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Garrett
@garrett
I decided to launch Based as an experiment in permissionless interoperability It’s an onchain experiment where users can redeem a Base Introduced NFT for an allocation of $BASED Based is a right curve idea with a left curve name I thought this was a compelling experiment for a few reasons:
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Garrett
@garrett
1. The “Base Introduced” NFT can be viewed as a proxy base token. Basing a token off this NFT that Coinbase launched when they announced Base caters to users who showed interest in Base L2. The NFT itself was actually minted on mainnet Ethereum since Base wasn’t live yet. It was an opt-in action to mint the NFT that showed intent to transact on Base. The Base Evolution is bringing this intent to Base by allowing holders of this NFT to redeem it for $BASED which will go live on Base. 2. The unique distribution of the Base Introduced NFT allows for an interesting way to seed distribution for a token. There are 485k Base Introduced NFTs held across 370k unique wallets. It’s one of the most widely distributed NFTs we’ve ever seen.
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Garrett
@garrett
3. Based as a meme hasn’t been effectively proliferated through a memecoin. Based as a term and a concept has deep roots in pop culture. It’s simple. It’s stupid. It’s based. 4. Lastly, I strongly believe that we need more fun experimental projects onchain that leverage two key features of public blockchains - interoperability and permissionlessness. These two features are two of the biggest benefits of building consumer application on public blockchains. Get based, stay based
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Sage
@sage
Based. it seems to show me that I don’t have an allocation to claim (I had redeemed an NFT some weeks ago).
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