Team behind the ERC-7660 protocol, Benchmark Labs, announced the successful transfer of BENCH token liquidity to the Base mainnet today. The migration process has been completed, enabling trading to commence on Uniswap V3 Base.
According to the announcement on social media platform X, users now have the option to utilize the official cross-chain bridge operating on Layer 0 to facilitate the cross-chain transfer of BENCH tokens to Base. Additionally, the one-click deployment feature for ERC-7660 tokens will initially debut on the BASE mainnet. Benchmark Labs also indicated plans to introduce a range of new features on Base in the near future.
Base is a Layer 2 network developed by the company behind the cryptocurrency exchange Coinbase. It focuses on enhancing transaction speed while maintaining the robust security features of the Ethereum mainnet.
Notably, after the transfer, BENCH holders now have the option to cross-chain via Layer Zero.
$BENCH liquidity has been added on @base Uniswap V3
The cross-chain bridge is based on L0 and confirms that the BENCH CA on BASE is the same as that on ETH:
0xF4e21623496ad3Cf88a58B5e3A6b1FD22fDBe3E4
We will be releasing a series of new features on BASE soon #memecoin… https://t.co/C2MFHS8zD5
— Benchmark @ERC-7660 (@ERC7660) June 13, 2024
Who Is Benchmark And What Is ERC-7660?
Benchmark Labs has developed an experimental token standard tailored for memecoins. Known as ERC-7660 and based on ERC-20, it introduces a “consensus period” designed to foster community engagement and collaborative validation specifically for memecoins.
“Consensus period” denotes the duration over which tokens from a particular address unlock gradually, aimed at establishing a stable community consensus for memecoin.
Apart from this feature, the ERC-7660 protocol and Benchmark application provide fair launch capabilities, and tools for developing and deploying tokens.
“Fair Launch” is a pivotal feature of Benchmark. Projects launched through Benchmark’s Fair Launch mechanism receive robust support from the Benchmark community. This includes activating official promotional activities like airdrops, referral rewards, and benchmark social tasks as part of the Benchmark Build initiative.
Additionally, individuals can engage in the ERC-7660 protocol development through Benchmark Pass, granting users access to all future token drops across platforms and the ability to exchange Pass for platform tokens at any time. An upcoming feature, “Deploy,” will automate the deployment of ERC7660 tokens without requiring coding.
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