ERC50 Protocol Protects Against 'Big Brother Magee'! DINO to Reshape the Meme Coin Playbook?
ERC50 Protocol Protects Against 'Big Brother Magee'! DINO to Reshape the Meme Coin Playbook?
This article describes the launch of DINO, the first fair-launch ERC50 protocol, and its fundraising and features on the Base chain. it also explores whether a fairer ERC50 protocol could lead to Meme coin madness, and mentions another new protocol called 'evm-fair-launch'.
Table of Contents for this article
First Fairly Offered ERC50 Protocol Launched
Can a fairer ERC50 bring Meme madness?
Base continues to bleed Solana and Ether.
Perhaps this is what many veteran Meme players are saying, especially after the crazy weekend of the "Majestic Slash".
First Fairly Offered ERC50 Protocol Launched
On March 29th, a Meme project called DINO started fundraising on the Base chain, and this phrase became the source of their community's trust.DINO announced that they launched a new ERC50 protocol, the main idea of this protocol is to have a fair offering, and almost all the operations during the pre-sale process are written into the contract.This protocol can automatically allocate tokens, lock positions, refund money, and add LPs to the liquidity pool.According to the project's side, the project can be realized: there are no administrators, no ratting, and no RUGs.
The project finally gained 301 ETH in two days, and a total of more than 1,400 addresses participated in the fundraising, with a total amount of about $1.06 million. As its publicity said, half of the project's tokens and all the ETH were injected into the LP liquidity pool and permanently locked up. As of the afternoon of April 1, the number of coin-holding addresses of DINO was 8,968, and the size of the LP pool was $8.2 million, which is ranked the fourth in the Base Chain.
DINO's firestorm has sparked discussion about the ERC50 protocol. one @TheDarkRippler user tweeted:
DINO will become the new standard for issuing Meme coins.
Can a fairer ERC50 bring Meme madness?
Currently, the ERC50 name has only been adopted for one DINO project, and has not been voted into the standard for ERC tokens. on March 27th, a WhiteRiverBay user released a new protocol called "evm-fair-launch" on Github.
The following points are made in the description of the program code:
1, no administrator, no SDRs, no rats, no one can be faster than anyone else, no one can RUG, all funds raised are added to a liquidity pool
2、 This contract is a token contract inherited from ERC20.
Added fair startup functionality to the uniswap-v2 liquidity pool
4、 Players only need to transfer the corresponding Ether into the contract, you can get the tokens
Players can transfer tokens to the contract at any time before launch to get a refund
Once the conditions have been met, the player simply transfers 0.0005 Ether to the contract, and the contract transmits all sold tokens and the equivalent tokens of all Ether in the contract to the DEX exchange to increase liquidity. tokens can be traded immediately.
Currently, only the Uniswap-V2 version of the contract is available to prevent increased liquidity prior to launch.
In terms of code features, the ERC50 protocol, which incorporates features implemented in Uniswap-V2, does achieve the ability to make a fair offering; however, for users attempting to generate revenue by forming LPs, the protocol does not support the withdrawal of LPs, and all liquid LP tokens are permanently locked in the contract and cannot be withdrawn; however, the authors of the protocol have also clarified that a contract allowing for the withdrawal of LP returns (a version of the protocol that allows for withdrawal of the revenue from fees incurred in the course of the transaction) is in the works as an incentive for the parties to continue to operate the program.
As a matter of fact, the features of the so-called ERC50 protocol do not seem to be new, as they have been widely used in many IDO platforms such as auto-locking and auto-distributing through smart contracts, but when these features are applied to Meme Coin in the wake of the recent money hunting frenzy, they have fulfilled people's pain points and imaginations about the issuance of Meme Coin, especially when the launch of this protocol coincided with the launch of Li-Cheng Huang's "Majestic Cuts," which is a stark contrast to the other protocols in this case.
From the result of wealth effect, the reasonable Meme coin DINO has not ushered in the crazy bull market effect. according to PANews' calculation, the fund raising price of DINO is about 0.000116 USD, as of the afternoon of April 1, the price touched 0.0023 USD at its highest, with the maximum increase of about 20 times, and the stabilized price after the fall back is about 0.0011, with a price increase of only 10 times. this is a small amount compared to the previous hot BOME coins and SLERF coins on the Solana chain, which can easily be increased by hundreds of times, which is a small amount. this can't help but make people think about, is it the key to the core of the Meme is the trust or the hotness?
Base continues to bleed Solana and Ether.
From another point of view, this gap may exist in the gap between Solana and Base chain, recently, Base chain has started to make great efforts in the field of Meme, and it has really received unexpected results, but there is still a small gap between Solana and Base chain.
On March 30, the number of contracts established on Base chain reached 2,091, which was almost 31 times higher than 66 on March 1. On the same day, the daily active users on Base main network exceeded 450,000, which was the second highest in history, and on March 31, Base chain broke its own record of trading volume in 24 hours on decentralized exchanges (DEX), with an increase of about 25% compared with that of the previous day, and exceeded the 1 billion dollar mark.
In contrast, Solana's recent new token offerings, while not quite as high as its peak of 9,943, have remained steady at more than 6,000 to 7,000 tokens, and Solana's 1.52 million daily users on March 30th far exceeded Base's profile.
However, we can see something interesting in another set of data: in the last 7 days, the net outflow of money from Solana and Ether to Base was about $4 million, while the outflow of Base was $25 million and the inflow of Base was $31 million in one week, which is a net inflow of about $6 million. from this set of data, it seems that most of the new transaction traffic on Base is through the bloodsucking of Ether and Solana.
With the recent emergence of DEGEN, mfercoin and other new wealth creation myths on the Base chain, perhaps the Base's blood-sucking on other chains will continue.
