Announcing the First Six Investments from the Base Ecosystem Fund
Crypto News – The Base Ecosystem Fund, led by Coinbase Ventures, is excited to unveil its initial investments in a select group of onchain projects. These investments were chosen from a remarkable pool of over 800 applications, each representing a promising venture in the realm of Base.
Avantis
Avantis is an innovative oracle-based synthetic derivatives protocol. It empowers users to engage in trading activities involving cryptocurrencies and real-world assets with leverage of up to 100x. Moreover, users can earn yield as market-makers by supplying USDC liquidity. Avantis stands out for its user-friendly design, exclusively using USDC, and its meticulous risk management approach, including tranches and flexible locking mechanisms.
BSX
BSX is on a mission to build a decentralized limit order book that allows users to go both long and short with leverage. We firmly believe that onchain trading should have diverse market structures, whether it’s automated market makers (AMMs), order books, or other innovative formats. BSX is set to merge the best aspects of traditional finance trading experiences (e.g., cross-collateralization, robust cross-margining, enhanced front-end, and limit orders) with the inherent advantages of DeFi, including self-custody directly on the Base platform.
Onboard
Onboard offers an onchain, self-custodial solution for users to effortlessly onboard and offboard cryptocurrency through their own Multi-Party Computation (MPC) wallet and smart contracts. This onchain fiat-to-crypto approach plays a pivotal role in fostering a more inclusive financial ecosystem, particularly in emerging markets like Africa, where Onboard is currently headquartered.
OpenCover
OpenCover introduces a groundbreaking Layer 2 (L2) insurance aggregator that collaborates with underwriters such as Nexus Mutual. Its primary goal is to shield DeFi users against onchain risks, including smart contract vulnerabilities and oracle failures. OpenCover is at the forefront of delivering onchain insurance options at the transaction level, making onchain risk management accessible and affordable to all.
Paragraph
Paragraph serves as an onchain creator platform, enabling content creators to publish, share, and develop their content-related businesses. It leverages permissionless protocols to supercharge growth and revenue potential. Paragraph introduces novel onchain features, such as the ability for creators to transform posts into collectibles, send newsletters to wallet addresses, monetize through recurring memberships, and tap into decentralized social protocols (e.g., Farcaster, Lens, XMTP) to cultivate and nurture their communities.
Truflation
Truflation represents an onchain financial oracle that provides automated and independent daily inflation reports, specifically Consumer Price Index (CPI) data. This data is sourced from over 18 million data points and 40+ data sources in real-time. Truflation offers a significantly more accurate and timely representation of inflation compared to the current methodology, which has seen only minor changes since 1998 and reports monthly. Having an impartial third party like Truflation reporting essential financial metrics onchain is of utmost importance.
Collaboration with these extraordinary teams is underway to develop the Base ecosystem and bring more builders and users onto the blockchain. But their journey is not over yet. Apply now and be part of the next wave of builders shaping the future of Base.
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