Base Yields: Earn with Boosted Alienbase LPs on Beefy Exchange

Before we get started, this is not a recommendation or endorsement to buy any token(s) mentioned.

Since the launch of Base L2 network by Coinbase, Base has hosted a number of new DEX protocols, including BaseSwap which we covered not long ago. Similar to how the DEX wars played out on L1s and L2s, Base is already seeing a battle among its earliest DEXs for liquidity and trading volume.

Over the last week, at least one whale holding larger amounts of BSWAP tokens dumped enough tokens onto the open market to sink the price of BSWAP from $5 to as low as $1.34 according to CoinGecko. Prior to this price dump, BaseSwap had garnered a reputation as the top native DEX of Base, with as much as 50% of all TVL in the first few weeks since launching. For example on August 11th, BaseSwap held ~$50M TVL on the same day Base network had grown to just over $100M TVL.

This recent price action has created new opportunity for other DEXs on Base to attract new capital and more trading volume. As of this writing, there’s still only ~$15M in trading volume on Base over the last 24 hours, with Uniswap V3 owning $8.54M in volume and BaseSwap holding onto the #3 ranking as a DEX with $1.65M in volume. 

One of a few new DEX protocols on Base rising up the ranks is Alienbase. Alienbase has enabled just over $890k in 24-hour trade volume, ranked #6 on Base just behind SushiSwap, while being ranked #2 in TVL with $28.6M on Base just behind Compound and ahead of BaseSwap.