After the leading exchange Coinbase announced the launch of the Layer 2 network Base test network on the evening of the 23rd, the "BASE" token of another project Base Protocol "benefited" from skyrocketing. Market speculation occurred after the news about Coinbase. BASE currency skyrocketed from about $2 to $7 in just one hour. According to CoinGecko data, it reached a maximum of $7.46, which was more than 4 times the low of $1.78 within 24 hours. .
0/ Hello world.
Meet Base, an Ethereum L2 that offers a secure, low-cost, developer-friendly way for anyone, anywhere, to build decentralized apps.
Our goal with Base is to make onchain the next online and onboard 1B+ users into the cryptoeconomy.t.co/Znuu3o3pJw
— Base (@BuildOnBase) February 23, 2023
The market speculation began to calm down about an hour and a half after the news. The BASE currency began to slide from its high point, falling back to US$4.3 in the third hour, and then returned to US$5.3, but did not stand firm.
This method of blindly betting, or rather jumping to profits on coins that are not directly related to hot topics, may be both illogical and incomprehensible to experienced traditional investors. But the fact is that Base Protocol's BASE token surged instantly after the news from Coinbase, and then plummeted. The price gradually corrected amid massive profit-taking. The base price fell overnight, and the trading price was slightly above $2 in early Asian trading on Friday. .
Market behavioral reactions are likely to exceed expectations. As of Friday the 24th, Coinbase has made it clear that it is not launching a token for its new blockchain. In fact, Coinbase’s Base had no plans to issue tokens from the beginning.
Meanwhile, Coinbase’s Base got off to a rocky start. The launch of the testnet on Thursday night drew complaints and flak from users on Twitter, and just hours after Base debuted, problems arose with the network, with users taking to social media to complain about the network's functionality.
base's bridge is off to a rough start, every single transaction reverting and the bridge contract is unverified so nobody can figure out what's going on pic.twitter.com/2MiFZrMNfj
— foobar (@0xfoobar) February 23, 2023
Twitter user @0xfoobar commented that Base's bridge was not working from the beginning, every transaction was restored, the bridge contract was not verified, and no one knew what happened.
According to Coinbase, the operational glitch on the testnet was caused by an issue with the Coinbase wallet, which misestimated the gas fees required to execute user transactions. As a result, users pay less gas than required to execute transactions, prompting Base to revert these transactions without executing them.
Coinbase software engineer Roberto Bayardo explained on Twitter hours after the release that "the bridge contract increases gas usage under load that the wallet does not estimate correctly." According to Bayardo, the sudden influx of users may have overwhelmed the protocol heavy burden, and was also the culprit of problems on the day the testnet was launched.
Disclaimer: This article is only to provide market information. All contents and opinions are for reference only. They do not constitute investment advice and do not represent the objective views and positions of the blockchain. Investors should make their own decisions and transactions. The author and Blockchain Client will not be held responsible for any direct or indirect losses caused by investors' transactions.
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