How to buy and sell tokens on Base
Introduction to Base:
Base blockchain is an Ethereum-based blockchain developed by Coinbase. As a Layer 2 (L2) network, it provides a secure, low-cost, and developer-friendly platform for building decentralized applications (dApps).
One of the primary goals of Base is to address the scalability issues that plague the Ethereum mainnet. With high gas fees and slow transaction speeds, the mainnet can be a challenging environment for dApp developers to work with. Base is designed to alleviate these problems and offer a more efficient and effective solution.
Today, we will cover how to buy tokens on Base blockchain, using meme.market.
What is meme.market?
meme.market is a memecoin launchpad. Each coin on meme.market is fair launch and automatically comes with a collaborative meme collection.
Launch a memecoin instantly without needing a liquidity pool. On meme.market, liquidity is powered by NFT mints (every memecoin purchase comes with a meme).
Setting Up Your Wallets
1. MetaMask. MetaMask is a browser extension that serves as a wallet for Ethereum and Ethereum-based tokens. Here are the steps to set it up:
- Step 1: Visit the official MetaMask website and install the MetaMask extension for your preferred browser. Always ensure you’re downloading from the official source to avoid phishing scams.
- Step 2: Once installed, create a new MetaMask Wallet. You’ll be provided with a secret backup phrase. Keep this safe, as it’s your only way to recover your wallet if you forget your password or lose your device.
- Step 3: Secure your wallet with a strong password.
2. Sign in with a social account. You can also sign in with your existing social account. meme.market uses Privy to automatically create a wallet for you when you sign in using an existing social account.
- Step 1: Select “Log in with a social account” when signing in to meme.market.
- Step 2: Authorize the app with the social account of your choosing.
Funding Your Wallets
Before you can buy tokens, you need to have funds in your wallet. You can buy Ethereum (ETH) from any centralized exchange (like Coinbase) and then transfer it to your wallet.
Purchasing Ethereum on Base
Add some ETH in wallet as you will need it to interact with Base Blockchain. You can get ETH on Base using providers like Moonpay or Coinbase. We recommend adding at least 0.03 ETH.
Transfer Funds from Ethereum to Base
A blockchain bridge is a tool that connects two separate blockchain networks to enable assets to be transferred between them. After you bridge ETH to an L2 like Base Network, your ETH will be usable on Base Network.
You can bridge your ETH to the Base Network using providers like Relay or Coinbase’s Base Bridge. Your ETH remains in your cryptocurrency wallet — neither meme.market nor any other third party takes custody, possession, or control of your funds.
Buying tokens on Base with meme.market
On meme.market, each memecoin purchase comes with two things:
- The coins (ERC-20)
- A meme (ERC-1155)
Keep the coins or the meme as long as you want. Sell either anytime, they aren’t tied together. Coin liquidity on meme.market is powered by NFT mints.
To buy tokens on meme.market, select the desired media and navigate to the “Buy” tab. Then specify the amount you would like to trade for the token. Add a comment to your transaction.
Once you press “Buy”, you will receive both the NFT and the specified token amount in the same transaction.
Selling tokens on Base with meme.market
You can sell your tokens anytime.
To sell your Market tokens, navigate to the Market page and select the “Sell” tab. Specify the amount of tokens you’d like to sell, and optionally add a comment. Once you click “Sell”, your tokens will instantly return to the pool.
You can also sell the meme you chose during your memecoin purchase. List them on Opensea or another NFT marketplace.
And that’s it! This is how you purchase and sell memecoins on Base blockchain with meme.market.
Disclaimer: This article is for informational purposes only and should not be treated as investment advice. Always do your own research before investing in cryptocurrencies.
