On February 10th, B3, the gaming-focused L3 on Base, launched its token on Bybit and Aerodrome at a market cap of just over $100M. In the hours/days following, the token saw a spot listing on Coinbase and perps listing on Binance, spiking the marketcap to a peak of $350M.

Now that the dust has settled and the market cap is sitting at a respectable ~$220M, it is the perfect time to provide some more color, see how the project is doing, and speculate on where it goes from here.

A Bit of Background

B3 (by NPC Labs) was founded with one key value proposition in mind – fill a hole in the current Base L2 ecosystem by creating a scalable L3 designed specifically for Web3 games. The three founders all left their previous positions at Coinbase only 10 months ago to start building B3 and promptly raised $18M from VCs (Pantera led the round) and $3M from some high-profile Angels from entities such as Coinbase, Base, Optimism, Bybit, Parallel, Proof of Play, and Delphi Digital.

B3 separated itself from