BaseSwap Airdrop: Earn Up to 102% APR with Stablecoin LPs on Base

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

Coinbase’s new flagship Layer 2 called Base is set to open to all users starting today on August 9th. Since bridging opened on August 3rd, developers and degens have plowed $43M into Base according to DeFiLlama, as many DeFi protocols are expected to launch soon. Among the few DeFi protocols to already launch, there is a native DEX that is a fork of Arbidex–called BaseSwap. BaseSwap has swallowed up nearly 50% of the TVL on Base in just its first week with ~$20M TVL.

BaseSwap has a simple and familiar AMM design with the following features:

• Swap (for traders)
• Liquidity (for LPs)
• Farm (for LP farmers)
• Earn (for BSWAP stakers)

The swap for traders and LP deposit look like the app design of every other fork of Uniswap-style AMM, The Farm tab boasts some relatively higher yields such as 102% APR on just the stablecoin pair for USD+/USDC. These yields are largely backed by BSWAP rewards while the AMM has been live for only a week (see below).

A more interesting design choice can be found in the BSWAP staking tab under Earn, which rewards BSWAP stakers for their loyalty. The longer the locking period, the higher the rewards, and BSWAP stakers can choose to get paid in either USDC or ETH. Users have the flexibility to stake without locking or to lock their tokens for