If you're into meme tokens, you've probably noticed how Base, Coinbase's Ethereum Layer 2 blockchain, has become a hotspot for launching and trading them. A recent thread from the Unchained podcast @Unchained_pod sheds light on this, highlighting Coinbase as one of the "Onchain5" – the big players driving users onto the blockchain. Let's break it down and see why this matters for the meme community.

The thread kicks off by noting that Coinbase, traditionally known as a crypto exchange, is evolving into an "origination platform." That means it's not just holding your assets anymore; it's actively creating new ways to use them onchain. At the core of this shift is Base, which launched in August 2023 and has quickly grown to hold $4.8 billion in assets with millions of users.

Looking at the handy diagram shared in the thread, the Coinbase Onchain Stack is layered like this:

• Platform: Base – This is the foundation, an Ethereum L2 that uses Optimism's tech for fast, cheap transactions. Perfect for meme tokens where every cent counts in trading frenzies.
• Primitives: These are the building blocks, including Coinbase Wrapped Assets (like cbBTC for Bitcoin on Base), Aerodrome (a DEX for swapping tokens), Morpho (for lending and borrowing), and Zora (for creating and trading content coins, which can include NFT-based memes or social tokens).
• Services: On top, you get tokenized assets, DEX trading with over 1,000 assets (many of which are memecoins not listed on centralized exchanges), Bitcoin loans, and content coins.
• Distribution: Finally, it reaches users through Coinbase itself and the Base App, a "super app" wallet with a waitlist of over a million people. This app makes onboarding seamless, with gasless transactions for sending stablecoins like USDC.

What makes this stack a game-changer for meme tokens? Base's low fees – often under a penny per transaction – have turned it into a breeding ground for memecoins. Projects like Clanker, a dedicated memecoin launchpad on Base, make it easy for creators to pump out new tokens without breaking the bank. Popular memes such as DEGEN and TOSHI have thrived here, drawing in traders who love the speed and affordability compared to Ethereum's mainnet.

Coinbase is also pushing DeFi integrations hard. Through Morpho, users can take crypto-backed loans using their meme holdings as collateral, adding utility beyond just hype. Aerodrome handles the DEX trading, where volume for obscure memecoins can spike overnight. And with Zora, creators can mint "content coins" tied to memes, blending NFTs and tokens for viral social plays.

This isn't just hype; the numbers back it up. Base has over 200 million crypto addresses and has generated nearly $150 million in revenue. For meme insiders, it means more opportunities to spot early gems, trade efficiently, and even borrow against your bags.

If you want the full scoop on the Onchain5 and how Coinbase fits into the bigger picture, check out Unchained's article. As Base continues to evolve, it's clear Coinbase is positioning itself as the gateway for the next meme token explosion. Stay tuned – the onchain meme meta is just getting started.