On March 29, a Meme project called DINO started raising 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 protocol 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 barns, 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 $1.06 million. As advertised, 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 LP pool size was US$8.2 million, ranking fourth on the Base chain.
Currently, the ERC50 name has only been adopted by DINO, and has not been voted to become a standard for ERC tokens. On March 27, a WhiteRiverBay user released a new protocol called "evm-fair-launch" on Github.
Add a caption for the image, no more than 140 characters (optional) Make the following points in the description of the code:
No managers, no SDRs, no rats, no one can be faster than others, no one can RUG, all funds raised will be added to the liquidity pool
This contract is a token contract inherited from ERC20
Added fair launch functionality to uniswap-v2 liquidity pool
Players only need to transfer the corresponding Ethereum into the contract to obtain tokens
Players can transfer tokens to the contract at any time before launch to receive refunds
Once the conditions are met, players only need to transfer 0.0005 Ethereum to the contract, and the contract will send all tokens sold and the equivalent of all Ethereum in the contract to the DEX exchange to increase liquidity. Tokens are immediately available for trading.
Currently, only the Uniswap-V2 version of the contract is provided to prevent increased liquidity before launch.
Judging from the characteristics of the code, the ERC50 protocol is implemented by combining the characteristics of Uniswap-V2, and indeed achieves the ability of fair issuance. However, for users who are trying to obtain income by forming LP, the protocol does not support the withdrawal of LP, and all liquid LP tokens will be permanently locked in the contract and cannot be withdrawn. However, the submitter of the agreement also stated that a contract that allows the withdrawal of LP returns (a version that allows the withdrawal 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 to be new. Such functions as automatic locking 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 boom, they actually satisfy people's pain points and imaginations about the issuance of Meme coins. In particular, when this agreement was launched at almost the same time as Huang Licheng's "Maji Massacre" 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.
From another perspective, this gap may exist between the Solana and Base chains. Recently, the Base chain has begun to exert force in the field of Meme, and it 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, which was almost 31 times higher than the 66 on March 1. On the same day, the Base mainnet’s daily active users 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), up about 25% from the previous day, breaking the $1 billion mark.
In comparison, Solana’s recent new token sale volume, although not as high as the peak of 9,943, has been basically stable 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.
In the past seven days, net outflows from Solana and the Ethereum chain to the Base chain were approximately $4 million. The Base chain set aside $25 million in one week and received $31 million in inflows, for a net inflow of approximately $6 million.
With the recent emergence of new wealth creation myths such as DEGEN and mfercoin on the Base chain, perhaps Base’s blood-sucking status for other chains will continue. Of course, you need to keep your eyes open and identify the projects on the chain clearly, so as not to encounter the situation like Brother Maji again! #BTC
