“No one can be trusted except the code.” Perhaps this is the sentiment of many old Meme currency players, especially after experiencing the crazy weekend of “Moji Cut”.
The first ERC50 protocol for fair sale is launched
On March 29, a Meme project called DINO began to raise funds on the Base chain, and this sentence became the source of their community trust. DINO announced that it has launched a new ERC50 protocol. The main purpose of this agreement is fair sale, and almost all operations during the pre-sale process are written into the contract. This protocol can automatically allocate tokens, automatically lock positions, automatically refund, and automatically add LP to the liquidity pool. According to the project team, this project can achieve: no administrators, no mouse warehouses, and no RUGs.
The project ultimately received 301 ETH in two days, with more than 1,400 addresses participating in the fundraising, with total funding of approximately US$1.06 million. As its promotion says, half of the project’s tokens and all ETH are injected into the LP liquidity pool and locked permanently. As of the afternoon of April 1, there were 8,968 DINO currency-holding addresses, and the size of the LP pool was US$8.2 million, ranking fourth on the Base chain.
The popularity of DINO has triggered discussions on the ERC50 protocol. One user @TheDarkRippler tweeted: “DINO will become the new standard for issuing meme coins”
Could a more just ERC50 bring about meme madness?
Currently, the name ERC50 has only been adopted by DINO, and has not been voted to become the standard for ERC tokens. On March 27, a WhiteRiverBay user released a new protocol called "evm-fair-launch" on Github.
A few points are made in the description of the code:
1. There is no manager, no special drawing rights, no rats, no one can be faster than others, no one can RUG, all funds raised will be added to the liquidity pool
2. This contract is a token contract inherited from ERC20
3. Added fair launch function to uniswap-v2 liquidity pool
4. Players only need to transfer the corresponding Ethereum into the contract to obtain tokens
5. Players can transfer tokens to the contract at any time before launch to obtain refunds
6. After meeting the conditions, the player only needs to transfer 0.0005 Ethereum to the contract, and the contract will send the equivalent tokens of all sold tokens and all Ethereum in the contract to the DEX exchange to increase liquidity. Tokens are immediately available for trading.
7. Currently, only Uniswap-V2 version of the contract is provided to prevent the increase of liquidity before launch.
Judging from the characteristics of the code, the ERC50 protocol is implemented by combining the characteristics of Uniswap-V2, and it does realize the ability of fair issuance. However, for users who try to gain income by forming LP, the protocol does not support the extraction of LP, and all liquid LP tokens will be permanently locked in the contract and cannot be extracted. However, the submitter of the protocol also stated that a contract that allows the extraction of LP returns (a version that allows the extraction of fee income generated during the transaction) is being developed to incentivize the project party to continue operating.
In fact, the functions of the so-called ERC50 protocol do not seem new. Functions such as automatic lock-up and automatic distribution through smart contracts have been widely used in many IDO platform projects. However, when these features are now used in Meme coins after the recent money-making craze, they satisfy people's pain points and imaginations about the issuance of Meme coins. In particular, when the time of the launch of this protocol happened to be almost the same as Huang Licheng's "Maji Dacai" behavior, it formed a strong contrast.
Judging from the results of the wealth effect, the reasonable Meme currency DINO has not ushered in a crazy bull market effect. According to PANews calculations, the fundraising price of DINO issuance is approximately US$0.000116. As of the afternoon of April 1, the price reached a maximum of US$0.0023, with a maximum increase of only about 20 times. After falling back, the stable price was around 0.0011, and the price growth rate was only is 10 times. This pales in comparison to the previous popular BOME coins and SLERF coins on the Solana chain, which have increased hundreds or even thousands of times. This makes people think, is the key core of Meme trust or popularity?
Base continues to suck the blood of Solana and Ethereum
From another perspective, this gap may exist between Solana and Base Chain. Recently, Base Chain has begun to exert its strength in the Meme field, and has indeed achieved unexpected results, but there is still a big gap between it and Solana.
On March 30, the number of contracts created on the Base chain reached 2,091. This data increased by almost 31 times compared with 66 on March 1. On the same day, the number of daily active users on the Base mainnet exceeded 450,000, reaching the second highest point in history. On March 31, the Base chain broke its own 24-hour trading volume record on the decentralized exchange (DEX), rising approximately 25% from the previous day and breaking the $1 billion mark.
In comparison, Solana’s recent new token sales, although not as high as the peak of 9,943, have basically stabilized at more than 6,000 to 7,000. On March 30, Solana’s daily active users were 1.52 million, which also far exceeded Base’s data.
However, we may see something interesting from another set of data. In the past seven days, the net outflow from Solana and Ethereum chains to the Base chain has been approximately US$4 million. The Base chain set aside $25 million in one week, with an inflow of $31 million, and a net inflow of approximately $6 million. Judging from this set of data, most of the new transaction traffic on the Base chain is through the blood sucking of Ethereum and Solana.
With the recent emergence of new welfare myths such as DEGEN and mfercoin on the Base chain, perhaps Base's blood-sucking status for other chains will continue.
