Online is over? BALD plummets a thousandfold, what is the future of the Base public chain?
Recently, the L2 network Base launched by Coinbase based on OP Stack has recently aroused heated discussions in the encryption community. The reason is that the Meme coin BALD issued on Base has doubled a thousand times a day, causing tens of millions of dollars of hot money to be attracted to the Base chain, and it only took 2 days for the market value to exceed 100 million U.S. dollars. The liquidity scale of the capital pool It also exceeded $25 million.
However, when the crypto community was immersed in thinking about whether BALD will create a new round of wealth myths, the price of BALD tokens began to fall sharply because Bald withdrew a total of 8,660 ETH and 179 million BALD liquidity. , causing the price of BALD to drop sharply, with the maximum drop reaching 80%, and TVL once falling below $9 million.
What could be the reason behind BALD’s sudden surge and rapid decline? What is the Base chain like and what is its future direction? In this article, veDAO Research Institute will explain the Base chain and BALD.
Controversy brought about by BALD
BALD is a token project released on the Base chain. Inspired by Coinbase CEO Brian Armstrongs bald head, BALD created an image called BALD Jesus and a philosophy called BALDism. The project claims to be the first meme coin on Base and uses the name Bald as a nod to Coinbase CEO Brian Armstrong.
The BALD project attracted a large number of users attention and investment. However, the project staged a dramatic rise and fall within two days.
BALD token price fluctuations are closely related to large capital outflows. Since the Base mainnet has not yet been officially released to the public, the BALD tokens issued based on the Base network can currently only flow in but cannot flow out.
But there is one exception, which is the deployer of BALD BaldBaseBald. They still have permission to trade tokens freely.
Therefore, a strange situation happened: when the price of BALD tokens rose, more and more retail investors entered the market, pushing BALD tokens to the highest price in history, and after that, BaldBaseBald withdrew from the BALD fund pool More than 10,500 ETH were collected, worth nearly $25 million, almost destroying the pot. This resulted in the token’s price plummeting 85% in a matter of minutes, with the token trading as low as $0.0000000018 with barely any trading volume or activity. The move sparked anger and disappointment among many crypto investors and supporters.
After experiencing a sharp rise and fall, the BALD developer denied any wrongdoing and only responded on Twitter, stating that he only added and removed two-sided liquidity and purchased tokens.
However, Balds strange operation has triggered a lot of speculation in the encryption community about the person behind it. According to research on on-chain data, the deployer address received thousands of ETH from wallets related to FTX and Alameda Research.
Also, the sentence structure of Balds official tweets is similar to that of SBF tweets. For example, Correct and quite well appear in a few of Balds tweets, but these are the words commonly used by SBF.
But after all, SBF is currently in a strict Internet monitoring environment, and this statement is just one of many speculations. It is currently difficult to determine who is the driving force behind Bald. Whether BALD is a scam or not is still unclear. It may not be possible to draw conclusions until the Base mainnet is officially opened and whether ordinary users can withdraw tokens normally. But there is no doubt that Bald’s short-lived myth of sudden wealth has really refreshed the crypto community. Although it plummeted overnight, it has become a traffic diversion artifact for the Base ecosystem. As an L2 public chain strongly recommended by Coinbase and deeply bound to OP, it naturally comes with its own traffic and funds, and its development potential is worthy of attention.
What is Base chain
Incubated by Coinbase, Base is the second L2 network deployed on OP Stack after the Optimism mainnet, and intends to become part of the Optimism superchain.
The launch of the Base chain is within Coinbase’s long-term planning. Its goal is to extend Ethereum with a strong, interoperable Web3 ecosystem, so that anyone, anywhere can provide a secure, low-cost, developer-friendly way to build decentralized applications or chains based on Base. On Dapp. At the same time, Base is also the on-chain home for Coinbase’s existing products, users, and assets. Dapps on Base can seamlessly integrate with Coinbase, fiat currency entrances, and the Coinbase ecosystem.
OP Stack and Optimism Super Chain
The OP Stack is a standardized, shared, and open source development stack supporting Optimism, currently maintained by the Optimism Collective. OP Stack is a set of software that provides support for Optimism to support Optimisms standardized, shared and open source development stack, maintained by Optimism Collective. Currently in the form of the software behind the Optimism mainnet and eventually in the form of the Optimism superchain and its governance. OP Stack is primarily focused on creating a shared, high-quality, fully open-source system for creating new L2 networks. By harmonizing shared standards, the Optimism Collective avoids duplication in silos.
Optimism Superchain seeks to integrate otherwise siled L2 networks into an interoperable and composable system. For example, Coinbase Base will work with Optimism Collective to design and build a protocol that can sort multiple L2s and provide interoperability and composability between them through the OP Stack. Optimism super chain, the short-term goal is to upgrade the Optimism mainnet, Base and other L2s to an initial super chain structure with shared bridges and ordering. The long-term goal is to grow into a massive network that maximizes interoperability, shares decentralized protocols, and standardizes its core primitives.
The reason why the ecological Base chain of the Base chain can explode is not only the influence of BALD, but also the popularity of Coinbase + Optimism. Although the Base chain currently only has a one-way cross-chain bridge (Ethereum → Base) without a front end, which belongs to its early stage, as an encryption giant with a market value of 20 billion US dollars, Coinbase can be said to have unparalleled in this field. Global influence. Putting BALD aside, let’s take a look at what other potential ecological projects there are on Base.
Pike Protocol
Link:https://app.vedao.com/projects/c3a62c994ff82eb8c041c5736008d051ed4590d48c13b7473f75b25fbc8f8de7
Pike is a universal liquidity protocol designed to unlock the utility of native assets by aggregating liquidity on blockchain networks.
MES Protocol
Link:https://app.vedao.com/projects/20c9f5d567fdb56ef6863e99e5966b0ed482ffe35cbfd62cba7a3181b8836835
MES Protocol is a highly scalable and high-performance order book DEX that supports multiple aggregated transactions in a single order book. The protocol is powered by zk Rollup, an order book-based exchange already running on zkSync and StarkNet. The protocol aims to create a cross-rollup interoperable exchange solution to enable inter-rollup liquidity, an integrated order book for token swaps, and seamless asset transfers across the network.
Volmex Finance
Link:https://app.vedao.com/projects/a49fe93ed4788b21ccfa5085c05a8c1653807ea00743f4bbe6894b23ebc973bc
Volmex is a perpetual DEX based on a decentralized matching engine and order book maintained by a set of independent Propagate and match orders between.
Backed Finance
Link:https://app.vedao.com/projects/2e245c75a10481958e4d6b99feed17a5cfb13fe5d7767f3b408c2f0dae64b4c2
Backed is a RWA (real-world assets) platform that aims to expand access to financial assets by incorporating stocks into decentralized finance. The platform currently has $12 million in assets under management, and users can buy real-world assets on-chain and put their own stablecoins to work. Backeds first product is called bCSPX, an ERC-20 tokenized tracker for the iShares Core SP UCITS ETF.
Perennial
Perennial is a DeFi derivatives protocol for trading price information exposure. It is equivalent to a peer-to-peer pool AMM, which can provide traders with leveraged exposure and earn fees for LP. The protocols mechanism design combines the advantages of DeFi and CeFi, making transactions on Perennial both simple and scalable. It uses the native trading model of DeFi, such as no order book, zero price slippage, permissionless leverage and composable positions, etc.
Summarize
Of course, Base is still in its early days, and it remains to be seen whether these projects will succeed. However, the fact that there are regular projects on Base shows that it is more than just a blockchain for meme coins. There are still many promising projects on Base that could make it a viable alternative to Ethereum. The success of Base will depend on whether it can attract users who are looking for a more affordable and efficient way to use ethereum. If Base can deliver a compelling value proposition, it could become a major player in the Ethereum ecosystem.
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