Coinbase just acquired Echo for $375M. Coinbase now appears to be leaning heavily into the Internet Capital Markets (ICM) narrative. Here is a quick post debriefing the move and what it means for Base ecosystem projects such as @noicedotso, an ICM sleeper. Solana’s ICM pitch centered around bringing competent Web2 builders into onchain consumer apps, rethinking the fundraising and token structure aspects of these projects. Coinbase is taking a stab at this narrative and seems to be taking its efforts even further. They have gone to great lengths to offer a supportive environment for builders to experiment with crypto. The smart wallet, Base App, x402, and the mini app SDK offer a compelling foundation for the builder ecosystem. Coinbase’s “Base is for Builders” slogan has landed much better than its user-targeted comms. With a healthy foundation in place, Coinbase has now purchased Cobie’s Echo, an early-stage investing platform that scales access to private funding rounds for qualified individuals. The key takeaway from the acquisition is that Coinbase is building a full-stack capital formation suite for crypto projects and investors. This will cover everything from launch, private rounds, public rounds, listing and secondary market trading. Aside from being a major bet on the mother of all alt seasons, these moves have major implications on the broader Base ecosystem. The Coinbase DEX integration benefits Aerodrome and Uniswap. Aerodrome has this community launch feature that is gaining attention, and there is a Backroom ICM incubator emerging as well. But a big winner seems to be flying under the radar: Noice. Upon hearing about Noice’s venture into ICM, I wasn’t overly excited. It still felt (and still feels) a bit corny to me, and the microtransaction angle is what attracted me originally. But now things are starting to fall into place. Here is everything we know about the Noice v2 umbrella: Noice v2: general product updates, interoperability between Farcaster & TBA, new feature reverse amps allowing users to pay for engagement. An example of the ‘Ramps’ feature can be found here. Oracle: @noiceagent talks about Coinbase and Solana ICM projects. Users can automatically buy tokens mentioned through liking and commenting on the post with amounts calibrated in their settings. Essentially an AIXBT that lets people buy through engagement. Oracle is in closed beta at the moment. Nothing yet revealed about Noice Earn, syndicate, ecosystem fund, or capital alignment. Oracle should see a full release next week. If the ICM meta truly takes off, there will be numerous projects to keep track of. Dubbed “The front page of internet capital markets,” Oracle removes research overhead, allowing users to view bite-sized decks and ape from within their social feed. This touches so many narratives: AI agents, ICM, SocialFi, trenches… Oracle should be a fantastic top of funnel bringing mindshare to Noice while its other products swing for the fences. I am still most excited to see the full feature set of Noice v2, as I view microtransactions embedded within social media to be a truly massive design space ripe for experimentation (potentially with my creator coin). Noice v1's launch dominated Farcaster for 2 weeks. Farcaster acts as a microcosm for how CT will react when Noice finally arrives. Noice is powerful and it is fun, with new products, features, and audiences being onboarded soon. Coinbase Ventures and Balaji recently invested in Noice. HeetTike shared the stage at Base “A New Day One” back in July. I’d argue Noice has been knighted as a Base ecosystem blue chip behind closed doors. Even if I’m wrong, the scope of the idea and the positioning within Base’s current priorities offers a compelling opportunity.