Coinbase mainnet of Base is finally up and running, but there are some who have had a chance to use it for a few weeks already, among their investments are players such as Uniswap, USDT but also memecoins.
Among the latest trends that have emerged, there is the phenomenon of “Early Base Whales,” the group of pioneering individuals who have taken the risk of transferring their assets onto the new chain even before its official launch.
The Nansen Report, a comprehensive analysis of the interactions and behaviors of these Early Base Whales, offers valuable insights into their preferences and the dynamic landscape in which they move.
Coinbase: exploring Early Base Bridgers, investments amid Uniswap DEX and USDT stablecoin
Base, Coinbase’s blockchain adjacent to Ethereum, made its public debut with great anticipation.
However, what is particularly intriguing is that cryptocurrency whales had already begun trading high-risk tokens on the platform before its official opening.
The Nansen Report examines the activities and interactions of these early bridgers during a specific period, revealing intriguing trends that shed light on their trading behaviors.
The study focused specifically on the top BASE bridge depositors who had contributed 100 or more ETH by 31 July.
This meticulous selection process ensured that the analysis focused on legitimate individual accounts, excluding automated bots that can often skew the data. This carefully curated group of 22 portfolios was dubbed “Early BASE Whales.”
The Early BASE Whales’ interactions have been classified into several groups, each reflecting their preferences in the dynamic cryptocurrency landscape.
The groups of interactions
DEXs/Aggregators: Uniswap, Paraswap, 1inch, 0x, Balancer, and KyberSwap emerged as preferred platforms. These established decentralized exchanges and aggregators provided traders with familiar ground for their activities, showing a clear preference for proven protocols.
Layer 2/Bridges: In addition to BASE, Early BASE Whales also showed interest in other layer 2 networks such as Synapse, Polygon, and Arbitrum. This signals their willingness to explore different blockchain scaling solutions, potentially driven by the search for efficiency and lower transaction costs.
Stablecoins: The attractiveness of stablecoins as a way to mitigate volatility in the cryptocurrency space has been evident, with USDC and Tether being prominent choices for these traders.
Trading bots on Telegram: Unibot stood out as a unique player within the mix. Its inclusion in the top 10 entities interacted with suggests its resonance with traders, hinting at its usefulness and potentially offering a glimpse into an emerging trend in automated trading solutions.
DeFi App/Adjacent DeFi: Recognized DeFi platforms such as WETH, MakerDAO, Aura Finance, and Aave were part of traders’ interactions, indicating their interest in decentralized financial services and lending protocols.
CEX: Binance, a major centralized exchange, made its presence felt in the interactions. This highlights the coexistence of decentralized and centralized platforms in traders’ strategies.
Memes: An interesting aspect of the interactions was the inclusion of “Pepe,” which could indicate a fascination with token memes or a desire to diversify holdings in unconventional assets.
The landscape of whale investment strategies
The Nansen report on Early Base Whales offers a fascinating look at the evolving landscape of cryptocurrency trading and investment strategies. The emergence of this distinct group of individuals actively engaging with new chains prior to their launch demonstrates their appetite for risk and innovation.
The study findings underscore the importance of proven platforms such as exchanges and decentralized aggregators, while highlighting the adoption of emerging solutions such as layer 2 networks and trading bots.
As the cryptocurrency world continues to evolve, understanding the behavior and preferences of these early adopters is invaluable.
Their willingness to embrace new platforms and their strategic choices can offer insights that guide the broader community’s decisions in navigating this dynamic and ever-evolving space.
With the Nansen Report shedding light on Early Base Bridgers, investors, developers, and analysts gain a clearer understanding of the paths pioneers take, potentially shaping the future of cryptocurrency ecosystems.
Source: https://en.cryptonomist.ch/2023/08/11/coinbase-the-affinities-of-early-base-whales-with-uniswap-usdt-a/