Base Never Launched a Token, Never Ran an Airdrop — and Still Overtook Arbitrum. Here's How
Base never launched a token, never ran an airdrop, and spent zero dollars on incentives, yet it now holds roughly 46.6% of all Ethereum L2 DeFi TVL, overtaking first-mover Arbitrum, which bought its share with ARB subsidies. The lesson: distribution beats incentives every time.
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