It’s a golden era for Ethereum layer 2s. On-chain activity is exploding, and new innovations are releasing daily.
Not least is the meme coin-focused Ethereum layer 2 Pepe Unchained ($PEPU), which has just cleared the $13 million total raised milestone at presale.
This comes as Coinbase announced its new brainchild, cbBTC, a wrapped version of Bitcoin available on its layer 2 chain Base and Ethereum.
As innovation and adoption reach new heights, investors are positioning in Pepe Unchained to maximize their upside potential.
Blending the utility of a layer 2 blockchain with the viral allure of meme coins, Pepe Unchained is rooted in two of crypto’s hottest metas.
Hidden in plain sight: Are Layer 2s crypto’s next big narrative?
Layer 2s are not a new concept – in the last cycle, we saw Polygon (formerly Matic) explode 200x in one year.
This was based on its promises to solve Ethereum’s scalability issue.
It did its job to some extent, providing faster and lower-cost transactions than the Ethereum main net.
This spotlighted the potential of Ethereum layer 2 blockchains, which are separate networks built on top of the Ethereum mainnet.
We should note that there are different types of layer 2s. Some run alongside the main net rather than on top of it – although that’s beyond the scope of what we’re talking about.
But back to the point, layer 2s have transcended into a monster. Users no longer need to use the Ethereum main network; layer 2s have extensive ecosystems, including DeFi, real-world assets, GambleFi, GameFi, and more.
Per data from L2Beat, layer 2 activity recently reached a new all-time high.
Meanwhile, Coinbase has just caused a buzz with its new wrapped Bitcoin token, cbBTC.
This will allow users to take their BTC held on the Coinbase blockchain and utilize it on chain. Retail investors hold $20 billion of BTC on Coinbase, and institutions hold $200 billion.
The Ethereum ecosystem could be about to see unprecedented liquidity inflows.
Indeed, Base is quickly proving itself as a top Ethereum layer 2, but it’s only one of several breaking new ground.
Another is Pepe Unchained, which will be the first Ethereum layer 2 focused solely on meme coins. That’s a significant merit given the sector’s $41 billion market cap.
Breakout use cases of Pepe Unchained draw 7-day $1 million capital inflow
Traders have swamped the Pepe Unchained presale.
As mentioned, the total raise just surpassed $13 million. But the team only celebrated hitting the $12 million mark one week ago.
This substantial momentum is all thanks to Pepe Unchained’s use case.
The project has a widespread appeal at the intersection of humor and utility.
However, we must not discount the potential breakout use cases that could stem from this concept.
Meme coin trading apps Pump.fun and Sunpump have generated millions in revenue in the past few months, reflecting a new business model inside the meme coin domain.
But with an Ethereum layer 2 focused only on meme coins, the spectrum for new use cases drastically widens.
Developers could build anything their skills allow on the “Pepe Chain.” This could be a Play-to-Earn game that includes meme coin characters, meme coin-inspired NFTs, a meme coin-focused DeFi app, etc.
The Pepe Chain also boasts sophisticated features like a staking mechanism, a block explorer, and a dedicated Ethereum bridge.
As the presale gains momentum, leading analysts increasingly become aware of Pepe Unchained.
ClayBro hails the project for “defying the odds” and “surging” while other cryptos fall flat.
“If you look at Shiba Inu, Dogecoin, or even Pepe, prices are moving lower – that’s because they’re experiencing outflows – yet Pepe Unchained is experiencing inflows,” said the analyst.
Within the crypto market, this cycle’s winner could well be layer 2 blockchains.
Ethereum remains the second most valuable cryptocurrency by market cap, and with the incursion of layer 2s, the network is now cheap and fast. This opens a world of previously infeasible use cases.
Amongst them are meme coin-related utilities, and that’s exactly what Pepe Unchained plans to facilitate.
Currently, the $PEPU presale price is 0.009651, but this will rise throughout the campaign. The next increase will be later today.
Visit Pepe Unchained Presale
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