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:
- Base will separate from Coinbase, likely to issue token, betting on Uni-style airdrop
- 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:
| Operation | Cost (SOL) |
|---|---|
| createtoken | 0.2 |
| create market id | 1-2.8 |
| create pool | 0.4 |
| remove pool | 0.4 |
| Total | 2-3.8 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 poolStrategy 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 extractionWarpcast'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 = LiquidityReal-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 BaseMid-curves on Base, prepare to get harvested!