Case Studies

Base Ecosystem

Capital flows to Base - Because market makers find SOL too expensive

+-----------------------------------------------------------+
|                        BASE                                |
+-----------------------------------------------------------+
|                                                           |
|   Capital flows to Base - SOL became too expensive        |
|   Cost structure determines platform choice               |
|                                                           |
+-----------------------------------------------------------+

Surface Reasons for Capital Flow to Base

Capital suddenly flowed to Base in recent weeks:

  • DEX trading volume up 83% in one week
  • Solana lost 53% in one week

Surface reasons:

  1. Base will separate from Coinbase, likely to issue token, betting on Uni-style airdrop
  2. Base ecosystem has good social presence, has users

The Real Reason

Who do DEX or public chains serve first? Of course, market makers and LPs

Liquidity transmission order:

Market makers of low-liquidity assets

Smart money chasing low-liquidity assets

Mainstream institutional capital (dumb money)

Solana Market Making Cost Analysis

From my Bot farming experience:

OperationCost (SOL)
createtoken0.2
create market id1-2.8
create pool0.4
remove pool0.4
Total2-3.8 SOL ≈ $380-722

Compare to Base: Same operations, total cost under $3


Bot Farming Strategy Analysis

My strategy:

Launch token → Add liquidity → Lure bots into pool → Dump + Remove pool

Strategy prerequisites:

  • Attract sniper bots by adding pool
  • Bots must inject over 4 SOL to break even
  • Each launch needs 100K USD equivalent SOL

Base's Advantages

Cost Advantage

While Base's gas costs aren't outstanding compared to other L2s and Solana:

Secondary bull market arrives → Overall liquidity improves

Low liquidity markets (NFT/inscriptions) exit center stage

Battle hinges on attention extraction

Warpcast's Key Role

High-influence KOLs spend their time on Base daily

Ensures attention for Base shitcoins

As a "shitcoin launcher" more effective than any launchpad

Shitcoins spread through Warpcast easily lure IQ100s

Attention = Liquidity

Real-World Data

One week of Bot farming experiment on Base:

  • Profit: 13.7 ETH
  • Small pool average return: ~2.5% per round

Core Formulas

Capital flow = Market making cost × Liquidity quality

Solana problem:
├── Launch cost $380-722
├── Need 100K USD equivalent SOL for strategy
└── Inverted cost structure

Base advantage:
├── Launch cost < $3
├── Warpcast attention boost
└── Attention = Liquidity

Conclusion:
Market makers find SOL too expensive → Capital goes to Base

Mid-curves on Base, prepare to get harvested!