The myth of Bald's thousand-fold currency is shattered in an instant, is it too early for the Base public chain to be cool?

CoinVoiceAug 05, 2023
The myth of Bald's thousand-fold currency is shattered in an instant, is it too early for the Base public chain to be cool?

Author: Daniel Li

Under the dual-frequency resonance narrative of Cancun upgrade and BTC halving, L2 has become the next industry hotspot and has become the mainstream view in the encryption market. In this context, several well-known L2 public chains have recently announced the deployment of the main network, in order to quickly seize the market when the bull market comes. Among these many L2 projects, the L2 public chain-Base public chain built by Coinbase based on the OP Stack module has recently attracted a lot of attention.

The explosion of Base stems from the release of a meme coin called BALD on its latest chain. The coin has increased by more than a thousand times in one day, and the market value has broken through 100 million US dollars in just two days. The flow of the fund pool The sexual scale also exceeded $25 million. The popularity of BALD has attracted a lot of attention on the Base public chain. At present, the Base main network has started operation and is expected to be officially released to the public in early August.

BALD "running away" brings doubts to the Base public chain

The rapid rise of BALD tokens and subsequent violent fluctuations have aroused heated discussions and doubts in the community. According to the trend chart, the BALD token quickly climbed to an all-time high of $0.09386 at the opening of the first day, an astonishing 384.88% increase from the lowest point. However, after quickly peaking, the price of BALD tokens began to drop sharply, and many investors suffered significant losses as a result.

The fluctuation of BALD token price is closely related to the outflow of large funds. Since the Base main network has not yet been officially released to the public, the BALD tokens issued based on the Base network can only flow in but not out. However, this restriction only applies to ordinary investors, and "BaldBaseBald", the deployer of BALD, still has the right to sell tokens at this time.

It is reported that when the BALD token reached the highest price in history, BaldBaseBald withdrew more than 10,500 ETH from the BALD fund pool, worth nearly 20 million US dollars. This behavior had a huge impact on the liquidity of the BALD fund pool, causing the price of BALD tokens to drop sharply, with the largest drop reaching 80%. Meanwhile, BaldBaseBald made about $5.9 million in profits, almost all of which came from latecomers investing.

The way the BALD token works is very similar to the basic principles of the honeypot protocol. In this strategy, the creator of the token usually holds a large amount of tokens in advance, and then uses his own funds to push up the price of the token. Ordinary investors see the price increase and usually follow the market sentiment and buy tokens in large quantities, pushing the price even higher. At this time, the creators of the tokens will seize the opportunity to sell the tokens they hold and make huge profits, while ordinary investors can only be locked up and suffer losses because they cannot sell them.

As for whether BALD is a "Pixiu plate", it is still uncertain. Only when the Base mainnet is officially opened to the public, ordinary users can draw conclusions if they cannot withdraw normally. But judging from the current form, there is a high probability that BALD will be cold. The positions deployed in advance by the project deployer use the rules to harvest retail investors, which has already scared away investors who want to enter the market in the future. The quick success and instant benefit of the BALD project party also made it the shortest-lived meme coin in history. However, some people also questioned that BALD may be just a pawn, and the real layouter may be Coinbase.

Some investors pointed out that the meaning of BALD "bald" is easily reminiscent of Coinbase CEO Brian Armstrong, who himself is bald. In addition, the deployers of the BALD token hold a large amount of cbETH, which has also sparked speculation that BALD may have been created by someone related to Coinbase. Although these speculations were proved to be false afterwards, BALD's behavior did have an impact on the liquidity of the Base public chain. As the BALD deployer "runs away", the total value locked (TVL) of Base also dropped sharply, from $41.2 million at the peak to $9.54 million now, a drop of 76.84%.

However, for the Base public chain, Bald's influence as a meme coin is very limited. When the myth of a new memecoin boomerang reappears, investors are quick to chase the next hit. In the long bear market, investors cherish any opportunity that may bring great wealth. Meme coins are also prone to skyrocketing market prices, so most newly deployed public chains, and even some old public chains will use meme coins to attract market attention. For example, AIDOGE, the first meme coin in the Arbitrum ecology, also brought new vitality to the Arbitrum ecology, and AIDOGE also combined the current popular elements together, using the combination of AI+Arb+Doge to create heat, further creating FOMO in the market, and opening up New narrative gameplay.

This time the Base public chain chose meme currency as a hotspot for marketing itself. There is no problem in itself, but it was wrong to choose a pig teammate. Regardless of Bald, returning to the public chain itself, Base, as the L2 public chain jointly built by Coinbase and OP, has strong strength, and most investors are still optimistic about the future development of the Base public chain. The current meme currency is just an eye-catching strategy in the early stage. When Base is officially released to the public and launches truly valuable projects in August, Base will really usher in an explosion. At that time, we will be able to see the true potential of the Base public chain.

Base: The base camp of products on the Coinbase chain

As the largest crypto exchange in the United States, Coinbase has been moving towards creating an open financial system. Over the past decade, Coinbase has developed the protocol, built the exchange, and created DApps for the masses. Now it has developed to the final stage of the ultimate goal, which is to build an open financial system on the chain. Bringing 1 billion+ users into the global crypto economy.

The Base public chain is an important part of Coinbase’s realization of building a global open financial system. Since the first test in February this year, Base’s attention has remained high. On the one hand, Base belongs to the L2 public chain built by Coinbase based on the OP Stack module , Compared with the existing L2 public chain in terms of performance and advantages, it has certain advantages. Secondly, it is backed by Coinbase, the largest encrypted exchange in the United States. It has more than 100 million mature encrypted users and a strong capital of 20 billion US dollars. Base is relatively large in the market. Other L2s also have more competitiveness.

Base, as the home of products on the Coinbase chain, will become an open ecosystem that allows anyone to participate in the construction. This makes Base very developer friendly. Developers can safely and cost-effectively build decentralized applications on Base. Base will also become one of the best places for on-chain development in the future.

Advantages of Base:

First, the Base public chain has the security and scalability required to provide decentralized applications. As one of Ethereum's expansion solutions, the Base public chain utilizes the underlying security of Ethereum and the best practices of Coinbase to provide developers with a safe and reliable development environment, enabling developers to develop on Base with confidence.

Second, the Base public chain is authorized by Coinbase, making it easy to build decentralized applications that can access Coinbase products, users, and tools. This means developers can leverage Coinbase's robust ecosystem, serving more than 110 million verified users, and gain access to $8 billion in assets on Coinbase's platform.

Third, the Base public chain has powerful functions and low cost. It provides full EVM equivalent functionality at a very low cost and is committed to advancing the development of developer platforms. Developers can use a simple developer API for account abstraction, set up gas-free transactions for their decentralized applications, and securely build multi-chain applications with easy-to-use bridges.

Finally, the Base public chain is open source. Base aims to be decentralized, permissionless, and open to anyone interested in creating a standard, modular, rollup-agnostic superchain powered by Optimism. As a core developer of the open source OP Stack, Base will join Optimism and work to create a thriving community of other developers.

Some ecological projects worthy of attention in the future of Base

The main network of the Base public chain has been opened to developers in advance and is expected to be officially opened to the public in early August. In addition to the BALD token attracting market attention, there are actually many other projects worthy of attention on the Base chain. Let's take a look at these projects together.


DackieSwap is the first native income-based decentralized exchange (DEX) on the Base public chain. It is a digital currency market that allows users to trade on it. DackieSwap adopts the automatic market maker (AMM) model, allowing users to trade in the liquidity pool. If you provide liquidity, you can get part of the exchange's transaction fees. At present, the liquidity of DackieSwap has reached 730 million US dollars, and the transaction volume has reached 42 million US dollars. It is a bright pearl on the Base public chain.

The most important feature of DackieSwap is its StableSwap feature, which is a fork of the Curve Finance protocol. It uses an algorithm to allow users to obtain the optimal trading path when trading, so as to make full use of the existing liquidity pool. Different from other DEXs, DackieSwap is committed to providing personalized, sustainable and flexible liquidity in order to better meet the needs of users. Its goal is to provide users with a trading experience that does not require registration and cumbersome operations, and to help them obtain passive income through cryptocurrencies and discover early opportunities in the ecosystem. In addition, DackieSwap is also committed to protecting the privacy and security of users, adopting an anonymous management model. If you are looking for a digital currency exchange that is safe, efficient, does not require cumbersome operations, and can well protect personal privacy, then DackieSwap is a good choice.


Perennial is a decentralized finance (DeFi) derivatives protocol designed to provide traders with exposure to price feeds and leverage, as well as opportunities for liquidity providers to earn fees. This protocol adopts a point-to-pool automatic market maker (AMM) approach, allowing traders to obtain leveraged exposure to different price sources by depositing collateral, without the need to find a counterparty or bear the risk of price fluctuations. At the same time, liquidity providers can provide funds in the agreement and earn fees by accepting traders' transactions. In Perennial, the loser pays the winner, and the agreement automatically settles, making the transaction process more efficient and trustless.

Perennial's design philosophy is based on the minimalist and unbiased design of protocols such as Uniswap V3 and Compound III, empowering market participants to make decisions on market structure and design decisions. This allows Perennial to cater to a wide range of users, including novice and sophisticated traders and liquidity providers. Different from traditional derivatives trading platforms, Perennial provides a more flexible and secure trading method by using an open protocol and a decentralized market structure. In addition, Perennial is a permissionless market creation, integration and combination protocol, users and developers can freely use it as a building block to create their own financial products and tools.

3、MES Protocol

MES ((Multi-rollup Exchange Solutions) is a spot transaction DEX on the Base public chain. It provides users with a cross-Rollup interoperable exchange solution based on a cross-summarized order book. The goal of MES is to be able to Realize asset and data exchange on different Rollups, integrate token exchange order book and seamless asset transfer between networks.

In MES Protocol, the cross summary mode is one of its core features. It provides a unified order book, enabling asset and data exchange capabilities across multiple Rollups. When the cross-aggregation mode is turned on, cross-aggregation liquidity will be aggregated into one place, and users can seamlessly interact and utilize liquidity on multiple chains, thereby closing orders more efficiently and reducing slippage. The MES protocol adopts Rollup technology, which can reduce the amount of calculation required to execute transactions, thereby reducing the consumption of Gas. It utilizes the security of Ethereum and the scalability and efficiency of Rollup to provide users with an efficient, safe and low-cost transaction experience.

Compared with other DEXs deployed on different Rollups, MES Protocol is more interoperable across Rollups. It brings the intuitive trading experience and various trading functions of the centralized exchange to the decentralized exchange, so that users can trade digital assets more comfortably. At the same time, it provides lower transaction costs and faster transaction speeds, allowing users to make better use of assets and data to achieve higher value. In addition, the MES protocol also provides L1 security and L2 Rollup's high throughput and low cost, providing users with better asset and data utilization methods.


Backed is a project that aims to connect stocks to decentralized finance (DeFi), expanding access to financial assets. It introduces fully supported ERC20 tokens, which represent the value of popular stocks like Tesla, Google, Apple, etc., and can be used in the entire DeFi ecosystem.

Backed Tokens are tokens issued by the Backed project, representing the value of real-world assets such as stocks. Each Backed Token is a fully collateralized tracking certificate unit that tracks the listed value of a specific traded security and is fully backed by that security. These tokens are fully compliant with Swiss law, can be freely transferred on the blockchain, and can be sold directly to accredited investors and licensed dealers through the Backed platform.

Backed Tokens provide investors with an opportunity to access real-world assets on the blockchain by tokenizing real-world assets. These tokens can be used in the DeFi ecosystem, including trading, lending and other financial activities. On Backed's platform, real-world assets such as stocks are converted into tokens, which can be traded and held more flexibly, thus expanding the scope of access to financial assets.


Looking at the ecological projects of the Base public chain, we can actually find that there is no shortage of ecological projects with great potential and prospects on the Base chain. However, the Base public chain has not yet been officially announced to the public, and these projects have not yet begun to develop. The design concept of the Base public chain is "to allow anyone to create and run their own distributed applications". This concept gives all developers equal opportunities for development, but it is also a good opportunity for speculators. Therefore, we need to look at the various tokens and applications running on the Base public chain more wisely, not to be blinded by superficial attractiveness, but to carefully evaluate the feasibility and risks of the project. Only in this way can we make better use of the advantages of the Base public chain.


This article is for informational purposes only. It is not offered or intended to be used as investment or other advice.

Lastest information

see all