Author: Frank, PANews

"Nobody can trust anything except the code" may be the voice of many veteran meme coin players, especially after experiencing the crazy weekend of "Mahjong Massacre".

The first fair launch of the ERC50 protocol

On March 29th, a meme project named DINO started fundraising on the Base chain, and this statement became their source of community trust. DINO announced the launch of a new ERC50 protocol, the main purpose of which is fair distribution. Almost all operations during the presale are written into the contract. This protocol can automatically allocate tokens, lock them, refund them, and add LP to the liquidity pool automatically. According to the project, the project can achieve: no administrators, no insider trading, no RUG.

The project ultimately raised 301 ETH in two days, with over 1400 addresses participating in the fundraising, totaling approximately 1.06 million US dollars. As advertised, half of the project's tokens and all ETH were injected into the LP liquidity pool and permanently locked. As of the afternoon of April 1st, DINO had 8,968 holding addresses, and the LP pool size was $8.2 million, ranking fourth on the Base chain.

DINO's popularity has sparked discussions about the ERC50 protocol. A user @TheDarkRippler tweeted, "DINO will become the new standard for issuing meme coins."

Can a fairer ERC50 bring about meme frenzy?

Currently, the name ERC50 is only adopted by the DINO project and has not become the standard for ERC tokens through a vote. On March 27th, a user named WhiteRiverBay released a new protocol called "evm-fair-launch" on Github.

The following points were proposed in the code explanation:

1. No administrators, no special withdrawal rights, no insider trading, no one can be faster than others, no one can RUG, all funds raised will be added to the liquidity pool.
2. The contract inherits the ERC20 token contract.
3. Fair launch function is added to the Uniswap-V2 liquidity pool.
4. Players only need to transfer the corresponding Ether to the contract to receive tokens.
5. Players can transfer tokens to the contract at any time before the launch to receive a refund.
6. After meeting the conditions, players only need to transfer 0.0005 Ether to the contract, and the contract will send all sold tokens and equivalent Ether in the contract to the DEX exchange to increase liquidity. Tokens can be traded immediately.
7. Currently, only the Uniswap-V2 version of the contract is provided to prevent adding liquidity before the launch.

From the characteristics of the code, the ERC50 protocol combines the features of Uniswap-V2 to achieve fair distribution. However, for users attempting to earn income by forming LP, this protocol does not support withdrawing LP, and all LP tokens will be permanently locked in the contract. However, the submitter of the protocol also stated that they are developing a contract that allows for the withdrawal of LP rewards (a version that allows for the withdrawal of fee income generated during the transaction process) to incentivize the project to continue operating.

In fact, the so-called ERC50 protocol's features do not seem new. Functions such as automatic locking and distribution through smart contracts have long been widely used in many IDO platform projects. However, when these features are now applied to meme coins after the recent craze for making money, it seems to meet people's pain points and imagination for the issuance of meme coins. Especially when the protocol was launched almost simultaneously with Huang Licheng's "Mahjong Massacre" behavior, it formed a strong contrast.

In terms of wealth effect, the reasonable meme coin DINO did not experience a crazy bull market effect. According to PANews' calculation, the fundraising price of DINO was approximately $0.000116, and as of the afternoon of April 1st, the highest price reached was $0.0023, with a maximum increase of only about 20 times. The stable price after the fall was around $0.0011, with a price increase of only about 10 times. Compared to the hundreds or thousands of times increase in the prices of BOME and SLERF coins on the Solana chain, this is relatively small. This inevitably leads to contemplation: is the key core of meme coins trust or popularity?

Base continues to drain Solana and Ethereum

From another perspective, this difference may exist between Solana and Base chains. Recently, Base chain has begun to make efforts in the meme field, which has indeed achieved unexpected results, but there is still a considerable gap compared to Solana.

On March 30th, the number of contracts created on the Base chain reached 2091, which is nearly 31 times higher than the 66 contracts on March 1st. On the same day, the daily active users on the Base mainnet exceeded 450,000, reaching the second highest point in history. On March 31st, the Base chain broke its 24-hour trading volume record on decentralized exchanges (DEX), increasing by about 25% from the previous day, surpassing $1 billion.

In comparison, although the recent new token issuance volume on Solana is not as high as the peak of 9943, it has remained stable at 6000 to 7000 or more. On March 30th, Solana had 1.52 million daily active users, far exceeding the data on Base.

However, from another set of data, we may see some interesting things. In the past seven days, the net outflow of funds from Solana and Ethereum to the Base chain was approximately $4 million. The Base chain left $25 million and received $31 million within a week, with a net inflow of approximately $6 million. From this set of data, most of the new trading volume on the Base chain is drawn from Ethereum and Solana.

With the recent emergence of new myths such as DEGEN and mfercoin on the Base chain, perhaps Base's draining of other chains will continue.

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