On July 30, a meme coin called BALD was deployed on the coinbase L2 network BASE and opened for trading at LeetSwap. Overnight alone, the meme coin, which had no applications, reached a thousand-fold increase, prompting BASETVL to triple overnight to over 60 million US dollars.
Though BALD was removed from the liquidity pool not long after it went live, BASE saw tremendous traffic and influence. Whether it was an intentional move by coinbase or an unintentional one by others, there is no doubt that the event fired the first shot in the battle over the exchange’s L2 network.
Amid the popularity of the BASE chain, no one is more anxious than Binance, another major exchange in the world. Coinbase and Binance are the big exchanges in the whole cryptocurrency world at the cosmic level, with the two occupying more than half of the global market. They share similarities in business and their users often compare their business capabilities. Like two powerful lions on the African savannah, they compete with each other and stay alert to respond rapidly to each other’s moves.
Right after BASE went viral, Binance released the news on August 2 that Binance Chain L2opBNB will soon be launched. Obviously, Binance brought a challenge to coinbase, and the two major exchanges, L2opBNB and BASE, started the war.
As we all know, whether an L2 can rise or not depends on whether it deploys killer apps on it. Since BALD has already fired the first shot of the BASE chain, how should opBNB respond? MEKE, the on-chain derivatives trading protocol that has recently exploded into the global crypto world, might be the answer.
MEKE is an on-chain derivatives trading platform developed by a U.S. team, which can be used to trade perpetual contracts for all types of mainstream cryptocurrencies such as BTC, ETH, etc., and in the future, it will also consider trading futures on real assets such as gold, oil, and U.S. bonds. That is, MEKE will start with crypto asset derivatives trading as an entry point, and in the future, it will enter the RWA market, which has a trillion-dollar asset scale.
Back in 2021, before DeFi Summer was over, MEKE started its research and development. To facilitate trading, the MEKE team refined the product for more than two years before launching it into the market, and finally deployed it on Binance’s second-tier network opBNB, so as to engage global cryptocurrency traders in the same decentralized trading as centralized perpetual contracts.
As a decentralized on-chain derivatives trading protocol, the product regards user traffic and product experience as its lifeblood. As the key of Binance ecological L2, opBNB, supported by the huge traffic with Binance as the background, features high concurrency, fast processing capability, and extremely low Gas fees. The network has a block time of 1 second, a Gas fee of as low as 0.005 US dollars for transfers, and the number of transactions per second (TPS) that can be processed exceeds 4,000, which is better than the existing expansion plan.
As a result, MEKE was selected for deployment on the OpBNB’s testnet. Thanks to MEKE’s strong performance and huge potential market, coupled with the fact that it is one of the first apps online on opBNB, MEKE has gained the attention of cryptocurrency enthusiasts worldwide and has been reported by cointelegraph, a top global blockchain media.
Currently, MEKE has been deployed in opBNB’s testnet and passed the security audit by Certik, a world-renowned auditor. MEKE initiated its first phase of public testing on July 31, which went viral, and propelled a rapid increase in the trading volume of the opBNB’s testnet.
The testing will end on August 10.
If BALD is the front-runner of BASE L2, it is big on promises and short on action. MEKE, on the other hand, as the vanguard of opBNB, is more like a well-equipped special forces unit. After all, compared to meme coins, which have no app, MEKE has strong value support. The cryptocurrency derivatives trading market sees a daily turnover of nearly 100 billion US dollars, while MEKE, as the leader of the cryptocurrency derivatives trading platform, boasts a very large market potential.
Speaking at the AMA on July 31, Binance founder CZ said that there are many interesting areas in the crypto world where Binance plans to invest heavily, and DeFi is clearly one of them. In the article opBNB: From Testnet to Mainnet published by Binance Chain on August 2, Binance mentioned that it will strongly support developers to develop valuable projects on opBNB, and MEKE may be one of them.
The first phase of MEKE’s public testing is in full swing, and according to incomplete statistics, its interactive wallet addresses have exceeded tens of thousands thanks to MEKE’s market influence as well as rewards for users who participate in the public testing. Like DYDX, Optimism, Arbtirum, and other programs, MEKE also brought rewards such as airdrops and commission dividends to users. The earlier users participate, the more rewards they may enjoy. MEKE issues little passes. With a unique issuance mechanism, the platform offers more benefits for those who participate in the public testing as early as possible. It is worth mentioning that as MEKE’s underlying blockchain system, opBNB has not yet issued passes either. Will MEKE make a splash for the entire market together with opBNB? We are looking forward to it!
The first phase of MEKE’s public testing will end on August 10. For more information, please visit
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