speculation, memecoins now command more than $128 billion in market capitalization, according to CoinGecko.
Memecoins are emerging as a “legitimate asset class,” researcher Cryptonary said in a September report, adding that “institutional memecoin holdings reached more than $200 million in May, an increase of more than 220% since the beginning of the year.”
Rather than pure speculation, memecoins “will play a critical role in fueling network activity,” Paul Veraditakit said in April.
In the year By 2024, memecoin platform Pump.fun will earn more than $1.25 billion, according to Defillama.
Pamp.fun's revenues plummeted in December after the platform disabled its live streaming feature following the spread of harmful content.
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