On March 29th, the Memecoin project $DINO on the Base chain announced the introduction of a new ERC50 protocol, focusing on ensuring fairness in the token issuance process. The protocol automatically executes a series of key operations through smart contracts, including token allocation, lock-up, refunds, and automatic injection of liquidity pools, greatly enhancing the transparency and security of token issuance. Importantly, the ERC50 protocol was designed with locked administrator permissions from the beginning, eliminating any unfair market manipulation such as front-running, RUG, and any other improper behaviors.
In just two days, $DINO successfully raised 301 Ethereum (ETH), attracting participation from over 1400 wallet addresses, with a total fundraising amount of approximately $1.06 million. By April 1st, the number of $DINO holders had increased to 8,968, and the liquidity pool (LP) had reached a scale of $8.2 million, making it the fourth largest Memecoin project on the Base chain. Furthermore, although ERC50 has not yet become an ERC token standard, it has realized the vision of fair token issuance by combining the features of Uniswap-V2.
Market data shows that the issuance price of $DINO is extremely low, at approximately $0.000116, with the highest price reaching only $0.0023, an increase of about 20 times. Compared to some highly popular coins on the Solana chain, such as $BOME and $SLERF, which have seen increases of hundreds or even thousands of times, $DINO's performance, while modest, is more stable. This inevitably leads us to consider: in the world of Memecoin, what is more important, trust or relying solely on popularity to win the market?
ERC50 Protocol: A New Benchmark for Fair Issuance
In the crypto market, the frenzy of Memecoin is often accompanied by huge fluctuations and uncertainty. This market dynamic has prompted investors' demand for a more fair and transparent token issuance mechanism. The ERC50 protocol, first implemented by $DINO on the Base chain, aims to reshape the issuance of Memecoin through a series of innovative features to ensure that every participant can obtain tokens on equal terms.
Core Functions and Fairness
The core of the ERC50 protocol lies in its inheritance of the ERC20 standard and the addition of automated processes to enhance the fairness and transparency of token issuance. The protocol automatically completes operations such as token allocation, lock-up, refunds, and liquidity pool injection through smart contracts. More importantly, it designs a token issuance system without administrators or front-running, ensuring that no participant can gain benefits through unfair means.
In terms of technical implementation, ERC50 utilizes the liquidity pool feature of Uniswap-V2, ensuring not only the immediacy and fairness of transactions but also preventing liquidity manipulation before the project launch. In addition, the protocol also stipulates that after the token issuance ends, an automatic liquidity provision mechanism is triggered by making small transfers to the contract, further increasing price stability.
Market Performance and Community Response
Although ERC50 has not yet become an ERC standard, the success of $DINO demonstrates the potential of the protocol. $DINO attracted participation from over 1400 addresses and raised 301 ETH, equivalent to approximately $1.06 million in its initial fundraising. Subsequently, although its token price performance is not particularly eye-catching, compared to the huge fluctuations of other Memecoins, $DINO has shown a more stable market performance.
Furthermore, the introduction of ERC50 not only strengthens investors' confidence in fair token issuance but also promotes a more widespread discussion about fairness and transparency in the crypto market. Although the relationship between market popularity and trust remains complex, the performance of $DINO and the ERC50 protocol behind it undoubtedly provide a case worth paying attention to.
Role of the Base Chain and Future Prospects
As the first practice ground for the ERC50 protocol, the performance of the Base chain is also worth noting. The chain's active presence in the Memecoin field demonstrates its open attitude towards innovation and its ability to quickly respond to market demands. Recently, the significant growth in smart contract creation and daily active users on the Base chain, as well as the record-high trading volume within decentralized exchanges, signify its potential as an emerging chain.
As the Base chain continues to attract new projects and funds, including new projects like $DEGEN and Mfercoin, it may gradually become a new hub for crypto innovation in the future. In this context, the future implementation and continuous improvement of the ERC50 protocol will be a focal point worth paying attention to, potentially driving the development of the entire blockchain technology and crypto market towards a more fair and transparent direction.
About $DINO
$DINO and the ERC50 represent an innovative smart contract asset issuance protocol that has quickly attracted a large number of users on the Base chain with its unique design concept. As a project focused on asset issuance, $DINO allows users to exchange ETH for $DINO by depositing ETH into its smart contract. Before reaching the fundraising hard cap, users can exchange $DINO back to ETH at any time, ensuring the flexibility and security of investor funds. Once the fundraising hard cap is reached, the smart contract automatically adds funds to the liquidity pool and begins trading, ensuring the automatic operation of the project and the immediate availability of tokens.
From Distrust to Verification
One of the main reasons investors are highly interested in $DINO is the recent occurrence of several scams in the crypto market, such as the "big cut" projects of VT and Machi. These events have intensified the market and investors' demand for a more transparent and trustworthy trading mechanism. The core narrative of $DINO echoes that of Ethereum - "trustless, only verify," or more specifically, "trustless, only trust the code." This concept is particularly important and timely for token issuance.
Although this narrative has existed in Ethereum for many years, the emergence of $DINO seems to have reignited the necessity of this concept at the right time. Against the backdrop of numerous negative news, private investors are clearly more inclined to invest their funds in a completely transparent smart contract like $DINO, rather than in opaque private addresses.
Technical Implementation and Market Performance
$DINO is not only an innovation in concept, but its technical implementation has also contributed to its success in the crypto market. Launched on the Base chain - one of the hottest Layer2 solutions in the Ethereum ecosystem recently - $DINO's liquidity pool has accumulated nearly $8.6 million. The daily trading volume of $DINO often exceeds its market value, demonstrating its activity in the market and the high level of investor participation.
Geographic Distribution and Holder Dynamics
Currently, the main market participants of $DINO are retail investors in the Asia-Pacific region. Trading activity is mainly concentrated in the afternoon to evening of the Asia-Pacific time, further demonstrating the widespread popularity of $DINO among retail investors. The rapid growth in the number of holders reflects its strong influence and market acceptance in the crypto market.
Overall, $DINO not only provides an innovative token issuance mechanism but also meets the crypto market and investors' demand for transparency and trust through its transparent smart contract. This innovation may herald a transformation in the way assets are issued in the entire crypto industry, especially in a market environment that requires higher transparency and fairness.
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