DOLA is now live on Base! A bit of background as well as a few thoughts on where this all leads ...
First, Coinbase launching Base is an important moment for Inverse but really for all of web3. By standardizing on the OP stack, it solidifies Ethereum’s position in the marketplace but also portends more Ethereum L2’s (a la opBNB) for developers who, among other benefits, want easy cross-chain portability of code across Ethereum L2’s.
Coinbase brings serious TVL ($80B in 2022), 110MM users, and ~14,000 institutions to the web3 table. With the major exception of Binance, who are also launching on the OP stack, this is the most important “on-chain” move yet by a CEX. Even more intriguing, Coinbase recently shuttered its $170MM fixed rate Coinbase Borrow business, allegedly due to regulatory concerns. In addition to having Coinbase as the top CEX for INV, there’s much to be optimistic about with the launch of Base.
But it’s our friends at Velodrome Finance who are providing the initial impetus to deploy on Base with the launch of their spinout DAO, Aerodrome Finance. Due to our early and consistent incentives on Velodrome on OP mainnet, we’re the new owners of a handsome Aerodrome veNFT that provides the DAO with fresh incentives for DOLA pools on Base. You can see our position on the veVELO leaderboard here:
Bridging DOLA to Base is done via a native Base bridge that temporarily uses a custom UI provided by Inverse until more third party tokens are enabled on the Base bridge user interface.
You can get started with the bridge https://www.inverse.finance/base but please consult our docs first https://docs.inverse.finance/inverse-finance/inverse-finance/product-guide/tokens/dola if you are new to bridging.
Similar to Velodrome on OP mainnet, our first goal on Base is to build DOLA liquidity. We’re already in discussions with partners on co-incentivizing pairs there and are also expecting still more opportunities with yield aggregators like Beefy.
Lending on Base is currently a more medium-term proposition but fortunately our upcoming deployment of FiRM on Optimism mainnet will be more or less identical to a future deployment on Base, as both are Ethereum L2’s using the Optimism stack. The fixed rate opportunity on Base appears promising and we will be closely watching Base TVL growth and engaging with the Base community.
Lastly, in the spirit of the “onchain summer” driven by the team at Base where NFT’s are a thing, we’ve launched the DAO’s first NFT commemorating our deployment of DOLA on Base! Check it out here - priced at 0 ETH - and only while supplies last! https://zora.co/collect/base:0x69a9094aeacb758e7bf98112c569dfd30f07712a